CORP vs. ZROZ
CORP (PIMCO Investment Grade Corporate Bond Index ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - CORP is a Corporate Bonds fund tracking the ICE BofA US Corporate, while ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index. Both are passively managed. Over the past 10 years, CORP returned 2.75%/yr vs -4.18%/yr for ZROZ. A 0.71 correlation means they provide meaningful diversification when combined. CORP charges 0.20%/yr vs 0.15%/yr for ZROZ.
Performance
CORP vs. ZROZ - Performance Comparison
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Returns By Period
In the year-to-date period, CORP achieves a 0.65% return, which is significantly lower than ZROZ's 0.97% return. Over the past 10 years, CORP has outperformed ZROZ with an annualized return of 2.75%, while ZROZ has yielded a comparatively lower -4.18% annualized return.
CORP
- 1D
- -0.22%
- 1M
- 0.60%
- YTD
- 0.65%
- 6M
- 0.81%
- 1Y
- 5.21%
- 3Y*
- 5.45%
- 5Y*
- 0.74%
- 10Y*
- 2.75%
ZROZ
- 1D
- -1.20%
- 1M
- 4.33%
- YTD
- 0.97%
- 6M
- 0.53%
- 1Y
- 3.18%
- 3Y*
- -7.55%
- 5Y*
- -11.93%
- 10Y*
- -4.18%
CORP vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CORP PIMCO Investment Grade Corporate Bond Index ETF | 0.65% | 7.96% | 2.47% | 9.13% | -14.96% | -1.18% | 9.70% | 14.80% | -3.29% | 6.56% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 0.97% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
Correlation
The correlation between CORP and ZROZ is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2010 | 0.71 |
The correlation between CORP and ZROZ shifts across timeframes, from 0.71 (all time) to 0.85 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CORP vs. ZROZ — Risk / Return Rank
CORP
ZROZ
CORP vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Investment Grade Corporate Bond Index ETF (CORP) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CORP | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.04 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 0.23 | +1.59 |
| Martin ratioReturn relative to average drawdown | 5.72 | 0.50 | +5.22 |
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Drawdowns
CORP vs. ZROZ - Drawdown Comparison
The maximum CORP drawdown since its inception was -21.21%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for CORP and ZROZ.
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Drawdown Indicators
| CORP | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.21% | -62.93% | +41.72% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -14.02% | +11.14% |
Max Drawdown (3Y)Largest decline over 3 years | -6.06% | -28.62% | +22.56% |
Max Drawdown (5Y)Largest decline over 5 years | -21.21% | -57.98% | +36.77% |
Max Drawdown (10Y)Largest decline over 10 years | -21.21% | -62.93% | +41.72% |
Current DrawdownCurrent decline from peak | -0.99% | -59.10% | +58.11% |
Average DrawdownAverage peak-to-trough decline | -3.60% | -24.14% | +20.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 6.39% | -5.48% |
Volatility
CORP vs. ZROZ - Volatility Comparison
The current volatility for PIMCO Investment Grade Corporate Bond Index ETF (CORP) is 1.21%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 3.60%. This indicates that CORP experiences smaller price fluctuations and is considered to be less risky than ZROZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CORP | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 3.60% | -2.39% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 10.77% | -7.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.16% | 15.76% | -11.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.89% | 23.83% | -16.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.09% | 22.06% | -14.97% |
CORP vs. ZROZ - Expense Ratio Comparison
CORP has a 0.20% expense ratio, which is higher than ZROZ's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CORP vs. ZROZ - Dividend Comparison
CORP's dividend yield for the trailing twelve months is around 4.85%, less than ZROZ's 5.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORP PIMCO Investment Grade Corporate Bond Index ETF | 4.85% | 4.77% | 4.74% | 4.12% | 3.28% | 2.51% | 2.90% | 3.25% | 3.18% | 3.08% | 2.91% | 3.14% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.04% | 4.96% | 4.58% | 3.52% | 2.76% | 1.60% | 1.68% | 2.22% | 2.06% | 2.53% | 3.00% | 2.98% |
Frequently Asked Questions
CORP and ZROZ have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (3.60%) compared to CORP (1.21%). In terms of maximum drawdown, CORP dropped -21.21% vs ZROZ's -62.93%.
On 10-year performance, CORP leads with 2.75% vs -4.18% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, CORP has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CORP has performed better with a 2.75% return vs -4.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZROZ is cheaper with a 0.15% expense ratio, compared with 0.20% for CORP.
ZROZ has the higher dividend yield at 5.04%, compared with 4.85% for CORP.
CORP is categorized as Corporate Bonds, while ZROZ is Government Bonds. CORP tracks ICE BofA US Corporate, while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. Their fees differ too: 0.20% for CORP and 0.15% for ZROZ.
CORP currently has the higher Sharpe Ratio (1.26 vs 0.20), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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