TBIL vs. BILZ

Last updated Apr 1, 2026

Compare and contrast key facts about US Treasury 3 Month Bill ETF (TBIL) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ).

TBIL and BILZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBIL is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA US Treasury Bill 3 Month Index. It was launched on Aug 8, 2022. BILZ is an actively managed fund by PIMCO. It was launched on Jun 21, 2023.

Performance

TBIL vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 3 Month Bill ETF (TBIL) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). The values are adjusted to include any dividend payments, if applicable.

TBIL vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBIL US Treasury 3 Month Bill ETF	0.87%	4.19%	5.15%	2.75%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	0.83%	4.21%	5.25%	2.33%

Returns By Period

The year-to-date returns for both stocks are quite close, with TBIL having a 0.87% return and BILZ slightly lower at 0.83%.

TBIL

• 1D: 0.00%
• 1M: 0.32%
• YTD: 0.87%
• 6M: 1.89%
• 1Y: 4.05%
• 3Y*: 4.71%
• 5Y*: —
• 10Y*: —

BILZ

• 1D: 0.00%
• 1M: 0.28%
• YTD: 0.83%
• 6M: 1.85%
• 1Y: 4.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBIL vs. BILZ - Expense Ratio Comparison

TBIL has a 0.15% 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%.

TBIL

US Treasury 3 Month Bill ETF

BILZ

PIMCO Ultra Short Government Active Exchange-Traded Fund

Return for Risk

TBIL vs. BILZ — Risk / Return Rank

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

TBIL

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

TBIL vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Month Bill ETF (TBIL) 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.

	TBIL	BILZ	Difference
Sharpe ratio Return per unit of total volatility	14.34	19.30	-4.96
Sortino ratio Return per unit of downside risk	63.08	117.88	-54.79
Omega ratio Gain probability vs. loss probability	19.16	44.85	-25.68
Calmar ratio Return relative to maximum drawdown	204.06	203.30	+0.76
Martin ratio Return relative to average drawdown	1,017.13	1,804.32	-787.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBIL vs. BILZ - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 14.34, which is comparable to the BILZ Sharpe Ratio of 19.30. The chart below compares the historical Sharpe Ratios of TBIL and BILZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TBIL	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	14.34	19.30	-4.96
Sharpe Ratio (All Time) Calculated using the full available price history	14.17	10.37	+3.79

Correlation

The correlation between TBIL and BILZ is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TBIL vs. BILZ - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 4.28%, more than BILZ's 4.18% yield.

	TTM	2025	2024	2023	2022
TBIL US Treasury 3 Month Bill ETF	4.28%	4.07%	5.02%	5.00%	1.10%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.18%	4.19%	4.95%	2.23%	0.00%

Drawdowns

TBIL vs. BILZ - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum BILZ drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for TBIL and BILZ.

Drawdown Indicators

	TBIL	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-0.52%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.02%	0.00%
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

TBIL vs. BILZ - Volatility Comparison

US Treasury 3 Month Bill ETF (TBIL) has a higher volatility of 0.09% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.05%. This indicates that TBIL'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

	TBIL	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	0.05%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	0.14%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	0.21%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.44%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	0.44%	-0.12%