SGOV vs. BILZ

Last updated Jun 4, 2026

SGOV (iShares 0-3 Month Treasury Bond ETF) and BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) are both Ultrashort Bond funds. SGOV is passively managed, while BILZ is actively managed. Over the past year, SGOV returned 3.95% vs 3.91% for BILZ. A 0.51 correlation means they provide meaningful diversification when combined. SGOV charges 0.09%/yr vs 0.14%/yr for BILZ.

Performance

SGOV vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-3 Month Treasury Bond ETF (SGOV) 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 SGOV having a 1.51% return and BILZ slightly lower at 1.47%.

SGOV

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.51%
• 6M: 1.80%
• 1Y: 3.95%
• 3Y*: 4.72%
• 5Y*: 3.54%
• 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)

SGOV vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SGOV iShares 0-3 Month Treasury Bond ETF	1.51%	4.24%	5.27%	2.80%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.47%	4.21%	5.25%	2.33%

Correlation

The correlation between SGOV and BILZ is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.51

The correlation between SGOV and BILZ has been stable across timeframes, ranging from 0.51 to 0.53 - a consistent structural relationship.

Return for Risk

SGOV vs. BILZ — Risk / Return Rank

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

SGOV

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

SGOV vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-3 Month Treasury Bond ETF (SGOV) 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.

	SGOV	BILZ	Difference
Sharpe ratio Return per unit of total volatility	20.28	19.09	+1.19
Sortino ratio Return per unit of downside risk	275.69	125.25	+150.44
Omega ratio Gain probability vs. loss probability	195.55	53.31	+142.24
Calmar ratio Return relative to maximum drawdown	398.20	198.55	+199.65
Martin ratio Return relative to average drawdown	4,462.00	2,000.92	+2,461.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGOV vs. BILZ - Sharpe Ratio Comparison

The current SGOV Sharpe Ratio is 20.28, which is comparable to the BILZ Sharpe Ratio of 19.09. The chart below compares the historical Sharpe Ratios of SGOV 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

	SGOV	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	20.28	19.09	+1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	14.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	12.48	10.48	+2.00

Drawdowns

SGOV vs. BILZ - Drawdown Comparison

The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum BILZ drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for SGOV and BILZ.

Drawdown Indicators

	SGOV	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-0.52%	+0.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-0.02%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.03%	—	—
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	0.00%	0.00%	0.00%

Volatility

SGOV vs. BILZ - Volatility Comparison

The current volatility for iShares 0-3 Month Treasury Bond ETF (SGOV) is 0.05%, while PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) has a volatility of 0.07%. This indicates that SGOV experiences smaller price fluctuations and is considered to be less risky than BILZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGOV	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.07%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	0.14%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	0.21%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.24%	0.43%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.24%	0.43%	-0.19%

SGOV vs. BILZ - Expense Ratio Comparison

SGOV has a 0.09% expense ratio, which is lower than BILZ's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SGOV vs. BILZ - Dividend Comparison

SGOV's dividend yield for the trailing twelve months is around 3.86%, less than BILZ's 4.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.07%	4.19%	4.95%	2.23%	0.00%	0.00%	0.00%
SGOV iShares 0-3 Month Treasury Bond ETF	3.86%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%

Frequently Asked Questions

Can I hold both SGOV and BILZ in my portfolio?

SGOV and BILZ have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SGOV or BILZ?

BILZ has higher volatility (0.07%) compared to SGOV (0.05%). In terms of maximum drawdown, SGOV dropped -0.03% vs BILZ's -0.52%.

Which ETF is better, SGOV or BILZ?

On 1-year performance, SGOV leads with 3.95% vs 3.91% for BILZ. On fees, SGOV is cheaper at 0.09% 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, SGOV or BILZ?

Over the 1-year period, SGOV has performed better with a 3.95% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGOV or BILZ?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.14% for BILZ.

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

BILZ has the higher dividend yield at 4.07%, compared with 3.86% for SGOV.

What is the main difference between SGOV and BILZ?

They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.09% for SGOV and 0.14% for BILZ.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 19.09), 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.