EDV vs. ZROZ
EDV (Vanguard Extended Duration Treasury ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both Government Bonds funds - EDV tracks the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index while ZROZ tracks the ICE BofA Long U.S. Treasury Principal STRIPS Index. Both are passively managed. Over the past 10 years, EDV returned -4.47%/yr vs -5.40%/yr for ZROZ. Their 0.97 correlation means they have historically moved very closely together. EDV charges 0.05%/yr vs 0.15%/yr for ZROZ.
Performance
EDV vs. ZROZ - Performance Comparison
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Returns By Period
In the year-to-date period, EDV achieves a -6.20% return, which is significantly higher than ZROZ's -7.23% return. Over the past 10 years, EDV has outperformed ZROZ with an annualized return of -4.47%, while ZROZ has yielded a comparatively lower -5.40% annualized return.
EDV
- 1D
- -1.06%
- 1M
- -6.35%
- 6M
- -5.97%
- YTD
- -6.20%
- 1Y
- -6.00%
- 3Y*
- -5.53%
- 5Y*
- -12.61%
- 10Y*
- -4.47%
- ALL TIME*
- 2.34%
ZROZ
- 1D
- -1.24%
- 1M
- -7.20%
- 6M
- -6.41%
- YTD
- -7.23%
- 1Y
- -7.54%
- 3Y*
- -8.06%
- 5Y*
- -14.47%
- 10Y*
- -5.40%
- ALL TIME*
- 1.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $89.59M | $71.96M | $67.10M | |
| $41.31M | $45.82M | $40.38M |
EDV vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | -6.20% | 0.65% | -12.78% | 1.65% | -39.15% | -6.19% | 23.59% | 18.67% | -3.40% | 13.94% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -7.23% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
Correlation
The correlation between EDV and ZROZ is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2009 | 0.97 |
The correlation between EDV and ZROZ has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
EDV vs. ZROZ — Risk / Return Rank
EDV
ZROZ
EDV vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Duration Treasury ETF (EDV) 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.
| EDV | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.95 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | -0.39 | +0.06 |
| Martin ratioReturn relative to average drawdown | -0.70 | -0.82 | +0.12 |
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Drawdowns
EDV vs. ZROZ - Drawdown Comparison
The maximum EDV drawdown since its inception was -59.96%, roughly equal to the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for EDV and ZROZ.
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Drawdown Indicators
| EDV | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.96% | -62.93% | +2.97% |
Max Drawdown (1Y)Largest decline over 1 year | -13.24% | -14.90% | +1.66% |
Max Drawdown (3Y)Largest decline over 3 years | -22.74% | -26.42% | +3.68% |
Max Drawdown (5Y)Largest decline over 5 years | -55.03% | -57.98% | +2.95% |
Max Drawdown (10Y)Largest decline over 10 years | -59.96% | -62.93% | +2.97% |
Current DrawdownCurrent decline from peak | -56.96% | -62.42% | +5.46% |
Average DrawdownAverage peak-to-trough decline | -23.70% | -24.38% | +0.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.34% | 7.18% | -0.84% |
Volatility
EDV vs. ZROZ - Volatility Comparison
The current volatility for Vanguard Extended Duration Treasury ETF (EDV) is 3.85%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.20%. This indicates that EDV 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
| EDV | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 4.20% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 10.24% | 11.11% | -0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.08% | 15.45% | -1.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.52% | 23.76% | -2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.74% | 21.96% | -2.22% |
EDV vs. ZROZ - Expense Ratio Comparison
EDV has a 0.05% expense ratio, which is lower than ZROZ's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
EDV vs. ZROZ - Dividend Comparison
EDV's dividend yield for the trailing twelve months is around 5.45%, less than ZROZ's 5.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 5.45% | 4.94% | 4.65% | 3.81% | 3.28% | 1.95% | 5.54% | 3.51% | 2.90% | 2.92% | 5.32% | 4.24% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.59% | 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
With a correlation of 0.99, EDV and ZROZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
ZROZ has higher volatility (4.20%) compared to EDV (3.85%). In terms of maximum drawdown, EDV dropped -59.96% vs ZROZ's -62.93%.
On 10-year performance, EDV leads with -4.47% vs -5.40% for ZROZ. On fees, EDV is cheaper at 0.05% per year. On volatility, EDV has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EDV has performed better with a -4.47% return vs -5.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EDV is cheaper with a 0.05% expense ratio, compared with 0.15% for ZROZ.
ZROZ has the higher dividend yield at 5.59%, compared with 5.45% for EDV.
EDV tracks Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index, while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. They also come from different issuers: Vanguard and PIMCO. Their fees differ too: 0.05% for EDV and 0.15% for ZROZ.
EDV currently has the higher Sharpe Ratio (-0.31 vs -0.38), 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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