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BILZ vs TBLL

PIMCO Ultra Short Government Active Exchange-Traded Fund

BILZANYSE Arca

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

No data

Expense ratio

TBLL −0.06pt a year

BILZ0.14%TBLL0.08%

Avg volume · 30D

TBLL 1.6×the volume

BILZ200KTBLL313K

3Y return · a year

BILZ +0.1pt

BILZ+4.5%TBLL+4.4%

BILZ vs TBLL Performance

Oct 31, 2025 – Oct 30, 2026

+3.7%BILZ+3.6%TBLL

Oct 31, 2025 to Oct 30, 2026. BILZ +3.7%. TBLL +3.6%. Use the arrow keys to read each point.0%1%2%Oct 2025Apr 2026Oct 2026
Expense ratio
BILZ 0.14%
TBLL 0.08%, better
Fund size
BILZ $860M
TBLL $2.9B
1Y total return
BILZ +3.7%, better
TBLL +3.6%
Yield (12M)
BILZ 3.80%, better
TBLL 3.59%
Holdings
BILZ 5
TBLL 90
Avg volume (30D)
BILZ 200K sh
TBLL 313K sh, better
NAV per share
BILZ $100.94
TBLL $105.62
52W range

ETF.net Grade

BILZ: Cost 76, Risk 44, Mission 100, Tradability 76, Holdings 38, Durability 58. TBLL: Cost 89, Risk 44, Mission 100, Tradability 80, Holdings 66, Durability 80.
Pillar letters and Scores for BILZ, TBLL, with each pillar’s weight
PillarBILZTBLL
Cost30% weightA76A89Higher
Mission25% weightA100A100
Risk15% weightC44C44
Tradability15% weightA76A80Higher
Holdings10% weightD38B66Higher
Durability5% weightB58A80Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BILZ and TBLL are both graded against the same 78 Cash & Ultra-Short Income funds, so their Grades compare head to head.

Cash & Ultra-Short Income⁠

Category · 78 funds
See all 78 ›

TBLL ranks 4th and BILZ 20th of 78 funds in the Cash & Ultra-Short Income Category.

  1. Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 85
  2. Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
  3. Rank 3AVUSBVanguard Ultra-Short Bond ETFScore 81
  4. Rank 4ATBLLInvesco Short Term Treasury ETFScore 80
  5. Rank 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80
  6. Rank 19AJPSTJPMorgan Ultra-Short Income ETFScore 73
  7. Rank 20ABILZPIMCO Ultra Short Government Active Exchange-Traded FundScore 72
  8. Rank 20AGSSTGoldman Sachs Ultra Short Bond ETFScore 72

Our read on each fund

ETF.net Research

BILZAPIMCO Ultra Short Government Active Exchange-Traded Fund

TBLLAInvesco Short Term Treasury ETF

In short

BILZ Nearly everything in this corner of the market just tracks a T-bill index. BILZ instead hands the ultra-short government paper to PIMCO's bond desk, chasing maximum current income while preserving capital and daily liquidity. Pays monthly.

TBLL The bill fund that stretches to a full year. TBLL owns U.S. Treasuries maturing in one year or less and charges 0.08%, well under the typical fund in its 0-1 year Treasury group.

Stated mandate

BILZ The Fund seeks maximum current income while preserving capital and maintaining daily liquidity.

TBLL The fund invests primarily in U.S. Treasury obligations with maturities of one year or less and seeks exposure to the ICE U.S. Treasury Short Bond Index.

Why people hold it

  • BILZ Active, not an index tracker: PIMCO's managers pick the short government paper, and the fund has stuck closely to its stated mandate.
  • Pays monthly, on a mandate built around preserving capital and keeping daily liquidity. Cash-adjacent plumbing rather than a rate bet.
  • The 0.14% expense ratio sits right at the median for its T-bill peer group, level with BIL, the big passive incumbent.
  • A multi-billion-dollar fund with steady two-way trading, built up since a 2023 launch.
  • TBLL Charges 0.08% a year against a 0.14% median for its 0-1 year Treasury cohort, and undercuts BIL, the 1-3 month bill fund at 0.14%.
  • Fishes the entire under-one-year curve, about 90 Treasury positions, instead of camping in 1-3 month paper like much of the peer shelf.
  • Live since 2017 and a multi-billion-dollar fund, with index tracking among the tighter implementations in its 17-fund group.
  • Distributions land monthly, and the portfolio is Treasury obligations only, so no corporate credit rides along.

Worth knowing

  • BILZ Index rivals undercut it: XONE charges 0.03% and VBIL 0.06% against 0.14% here. That gap is what active management costs.
  • Active means no plain bill index to check it against. Maturity and security mix ride on the manager's calls.
  • Launched in 2023, so its record covers only one slice of the rate cycle, and it sits in the lower half of its peer group.
  • TBLL Not the cheapest seat in the row: XONE runs 0.03% and VBIL 0.06%, so the cost gap is a few basis points.
  • Reaching out to one-year maturities carries slightly more interest-rate sensitivity than a strict 1-3 month bill portfolio.
  • Moderately traded rather than the volume leader of its category, so spreads deserve a look on larger orders.

Full BILZ profile⁠

Full TBLL profile⁠

BILZ vs TBLL Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BILZ vs TBLL Cost

Overpaying BILZ vs TBLL

$1,243

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BILZ 0.14%

    $2,932

  • TBLL 0.08%

    $1,689

$10,000
30 years

Cost over time

  • BILZ 0.14%
  • TBLL 0.08%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K051015202530BILZ $2,932TBLL $1,689

Year by year

YearBILZTBLLOverpaying
10$256$147$109
20$1,000$575$425
30$2,932$1,689$1,243

Expense ratio

  • 0.14%BILZ
  • 0.08%TBLL, cheaper
  • Middle half of Cash & Ultra-Short Income funds
  • Median 0.18%

TBLL 10th cheapest of 78 funds

BILZ 20th cheapest of 78 funds

BILZ vs TBLL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BILZ 3.80%, better
TBLL 3.59%
Payout (12M)
BILZ $3.84
TBLL $3.79
Last payment
BILZ $0.31
TBLL $0.34
Ex-dividend
BILZ Oct 1, 2026
TBLL Oct 19, 2026
Paid on
BILZ Oct 5, 2026
TBLL Oct 23, 2026
Frequency
BILZ Monthly
TBLL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BILZMonthly · 39 paymentsAll BILZ payments⁠
One bar per payment. 39 payments from 2023 to 2026 YTD. Aug 1, 2023 $0.40; Sep 1, 2023 $0.40; Oct 2, 2023 $0.28; Nov 1, 2023 $0.47; Dec 1, 2023 $0.28; Dec 28, 2023 $0.40; Feb 1, 2024 $0.41; Mar 1, 2024 $0.40; Apr 1, 2024 $0.43; May 1, 2024 $0.46; Jun 3, 2024 $0.43; Jul 1, 2024 $0.41; Aug 1, 2024 $0.49; Sep 3, 2024 $0.40; Oct 1, 2024 $0.38; Nov 1, 2024 $0.38; Dec 2, 2024 $0.40; Dec 31, 2024 $0.41; Feb 3, 2025 $0.33; Mar 3, 2025 $0.30; Apr 1, 2025 $0.35; May 1, 2025 $0.32; Jun 2, 2025 $0.38; Jul 1, 2025 $0.36; Aug 1, 2025 $0.37; Sep 2, 2025 $0.37; Oct 1, 2025 $0.40; Nov 3, 2025 $0.38; Dec 1, 2025 $0.34; Dec 31, 2025 $0.32; Feb 2, 2026 $0.32; Mar 2, 2026 $0.31; Apr 1, 2026 $0.31; May 1, 2026 $0.31; Jun 1, 2026 $0.31; Jul 1, 2026 $0.31; Aug 3, 2026 $0.31; Sep 1, 2026 $0.31; Oct 1, 2026 $0.31. Use the arrow keys to read each point.$0$0.5020232026YTD
TBLLMonthly · 46 paymentsAll TBLL payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 23, 2023 $0.32; Feb 21, 2023 $0.32; Mar 20, 2023 $0.37; Apr 24, 2023 $0.37; May 22, 2023 $0.40; Jun 20, 2023 $0.39; Jul 24, 2023 $0.43; Aug 21, 2023 $0.44; Sep 18, 2023 $0.43; Oct 23, 2023 $0.45; Nov 20, 2023 $0.47; Dec 18, 2023 $0.49; Jan 22, 2024 $0.45; Feb 20, 2024 $0.46; Mar 18, 2024 $0.44; Apr 22, 2024 $0.43; May 20, 2024 $0.44; Jun 24, 2024 $0.44; Jul 22, 2024 $0.46; Aug 19, 2024 $0.47; Sep 23, 2024 $0.44; Oct 21, 2024 $0.43; Nov 18, 2024 $0.42; Dec 23, 2024 $0.37; Jan 21, 2025 $0.39; Feb 24, 2025 $0.37; Mar 24, 2025 $0.36; Apr 21, 2025 $0.35; May 19, 2025 $0.33; Jun 23, 2025 $0.37; Jul 21, 2025 $0.38; Aug 18, 2025 $0.35; Sep 22, 2025 $0.35; Oct 20, 2025 $0.35; Nov 24, 2025 $0.33; Dec 22, 2025 $0.35; Jan 20, 2026 $0.33; Feb 23, 2026 $0.32; Mar 23, 2026 $0.30; Apr 20, 2026 $0.27; May 18, 2026 $0.32; Jun 22, 2026 $0.32; Jul 20, 2026 $0.31; Aug 24, 2026 $0.30; Sep 21, 2026 $0.32; Oct 19, 2026 $0.34. Use the arrow keys to read each point.$0$0.5020232026YTD

BILZ vs TBLL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BILZ 0.2%, betterTBLL 0.3%
Return per unit of riskSharpe ratio, 3 years
BILZ −0.52, betterTBLL −0.66
Worst fallMax drawdown, 5 years
BILZ −0.5%since Jun 2023TBLL −0.4%
Market sensitivityBeta, 5 years
BILZ 0.005TBLL 0.01

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