A compressor of a gas turbine engine may have a bypass that routes a compressed air flow from within the compressor and directs the compressed air flow to a combustor. The bypass may have an inlet positioned just ahead of a downstream stage of the compressor and an outlet positioned to route the compressed air flow from the bypass to a diffuser or directly to a combustor. A valve may be used within the bypass and may be located near the inlet, near the outlet, or both. The valve may have the form of an annular sleeve in some embodiments and may be actuated with an actuator. The various arrangements allow for a compressor having a variable compression ratio.