TBIL vs. BILZ

Last updated Jun 4, 2026

TBIL (US Treasury 3 Month Bill ETF) and BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) are both Ultrashort Bond funds. TBIL is passively managed, while BILZ is actively managed. Over the past year, TBIL returned 3.93% vs 3.91% for BILZ. At a 0.39 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.14%/yr for BILZ.

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.

Returns By Period

The year-to-date returns for both stocks are quite close, with TBIL having a 1.49% return and BILZ slightly lower at 1.47%.

TBIL

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.49%
• 6M: 1.78%
• 1Y: 3.93%
• 3Y*: 4.64%
• 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)

TBIL vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBIL US Treasury 3 Month Bill ETF	1.49%	4.19%	5.15%	2.75%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.47%	4.21%	5.25%	2.33%

Correlation

The correlation between TBIL and BILZ is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.39

The correlation between TBIL and BILZ shifts across timeframes, from 0.39 (all time) to 0.51 (1 year), reflecting how their relationship changes across market environments.

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	13.78	19.09	-5.31
Sortino ratio Return per unit of downside risk	58.40	125.25	-66.86
Omega ratio Gain probability vs. loss probability	17.16	53.31	-36.15
Calmar ratio Return relative to maximum drawdown	196.84	198.55	-1.71
Martin ratio Return relative to average drawdown	934.41	2,000.92	-1,066.52
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 13.78, which is comparable to the BILZ Sharpe Ratio of 19.09. The chart below compares the historical Sharpe Ratios of TBIL 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

	TBIL	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	13.78	19.09	-5.31
Sharpe Ratio (All Time) Calculated using the full available price history	14.07	10.48	+3.59

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%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	—	—
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 0.08% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.07%. 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	0.08%	0.07%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	0.14%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	0.21%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.43%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	0.43%	-0.11%

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%.

Dividends

TBIL vs. BILZ - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 3.82%, less than BILZ's 4.07% yield.

Position	TTM	2025	2024	2023	2022
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.07%	4.19%	4.95%	2.23%	0.00%
TBIL US Treasury 3 Month Bill ETF	3.82%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both TBIL and BILZ in my portfolio?

TBIL and BILZ have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBIL or BILZ?

TBIL has higher volatility (0.08%) compared to BILZ (0.07%). In terms of maximum drawdown, TBIL dropped -0.10% vs BILZ's -0.52%.

Which ETF is better, TBIL or BILZ?

On 1-year performance, TBIL leads with 3.93% 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, TBIL or BILZ?

Over the 1-year period, TBIL has performed better with a 3.93% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBIL or BILZ?

BILZ is cheaper with a 0.14% expense ratio, compared with 0.15% for TBIL.

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

BILZ has the higher dividend yield at 4.07%, compared with 3.82% for TBIL.

What is the main difference between TBIL and BILZ?

They also come from different issuers: US Benchmark Series and PIMCO. Their fees differ too: 0.15% for TBIL and 0.14% for BILZ.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (19.09 vs 13.78), 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.