VBIL vs. BILZ

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard 0-3 Month Treasury Bill ETF (VBIL) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ).

VBIL and BILZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VBIL is a passively managed fund by Vanguard that tracks the performance of the Bloomberg US Treasury Bills 0-3 Months Index. It was launched on Feb 7, 2025. BILZ is an actively managed fund by PIMCO. It was launched on Jun 21, 2023.

Performance

VBIL vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard 0-3 Month Treasury Bill ETF (VBIL) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). The values are adjusted to include any dividend payments, if applicable.

VBIL vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025
VBIL Vanguard 0-3 Month Treasury Bill ETF	0.86%	3.71%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	0.83%	3.72%

Returns By Period

The year-to-date returns for both stocks are quite close, with VBIL having a 0.86% return and BILZ slightly lower at 0.83%.

VBIL

• 1D: 0.03%
• 1M: 0.30%
• YTD: 0.86%
• 6M: 1.88%
• 1Y: 4.04%
• 3Y*: —
• 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)

VBIL vs. BILZ - Expense Ratio Comparison

VBIL has a 0.07% 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%.

BILZ

PIMCO Ultra Short Government Active Exchange-Traded Fund

VBIL

Vanguard 0-3 Month Treasury Bill ETF

Return for Risk

VBIL vs. BILZ — Risk / Return Rank

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

VBIL

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

VBIL vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard 0-3 Month Treasury Bill ETF (VBIL) 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.

	VBIL	BILZ	Difference
Sharpe ratio Return per unit of total volatility	12.70	19.30	-6.60
Sortino ratio Return per unit of downside risk	29.61	117.88	-88.27
Omega ratio Gain probability vs. loss probability	12.58	44.85	-32.26
Calmar ratio Return relative to maximum drawdown	44.01	203.30	-159.30
Martin ratio Return relative to average drawdown	379.94	1,804.32	-1,424.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBIL vs. BILZ - Sharpe Ratio Comparison

The current VBIL Sharpe Ratio is 12.70, which is lower than the BILZ Sharpe Ratio of 19.30. The chart below compares the historical Sharpe Ratios of VBIL 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

	VBIL	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	12.70	19.30	-6.60
Sharpe Ratio (All Time) Calculated using the full available price history	13.08	10.37	+2.71

Correlation

The correlation between VBIL and BILZ is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

VBIL vs. BILZ - Dividend Comparison

VBIL's dividend yield for the trailing twelve months is around 3.67%, less than BILZ's 4.18% yield.

	TTM	2025	2024	2023
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.67%	3.12%	0.00%	0.00%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.18%	4.19%	4.95%	2.23%

Drawdowns

VBIL vs. BILZ - Drawdown Comparison

The maximum VBIL drawdown since its inception was -0.09%, smaller than the maximum BILZ drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for VBIL and BILZ.

Drawdown Indicators

	VBIL	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-0.09%	-0.52%	+0.43%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	-0.02%	-0.07%
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	0.01%	0.00%	+0.01%

Volatility

VBIL vs. BILZ - Volatility Comparison

Vanguard 0-3 Month Treasury Bill ETF (VBIL) has a higher volatility of 0.07% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.05%. This indicates that VBIL'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

	VBIL	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.05%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	0.14%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	0.21%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	0.44%	-0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.31%	0.44%	-0.13%