BILZ vs SPY
PIMCO Ultra Short Government Active Exchange-Traded Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | BILZ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.14% | 0.09% | |
| AUM | $989M | $789.1B | |
| Dividend Yield | 4.13% | 1.01% | |
| Holdings | 7 | 505 | |
| YTD Return | +1.84% | +13.68% | |
| 1Y Return | +3.48% | +21.53% | |
| 3Y Return (annualized) | +4.49% | +21.44% | |
| 5Y Return (annualized) | - | +13.18% | |
| Volatility (annualized) | 0.4% | 15.3% | |
| Max Drawdown | -0.5% | -56.5% | |
| Fund Family | PIMCO (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jun 21, 2023 | Jan 22, 1993 |
BILZ vs SPY Performance
PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) is a ETF from PIMCO (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BILZ returned +3.48% while SPY returned +21.53%. Year to date, BILZ is up 1.84% versus a gain of 13.68% for SPY.
Over three years, BILZ compounded at +4.49% per year against +21.44% for SPY. Across the full 3-year window we track, SPY has the edge at +8.85% annualized vs +4.36%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 0.4% for BILZ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -0.5% for BILZ and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.03. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BILZ charges 0.14% per year while SPY charges 0.09%. On a $10,000 position that is $14 vs $9 annually, a gap of $5 per year that compounds over a long holding period. On income, BILZ currently yields 4.13% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, BILZ or SPY?
BILZ has an expense ratio of 0.14% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $5 per year of difference.
Which performed better, BILZ or SPY?
Over the past year BILZ returned +3.48% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), BILZ annualized +4.36% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, BILZ or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 0.4% for BILZ. Worst drawdown: BILZ -0.5% vs SPY -56.5%.
Should I hold both BILZ and SPY?
BILZ and SPY have a monthly-return correlation of 0.03, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, BILZ or SPY?
BILZ yields 4.13% while SPY yields 1.01%, so BILZ currently pays the higher dividend yield.
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