Bilbo and Elizabeth's Friendship

The relationship between Bilbo Baggins and Elizabeth Swann is a friendship. Together, they are called "Bilbeth" or Elizabilbo or Elizabo.

Throughout the series
The two of them first met in Curse of the Black Pearl when Bilbop is found half-dead on the shores of the water because of Lady Calypso sending him from the world of Middle-earth to The Caribbean.

Curse of the Black Pearl

 * Elizabeth immediately sees Bilbo struggling to swim, so she abandons the pirates and jumps in the water to help him over worrying about Will or anyone else.
 * Not to mention, she also has Bilbo on her back swimming to the island.
 * Elizabeth tends to Bilbo and makes sure he is secure on the island.
 * Bilbo is aware of Elizabeth's plan of getting Jack drunk so he will pass out and Elizabeth will be able to carry out her rescue mission plan

The future
Bilbo later names his daughter Belle after Elizabeth, with his two other friends, Belle and Gamora