NUSB vs. BILZ

Last updated Jun 4, 2026

NUSB (Nuveen Ultra Short Income ETF) and BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) are both Ultrashort Bond funds. Both are actively managed. Over the past year, NUSB returned 4.32% vs 3.91% for BILZ. At a 0.22 correlation, their price movements are largely independent. NUSB charges 0.17%/yr vs 0.14%/yr for BILZ.

Performance

NUSB vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Ultra Short Income ETF (NUSB) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with NUSB having a 1.52% return and BILZ slightly lower at 1.47%.

NUSB

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.52%
• 6M: 1.88%
• 1Y: 4.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BILZ

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.47%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NUSB vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NUSB Nuveen Ultra Short Income ETF	1.52%	4.71%	4.50%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.47%	4.21%	4.28%

Correlation

The correlation between NUSB and BILZ is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.22

Return for Risk

NUSB vs. BILZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NUSB

NUSB Risk / Return Rank: 100
NUSB Sharpe Ratio Rank: 100
NUSB Sortino Ratio Rank: 100
NUSB Omega Ratio Rank: 100
NUSB Calmar Ratio Rank: 100
NUSB Martin Ratio Rank: 100

BILZ

BILZ Risk / Return Rank: 100
BILZ Sharpe Ratio Rank: 100
BILZ Sortino Ratio Rank: 100
BILZ Omega Ratio Rank: 100
BILZ Calmar Ratio Rank: 100
BILZ Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NUSB vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Ultra Short Income ETF (NUSB) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NUSB	BILZ	Difference
Sharpe ratio: Return per unit of total volatility	11.80	19.09	-7.29
Sortino ratio: Return per unit of downside risk	32.55	125.25	-92.70
Omega ratio: Gain probability vs. loss probability	9.19	53.31	-44.13
Calmar ratio: Return relative to maximum drawdown	72.98	198.55	-125.56
Martin ratio: Return relative to average drawdown	397.82	2,000.92	-1,603.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUSB vs. BILZ - Sharpe Ratio Comparison

The current NUSB Sharpe Ratio is 11.80, which is lower than the BILZ Sharpe Ratio of 19.09. The chart below compares the historical Sharpe Ratios of NUSB and BILZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NUSB	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.80	19.09	-7.29
Sharpe Ratio (All Time) Calculated using the full available price history	12.54	10.48	+2.06

Drawdowns

NUSB vs. BILZ - Drawdown Comparison

The maximum NUSB drawdown since its inception was -0.16%, smaller than the maximum BILZ drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for NUSB and BILZ.

Drawdown Indicators

	NUSB	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-0.16%	-0.52%	+0.36%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-0.02%	-0.04%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.01%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

NUSB vs. BILZ - Volatility Comparison

Nuveen Ultra Short Income ETF (NUSB) has a higher volatility of 0.09% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.07%. This indicates that NUSB's price experiences larger fluctuations and is considered to be riskier than BILZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUSB	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	0.07%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.23%	0.14%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	0.37%	0.21%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.39%	0.43%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.39%	0.43%	-0.04%

NUSB vs. BILZ - Expense Ratio Comparison

NUSB has a 0.17% expense ratio, which is higher than BILZ's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

NUSB vs. BILZ - Dividend Comparison

NUSB's dividend yield for the trailing twelve months is around 4.30%, more than BILZ's 4.07% yield.

Position	TTM	2025	2024	2023
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.07%	4.19%	4.95%	2.23%
NUSB Nuveen Ultra Short Income ETF	4.30%	4.51%	3.61%	0.00%

Frequently Asked Questions

Can I hold both NUSB and BILZ in my portfolio?

NUSB and BILZ have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUSB or BILZ?

NUSB has higher volatility (0.09%) compared to BILZ (0.07%). In terms of maximum drawdown, NUSB dropped -0.16% vs BILZ's -0.52%.

Which ETF is better, NUSB or BILZ?

On 1-year performance, NUSB leads with 4.32% vs 3.91% for BILZ. On fees, BILZ is cheaper at 0.14% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUSB or BILZ?

Over the 1-year period, NUSB has performed better with a 4.32% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUSB or BILZ?

BILZ is cheaper with a 0.14% expense ratio, compared with 0.17% for NUSB.

Which ETF pays a higher dividend yield, NUSB or BILZ?

NUSB has the higher dividend yield at 4.30%, compared with 4.07% for BILZ.

What is the main difference between NUSB and BILZ?

They also come from different issuers: Nuveen and PIMCO. Their fees differ too: 0.17% for NUSB and 0.14% for BILZ.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (19.09 vs 11.80), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.