PBNV vs. BILZ

Last updated Jun 24, 2026

PBNV (PGIM S&P 500 Buffer 20 ETF - November) and BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) are both exchange-traded funds - PBNV is a Defined Outcome fund actively managed by PGIM, while BILZ is a Ultrashort Bond fund actively managed by PIMCO. Both are actively managed. Over the past year, PBNV returned 11.35% vs 3.88% for BILZ. At a correlation of -0.03, they often move in opposite directions. PBNV charges 0.50%/yr vs 0.14%/yr for BILZ.

Performance

PBNV vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - November (PBNV) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBNV achieves a 4.66% return, which is significantly higher than BILZ's 1.66% return.

PBNV

• 1D: -0.47%
• 1M: -0.02%
• YTD: 4.66%
• 6M: 4.43%
• 1Y: 11.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BILZ

• 1D: 0.01%
• 1M: 0.26%
• YTD: 1.66%
• 6M: 1.76%
• 1Y: 3.88%
• 3Y*: 4.68%
• 5Y*: —
• 10Y*: —

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

PBNV vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBNV PGIM S&P 500 Buffer 20 ETF - November	4.66%	9.61%	7.28%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.66%	4.21%	3.13%

Correlation

The correlation between PBNV and BILZ is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (All Time) Calculated using the full available price history since May 22, 2024	-0.03

Return for Risk

PBNV vs. BILZ — Risk / Return Rank

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

PBNV

PBNV Risk / Return Rank: 77
PBNV Sharpe Ratio Rank: 76
PBNV Sortino Ratio Rank: 79
PBNV Omega Ratio Rank: 84
PBNV Calmar Ratio Rank: 64
PBNV Martin Ratio Rank: 79

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.

PBNV vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - November (PBNV) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PBNV	BILZ	Difference
Sharpe ratio: Return per unit of total volatility	2.19	18.68	-16.49
Sortino ratio: Return per unit of downside risk	3.16	118.53	-115.38
Omega ratio: Gain probability vs. loss probability	1.45	47.37	-45.92
Calmar ratio: Return relative to maximum drawdown	2.81	197.18	-194.37
Martin ratio: Return relative to average drawdown	14.00	1,895.58	-1,881.59

PBNV vs. BILZ - Sharpe Ratio Comparison

The current PBNV Sharpe Ratio is 2.19, which is lower than the BILZ Sharpe Ratio of 18.68. The chart below compares the historical Sharpe Ratios of PBNV 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.

Drawdowns

PBNV vs. BILZ - Drawdown Comparison

The maximum PBNV drawdown since its inception was -8.37%, which is greater than BILZ's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for PBNV and BILZ.

Drawdown Indicators

	PBNV	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-8.37%	-0.52%	-7.85%
Max Drawdown (1Y) Largest decline over 1 year	-4.06%	-0.02%	-4.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.17%	—
Current Drawdown Current decline from peak	-0.69%	0.00%	-0.69%
Average Drawdown Average peak-to-trough decline	-0.68%	-0.01%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.00%	+0.81%

Volatility

PBNV vs. BILZ - Volatility Comparison

PGIM S&P 500 Buffer 20 ETF - November (PBNV) has a higher volatility of 1.72% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.07%. This indicates that PBNV'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

	PBNV	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	0.07%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	4.51%	0.14%	+4.37%
Volatility (1Y) Calculated over the trailing 1-year period	5.21%	0.21%	+5.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.96%	0.52%	+6.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	0.52%	+6.44%

PBNV vs. BILZ - Expense Ratio Comparison

PBNV has a 0.50% expense ratio, which is higher than BILZ's 0.14% expense ratio.

Dividends

PBNV vs. BILZ - Dividend Comparison

PBNV has not paid dividends to shareholders, while BILZ's dividend yield for the trailing twelve months is around 4.06%.

Position	TTM	2025	2024	2023
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.06%	4.19%	4.95%	2.23%
PBNV PGIM S&P 500 Buffer 20 ETF - November	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBNV and BILZ in my portfolio?

PBNV and BILZ have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBNV or BILZ?

PBNV has higher volatility (1.72%) compared to BILZ (0.07%). In terms of maximum drawdown, PBNV dropped -8.37% vs BILZ's -0.52%.

Which ETF is better, PBNV or BILZ?

On 1-year performance, PBNV leads with 11.35% vs 3.88% for BILZ. On fees, BILZ is cheaper at 0.14% per year. On volatility, BILZ has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBNV or BILZ?

Over the 1-year period, PBNV has performed better with a 11.35% return vs 3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBNV or BILZ?

BILZ is cheaper with a 0.14% expense ratio, compared with 0.50% for PBNV.

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

BILZ has the higher dividend yield at 4.06%, compared with 0.00% for PBNV.

What is the main difference between PBNV and BILZ?

PBNV is categorized as Defined Outcome, while BILZ is Ultrashort Bond. They also come from different issuers: PGIM and PIMCO. Their fees differ too: 0.50% for PBNV and 0.14% for BILZ.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (18.68 vs 2.19), 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.