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EUO vs. ZROZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EUO vs. ZROZ

Last updated Jun 9, 2026

EUO (ProShares UltraShort Euro) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), 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, EUO returned 2.38%/yr vs -4.42%/yr for ZROZ. At a correlation of -0.03, they often move in opposite directions. EUO charges 0.99%/yr vs 0.15%/yr for ZROZ.

Performance

EUO vs. ZROZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Euro (EUO) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EUO achieves a 5.79% return, which is significantly higher than ZROZ's -2.19% return. Over the past 10 years, EUO has outperformed ZROZ with an annualized return of 2.38%, while ZROZ has yielded a comparatively lower -4.42% annualized return.

EUO

1D
-0.20%
1M
4.68%
YTD
5.79%
6M
4.10%
1Y
2.43%
3Y*
0.08%
5Y*
5.80%
10Y*
2.38%

ZROZ

1D
-0.97%
1M
-1.54%
YTD
-2.19%
6M
-3.55%
1Y
1.41%
3Y*
-7.74%
5Y*
-12.17%
10Y*
-4.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EUO vs. ZROZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EUO
ProShares UltraShort Euro		5.79%-18.87%19.79%-1.02%13.88%14.83%-15.97%10.51%14.39%-21.71%
ZROZ
PIMCO 25+ Year Zero Coupon US Treasury Index Fund		-2.19%-1.84%-16.18%1.19%-41.28%-5.22%24.57%21.22%-5.43%14.77%

Correlation

The correlation between EUO and ZROZ is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.26

Correlation (3Y)
Calculated over the trailing 3-year period

-0.24

Correlation (5Y)
Calculated over the trailing 5-year period

-0.16

Correlation (10Y)
Calculated over the trailing 10-year period

-0.13

Correlation (All Time)
Calculated using the full available price history since Nov 5, 2009

-0.03

Over the past year, the inverse relationship between EUO and ZROZ has strengthened: their correlation has moved from -0.03 to -0.26, meaning they now move in opposite directions more often than their long-term average.

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ProShares UltraShort Euro

PIMCO 25+ Year Zero Coupon US Treasury Index Fund

Often compared with EUO:
EUO vs. BTALEUO vs. ULEEUO vs. YCLEUO vs. VOOEUO vs. QQQEUO vs. MCHIEUO vs. BITO
Often compared with ZROZ:
ZROZ vs. EDVZROZ vs. TLTZROZ vs. GOVZZROZ vs. SPYZROZ vs. CORPZROZ vs. BONDZROZ vs. IDTL.L

Return for Risk

EUO vs. ZROZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EUO
EUO Risk / Return Rank: 1212
Overall Rank
EUO Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
EUO Sortino Ratio Rank: 1111
Sortino Ratio Rank
EUO Omega Ratio Rank: 1111
Omega Ratio Rank
EUO Calmar Ratio Rank: 1313
Calmar Ratio Rank
EUO Martin Ratio Rank: 1313
Martin Ratio Rank
ZROZ
ZROZ Risk / Return Rank: 1010
Overall Rank
ZROZ Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
ZROZ Sortino Ratio Rank: 1010
Sortino Ratio Rank
ZROZ Omega Ratio Rank: 1010
Omega Ratio Rank
ZROZ Calmar Ratio Rank: 1111
Calmar Ratio Rank
ZROZ Martin Ratio Rank: 1010
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EUO vs. ZROZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) 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.

EUOZROZDifference
Sharpe ratioReturn per unit of total volatility
0.19
0.09

+0.10

Sortino ratioReturn per unit of downside risk
0.36
0.24

+0.11

Omega ratioGain probability vs. loss probability

1.04

1.03

+0.02

Calmar ratioReturn relative to maximum drawdown

0.30

0.10

+0.20

Martin ratioReturn relative to average drawdown

0.67

0.23

+0.44

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUO vs. ZROZ - Sharpe Ratio Comparison

The current EUO Sharpe Ratio is 0.19, which is higher than the ZROZ Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of EUO and ZROZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EUOZROZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.19

0.09

+0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

-0.51

+0.89

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

-0.20

+0.36

Sharpe Ratio (All Time)

Calculated using the full available price history

0.06

0.09

-0.03

Drawdowns

EUO vs. ZROZ - Drawdown Comparison

The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for EUO and ZROZ.

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Drawdown Indicators

EUOZROZDifference

Max Drawdown

Largest peak-to-trough decline

-38.58%

-62.93%

+24.35%

Max Drawdown (1Y)

Largest decline over 1 year

-8.05%

-14.02%

+5.97%

Max Drawdown (3Y)

Largest decline over 3 years

-24.46%

-28.62%

+4.16%

Max Drawdown (5Y)

Largest decline over 5 years

-25.28%

-57.98%

+32.70%

Max Drawdown (10Y)

Largest decline over 10 years

-29.61%

-62.93%

+33.32%

Current Drawdown

Current decline from peak

-17.46%

-60.38%

+42.92%

Average Drawdown

Average peak-to-trough decline

-18.50%

-24.07%

+5.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.71%

6.21%

-2.50%

Volatility

EUO vs. ZROZ - Volatility Comparison

The current volatility for ProShares UltraShort Euro (EUO) is 2.76%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.35%. This indicates that EUO 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

EUOZROZDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.76%

4.35%

-1.59%

Volatility (6M)

Calculated over the trailing 6-month period

8.81%

10.56%

-1.75%

Volatility (1Y)

Calculated over the trailing 1-year period

12.68%

16.00%

-3.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.57%

23.89%

-8.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.88%

22.05%

-7.17%

EUO vs. ZROZ - Expense Ratio Comparison

EUO has a 0.99% expense ratio, which is higher than ZROZ's 0.15% expense ratio.

Dividends

EUO vs. ZROZ - Dividend Comparison

EUO has not paid dividends to shareholders, while ZROZ's dividend yield for the trailing twelve months is around 5.21%.

PositionTTM20252024202320222021202020192018201720162015
EUO
ProShares UltraShort Euro		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZROZ
PIMCO 25+ Year Zero Coupon US Treasury Index Fund		5.21%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

EUO and ZROZ have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ZROZ has higher volatility (4.35%) compared to EUO (2.76%). In terms of maximum drawdown, EUO dropped -38.58% vs ZROZ's -62.93%.

On 10-year performance, EUO leads with 2.38% vs -4.42% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, EUO has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EUO has performed better with a 2.38% return vs -4.42%. 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 0.99% for EUO.

ZROZ has the higher dividend yield at 5.21%, compared with 0.00% for EUO.

EUO is categorized as Leveraged Currency, while ZROZ is Government Bonds. EUO tracks USD/EUR Exchange Rate (-200%), while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. They also come from different issuers: ProShares and PIMCO. Their fees differ too: 0.99% for EUO and 0.15% for ZROZ.

EUO currently has the higher Sharpe Ratio (0.19 vs 0.09), 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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