PCOR.TO vs. BILS

Last updated Jul 25, 2026

PCOR.TO (PIMCO Managed Core Bond Pool) and BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) are both exchange-traded funds - PCOR.TO is a Intermediate Core-Plus Bond fund actively managed by PIMCO Canada Corp., while BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index. PCOR.TO is actively managed, while BILS is passively managed. Over the past 5 years, PCOR.TO returned 1.69%/yr vs 5.80%/yr for BILS. At a 0.01 correlation, their price movements are largely independent. PCOR.TO charges 0.64%/yr vs 0.14%/yr for BILS.

Performance

PCOR.TO vs. BILS - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in PIMCO Managed Core Bond Pool (PCOR.TO) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PCOR.TO is traded in CAD, while BILS is traded in USD. To make them comparable, the BILS values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PCOR.TO achieves a -0.72% return, which is significantly lower than BILS's 4.86% return.

PCOR.TO

• 1D: -0.17%
• 1M: -1.49%
• 6M: -1.21%
• YTD: -0.72%
• 1Y: 3.37%
• 3Y*: 5.10%
• 5Y*: 1.69%
• 10Y*: —
• ALL TIME*: 2.03%

BILS

• 1D: 0.08%
• 1M: -0.51%
• 6M: 3.97%
• YTD: 4.86%
• 1Y: 7.58%
• 3Y*: 6.96%
• 5Y*: 5.80%
• 10Y*: —
• ALL TIME*: 3.82%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	CA$41.58M	CA$43.69M	CA$46.40M
PCOR.TO PIMCO Managed Core Bond Pool	CA$100.86K	CA$154.41K	CA$133.29K

PCOR.TO vs. BILS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PCOR.TO PIMCO Managed Core Bond Pool	-0.72%	7.70%	3.89%	8.31%	-9.47%	0.70%	2.35%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	4.86%	-0.52%	14.07%	2.43%	7.30%	-0.13%	-4.74%

Correlation

The correlation between PCOR.TO and BILS 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 (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020	0.01

Return for Risk

PCOR.TO vs. BILS — Risk / Return Rank

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

PCOR.TO

PCOR.TO Risk / Return Rank: 28
PCOR.TO Sharpe Ratio Rank: 26
PCOR.TO Sortino Ratio Rank: 25
PCOR.TO Omega Ratio Rank: 25
PCOR.TO Calmar Ratio Rank: 33
PCOR.TO Martin Ratio Rank: 31

BILS

BILS Risk / Return Rank: 100
BILS Sharpe Ratio Rank: 100
BILS Sortino Ratio Rank: 100
BILS Omega Ratio Rank: 100
BILS Calmar Ratio Rank: 100
BILS 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.

PCOR.TO vs. BILS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Managed Core Bond Pool (PCOR.TO) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). 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.

	PCOR.TO	BILS	Difference
Sharpe ratio: Return per unit of total volatility	0.61	1.75	-1.14
Sortino ratio: Return per unit of downside risk	0.94	2.47	-1.53
Omega ratio: Gain probability vs. loss probability	1.12	1.33	-0.21
Calmar ratio: Return relative to maximum drawdown	1.11	2.06	-0.95
Martin ratio: Return relative to average drawdown	2.86	5.59	-2.73

PCOR.TO vs. BILS - Sharpe Ratio Comparison

The current PCOR.TO Sharpe Ratio is 0.61, which is lower than the BILS Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of PCOR.TO and BILS, 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

PCOR.TO vs. BILS - Drawdown Comparison

The maximum PCOR.TO drawdown since its inception was -13.53%, which is greater than BILS's maximum drawdown of -10.07%. Use the drawdown chart below to compare losses from any high point for PCOR.TO and BILS.

Drawdown Indicators

	PCOR.TO	BILS	Difference
Max Drawdown Largest peak-to-trough decline	-13.53%	-10.07%	-3.46%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-3.69%	+0.63%
Max Drawdown (3Y) Largest decline over 3 years	-3.79%	-6.39%	+2.60%
Max Drawdown (5Y) Largest decline over 5 years	-13.53%	-6.39%	-7.14%
Current Drawdown Current decline from peak	-2.22%	-0.72%	-1.50%
Average Drawdown Average peak-to-trough decline	-3.46%	-2.99%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	1.36%	-0.18%

Volatility

PCOR.TO vs. BILS - Volatility Comparison

PIMCO Managed Core Bond Pool (PCOR.TO) has a higher volatility of 1.04% compared to SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) at 0.95%. This indicates that PCOR.TO's price experiences larger fluctuations and is considered to be riskier than BILS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCOR.TO	BILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	0.95%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	3.32%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	5.51%	4.35%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.71%	6.20%	+1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.40%	6.25%	+1.15%

PCOR.TO vs. BILS - Expense Ratio Comparison

PCOR.TO has a 0.64% expense ratio, which is higher than BILS's 0.14% expense ratio.

Dividends

PCOR.TO vs. BILS - Dividend Comparison

PCOR.TO's dividend yield for the trailing twelve months is around 4.95%, more than BILS's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	3.76%	4.08%	5.01%	4.98%	1.61%	0.00%	0.00%
PCOR.TO PIMCO Managed Core Bond Pool	4.95%	5.30%	5.40%	3.50%	3.41%	2.81%	2.24%

Frequently Asked Questions

Can I hold both PCOR.TO and BILS in my portfolio?

PCOR.TO and BILS 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 ETF is better, PCOR.TO or BILS?

On fees, BILS is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PCOR.TO or BILS?

BILS is cheaper with a 0.14% expense ratio, compared with 0.64% for PCOR.TO.

What is the main difference between PCOR.TO and BILS?

PCOR.TO is categorized as Intermediate Core-Plus Bond, while BILS is Ultrashort Bond. They also come from different issuers: PIMCO Canada Corp. and State Street. Their fees differ too: 0.64% for PCOR.TO and 0.14% for BILS.