GOVZ vs. ZROZ
GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both Government Bonds funds - GOVZ tracks the ICE BofA Long US Treasury Principal STRIPS Index while ZROZ tracks the ICE BofA Long U.S. Treasury Principal STRIPS Index. Both are passively managed. Over the past 5 years, GOVZ returned -14.55%/yr vs -14.64%/yr for ZROZ. Their 0.99 correlation means they have historically moved very closely together. Both charge a 0.15% expense ratio.
Performance
GOVZ vs. ZROZ - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with GOVZ having a -6.61% return and ZROZ slightly lower at -6.72%.
GOVZ
- 1D
- 0.34%
- 1M
- -6.59%
- 6M
- -5.59%
- YTD
- -6.61%
- 1Y
- -7.04%
- 3Y*
- -6.86%
- 5Y*
- -14.55%
- 10Y*
- —
- ALL TIME*
- -14.11%
ZROZ
- 1D
- 0.55%
- 1M
- -6.69%
- 6M
- -5.48%
- YTD
- -6.72%
- 1Y
- -7.03%
- 3Y*
- -6.85%
- 5Y*
- -14.64%
- 10Y*
- -5.34%
- ALL TIME*
- 1.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.32M | $6.57M | $8.03M | |
| $39.17M | $45.09M | $39.93M |
GOVZ vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | -6.61% | -1.81% | -16.24% | 0.90% | -41.03% | -4.86% | -5.61% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -6.72% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | -5.18% |
Correlation
The correlation between GOVZ 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. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.99 |
The correlation between GOVZ and ZROZ has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GOVZ vs. ZROZ — Risk / Return Rank
GOVZ
ZROZ
GOVZ vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) 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.
| GOVZ | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.94 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | -0.47 | 0.00 |
| Martin ratioReturn relative to average drawdown | -0.96 | -0.97 | +0.01 |
Loading charts...
Drawdowns
GOVZ vs. ZROZ - Drawdown Comparison
The maximum GOVZ drawdown since its inception was -59.65%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for GOVZ and ZROZ.
Loading charts...
Drawdown Indicators
| GOVZ | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.65% | -62.93% | +3.28% |
Max Drawdown (1Y)Largest decline over 1 year | -14.87% | -14.90% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -26.42% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -57.63% | -57.98% | +0.35% |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.93% | — |
Current DrawdownCurrent decline from peak | -58.96% | -62.22% | +3.26% |
Average DrawdownAverage peak-to-trough decline | -40.35% | -24.39% | -15.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.33% | 7.23% | +0.10% |
Volatility
GOVZ vs. ZROZ - Volatility Comparison
iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) has a higher volatility of 4.53% compared to PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) at 4.28%. This indicates that GOVZ's price experiences larger fluctuations and is considered to be riskier than ZROZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GOVZ | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 4.28% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 11.06% | 11.04% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.52% | 15.38% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.80% | 23.76% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.17% | 21.96% | +1.21% |
GOVZ vs. ZROZ - Expense Ratio Comparison
Both GOVZ 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
GOVZ vs. ZROZ - Dividend Comparison
GOVZ's dividend yield for the trailing twelve months is around 5.53%, which matches ZROZ's 5.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 5.53% | 5.00% | 4.68% | 3.84% | 3.69% | 1.76% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.56% | 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, GOVZ 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.
GOVZ has higher volatility (4.53%) compared to ZROZ (4.28%). In terms of maximum drawdown, GOVZ dropped -59.65% vs ZROZ's -62.93%.
On 5-year performance, GOVZ leads with -14.55% vs -14.64% for ZROZ. Both ETFs have the same 0.15% expense ratio. On volatility, ZROZ has been the lower-risk option at 4.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GOVZ has performed better with a -14.55% return vs -14.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVZ and ZROZ have the same expense ratio: 0.15% per year.
ZROZ has the higher dividend yield at 5.56%, compared with 5.53% for GOVZ.
GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index, while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. They also come from different issuers: iShares and PIMCO.
GOVZ currently has the higher Sharpe Ratio (-0.46 vs -0.46), 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.
Find the right allocation for GOVZ and ZROZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer