GOVI vs. ZROZ
GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both Government Bonds funds - GOVI tracks the ICE 1-30 Year Laddered Maturity U.S. Treasury Index while ZROZ tracks the ICE BofA Long U.S. Treasury Principal STRIPS Index. Both are passively managed. Over the past 10 years, GOVI returned -0.09%/yr vs -3.96%/yr for ZROZ. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.
Performance
GOVI vs. ZROZ - Performance Comparison
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Returns By Period
In the year-to-date period, GOVI achieves a 0.99% return, which is significantly lower than ZROZ's 3.38% return. Over the past 10 years, GOVI has outperformed ZROZ with an annualized return of -0.09%, while ZROZ has yielded a comparatively lower -3.96% annualized return.
GOVI
- 1D
- 0.87%
- 1M
- 2.26%
- YTD
- 0.99%
- 6M
- 0.58%
- 1Y
- 3.90%
- 3Y*
- 1.25%
- 5Y*
- -2.60%
- 10Y*
- -0.09%
ZROZ
- 1D
- 2.17%
- 1M
- 6.83%
- YTD
- 3.38%
- 6M
- 1.48%
- 1Y
- 4.12%
- 3Y*
- -6.82%
- 5Y*
- -11.27%
- 10Y*
- -3.96%
GOVI vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | 0.99% | 5.84% | -2.95% | 3.31% | -19.98% | -3.76% | 12.55% | 10.00% | -0.28% | 4.96% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 3.38% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
Correlation
The correlation between GOVI and ZROZ is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2009 | 0.94 |
The correlation between GOVI and ZROZ has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
GOVI vs. ZROZ — Risk / Return Rank
GOVI
ZROZ
GOVI vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) 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.
| GOVI | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.05 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 0.29 | +0.42 |
| Martin ratioReturn relative to average drawdown | 1.88 | 0.64 | +1.24 |
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Drawdowns
GOVI vs. ZROZ - Drawdown Comparison
The maximum GOVI drawdown since its inception was -32.70%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for GOVI and ZROZ.
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Drawdown Indicators
| GOVI | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.70% | -62.93% | +30.23% |
Max Drawdown (1Y)Largest decline over 1 year | -5.45% | -14.02% | +8.57% |
Max Drawdown (3Y)Largest decline over 3 years | -11.58% | -28.62% | +17.04% |
Max Drawdown (5Y)Largest decline over 5 years | -28.30% | -57.98% | +29.68% |
Max Drawdown (10Y)Largest decline over 10 years | -32.70% | -62.93% | +30.23% |
Current DrawdownCurrent decline from peak | -21.18% | -58.13% | +36.95% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -24.16% | +14.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.08% | 6.41% | -4.33% |
Volatility
GOVI vs. ZROZ - Volatility Comparison
The current volatility for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) is 1.79%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.01%. This indicates that GOVI 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
| GOVI | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 4.01% | -2.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.74% | 10.93% | -6.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 15.88% | -9.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.86% | 23.85% | -13.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.09% | 22.04% | -12.95% |
GOVI vs. ZROZ - Expense Ratio Comparison
Both GOVI and ZROZ have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
GOVI vs. ZROZ - Dividend Comparison
GOVI's dividend yield for the trailing twelve months is around 3.79%, less than ZROZ's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | 3.79% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 4.93% | 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 0.94, GOVI 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 (4.01%) compared to GOVI (1.79%). In terms of maximum drawdown, GOVI dropped -32.70% vs ZROZ's -62.93%.
On 10-year performance, GOVI leads with -0.09% vs -3.96% for ZROZ. Both ETFs have the same 0.15% expense ratio. On volatility, GOVI has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GOVI has performed better with a -0.09% return vs -3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVI and ZROZ have the same expense ratio: 0.15% per year.
ZROZ has the higher dividend yield at 4.93%, compared with 3.79% for GOVI.
GOVI tracks ICE 1-30 Year Laddered Maturity U.S. Treasury Index, while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. They also come from different issuers: Invesco and PIMCO.
GOVI currently has the higher Sharpe Ratio (0.61 vs 0.26), 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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