FPAS vs. ZROZ

Last updated Jun 20, 2026

FPAS (FPA Short Duration Government ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both Government Bonds funds. FPAS is actively managed, while ZROZ is passively managed. Over the past year, FPAS returned 2.91% vs 3.18% for ZROZ. A 0.63 correlation means they provide meaningful diversification when combined. FPAS charges 0.09%/yr vs 0.15%/yr for ZROZ.

Performance

FPAS vs. ZROZ - Performance Comparison

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

Returns By Period

In the year-to-date period, FPAS achieves a -0.43% return, which is significantly lower than ZROZ's 0.97% return.

FPAS

• 1D: 0.49%
• 1M: 0.62%
• YTD: -0.43%
• 6M: -0.17%
• 1Y: 2.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FPAS vs. ZROZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FPAS FPA Short Duration Government ETF	-0.43%	7.15%	-0.42%
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund	0.97%	-1.84%	-8.09%

Correlation

The correlation between FPAS and ZROZ is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	0.63

The correlation between FPAS and ZROZ has been stable across timeframes, ranging from 0.60 to 0.63 - a consistent structural relationship.

Return for Risk

FPAS vs. ZROZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FPAS

FPAS Risk / Return Rank: 25
FPAS Sharpe Ratio Rank: 26
FPAS Sortino Ratio Rank: 26
FPAS Omega Ratio Rank: 24
FPAS Calmar Ratio Rank: 26
FPAS Martin Ratio Rank: 26

ZROZ

ZROZ Risk / Return Rank: 11
ZROZ Sharpe Ratio Rank: 11
ZROZ Sortino Ratio Rank: 11
ZROZ Omega Ratio Rank: 10
ZROZ Calmar Ratio Rank: 11
ZROZ Martin Ratio Rank: 10

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.

FPAS vs. ZROZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Short Duration Government ETF (FPAS) 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.

	FPAS	ZROZ	Difference
Sharpe ratio: Return per unit of total volatility	0.92	0.20	+0.71
Sortino ratio: Return per unit of downside risk	1.37	0.41	+0.97
Omega ratio: Gain probability vs. loss probability	1.16	1.04	+0.12
Calmar ratio: Return relative to maximum drawdown	1.21	0.23	+0.99
Martin ratio: Return relative to average drawdown	3.33	0.50	+2.83

FPAS vs. ZROZ - Sharpe Ratio Comparison

The current FPAS Sharpe Ratio is 0.92, which is higher than the ZROZ Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of FPAS 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.

Drawdowns

FPAS vs. ZROZ - Drawdown Comparison

The maximum FPAS drawdown since its inception was -2.47%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for FPAS and ZROZ.

Drawdown Indicators

	FPAS	ZROZ	Difference
Max Drawdown Largest peak-to-trough decline	-2.47%	-62.93%	+60.46%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-14.02%	+11.55%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-57.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-62.93%	—
Current Drawdown Current decline from peak	-1.53%	-59.10%	+57.57%
Average Drawdown Average peak-to-trough decline	-0.71%	-24.14%	+23.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	6.39%	-5.49%

Volatility

FPAS vs. ZROZ - Volatility Comparison

The current volatility for FPA Short Duration Government ETF (FPAS) is 1.24%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 3.60%. This indicates that FPAS 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.

Volatility by Period

	FPAS	ZROZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	3.60%	-2.36%
Volatility (6M) Calculated over the trailing 6-month period	2.40%	10.77%	-8.37%
Volatility (1Y) Calculated over the trailing 1-year period	3.27%	15.76%	-12.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.12%	23.83%	-19.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.12%	22.06%	-17.94%

FPAS vs. ZROZ - Expense Ratio Comparison

FPAS has a 0.09% 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

FPAS vs. ZROZ - Dividend Comparison

FPAS's dividend yield for the trailing twelve months is around 4.76%, less than ZROZ's 5.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPAS FPA Short Duration Government ETF	4.76%	4.75%	0.68%	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	5.04%	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

Can I hold both FPAS and ZROZ in my portfolio?

FPAS and ZROZ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPAS or ZROZ?

ZROZ has higher volatility (3.60%) compared to FPAS (1.24%). In terms of maximum drawdown, FPAS dropped -2.47% vs ZROZ's -62.93%.

Which ETF is better, FPAS or ZROZ?

On 1-year performance, ZROZ leads with 3.18% vs 2.91% for FPAS. On fees, FPAS is cheaper at 0.09% per year. On volatility, FPAS has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPAS or ZROZ?

Over the 1-year period, ZROZ has performed better with a 3.18% return vs 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPAS or ZROZ?

FPAS is cheaper with a 0.09% expense ratio, compared with 0.15% for ZROZ.

Which ETF pays a higher dividend yield, FPAS or ZROZ?

ZROZ has the higher dividend yield at 5.04%, compared with 4.76% for FPAS.

What is the main difference between FPAS and ZROZ?

They also come from different issuers: FPA and PIMCO. Their fees differ too: 0.09% for FPAS and 0.15% for ZROZ.

Which has better risk-adjusted returns?

FPAS currently has the higher Sharpe Ratio (0.92 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.