HFND vs. ZROZ
HFND (Unlimited HFND Multi-Strategy Return Tracker ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - HFND is a Multistrategy fund actively managed by Tidal ETFs, while ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index. HFND is actively managed, while ZROZ is passively managed. Over the past 3 years, HFND returned 10.00%/yr vs -7.39%/yr for ZROZ. At a 0.18 correlation, their price movements are largely independent. HFND charges 1.22%/yr vs 0.15%/yr for ZROZ.
Performance
HFND vs. ZROZ - Performance Comparison
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Returns By Period
In the year-to-date period, HFND achieves a 8.65% return, which is significantly higher than ZROZ's -1.07% return.
HFND
- 1D
- -0.45%
- 1M
- 2.07%
- YTD
- 8.65%
- 6M
- 8.06%
- 1Y
- 18.87%
- 3Y*
- 10.00%
- 5Y*
- —
- 10Y*
- —
ZROZ
- 1D
- -0.48%
- 1M
- 1.55%
- YTD
- -1.07%
- 6M
- -4.36%
- 1Y
- 3.89%
- 3Y*
- -7.39%
- 5Y*
- -11.62%
- 10Y*
- -4.15%
HFND vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HFND Unlimited HFND Multi-Strategy Return Tracker ETF | 8.65% | 8.93% | 8.34% | 3.58% | 2.38% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -1.07% | -1.84% | -16.18% | 1.19% | -1.11% |
Correlation
The correlation between HFND and ZROZ is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2022 | 0.18 |
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Return for Risk
HFND vs. ZROZ — Risk / Return Rank
HFND
ZROZ
HFND vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) 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.
| HFND | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.77 | ||
| Sortino ratioReturn per unit of downside risk | +2.38 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.05 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 3.84 | 0.28 | +3.56 |
| Martin ratioReturn relative to average drawdown | 14.31 | 0.64 | +13.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HFND | ZROZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 0.24 | +1.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.49 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 0.09 | +0.84 |
Drawdowns
HFND vs. ZROZ - Drawdown Comparison
The maximum HFND drawdown since its inception was -13.31%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for HFND and ZROZ.
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Drawdown Indicators
| HFND | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.31% | -62.93% | +49.62% |
Max Drawdown (1Y)Largest decline over 1 year | -4.94% | -14.02% | +9.08% |
Max Drawdown (3Y)Largest decline over 3 years | -13.31% | -28.62% | +15.31% |
Max Drawdown (5Y)Largest decline over 5 years | — | -57.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.93% | — |
Current DrawdownCurrent decline from peak | -0.45% | -59.93% | +59.48% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -24.04% | +21.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.32% | 6.12% | -4.80% |
Volatility
HFND vs. ZROZ - Volatility Comparison
The current volatility for Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) is 3.02%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.46%. This indicates that HFND 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
| HFND | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.02% | 4.46% | -1.44% |
Volatility (6M)Calculated over the trailing 6-month period | 7.87% | 10.54% | -2.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.42% | 16.25% | -6.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.47% | 23.90% | -14.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.47% | 22.06% | -12.59% |
HFND vs. ZROZ - Expense Ratio Comparison
HFND has a 1.22% expense ratio, which is higher than ZROZ's 0.15% expense ratio.
Dividends
HFND vs. ZROZ - Dividend Comparison
HFND's dividend yield for the trailing twelve months is around 4.68%, less than ZROZ's 5.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HFND Unlimited HFND Multi-Strategy Return Tracker ETF | 4.68% | 5.08% | 3.70% | 1.41% | 0.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.15% | 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
HFND and ZROZ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.46%) compared to HFND (3.02%). In terms of maximum drawdown, HFND dropped -13.31% vs ZROZ's -62.93%.
On 3-year performance, HFND leads with 10.00% vs -7.39% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, HFND has been the lower-risk option at 3.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HFND has performed better with a 10.00% return vs -7.39%. 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 1.22% for HFND.
ZROZ has the higher dividend yield at 5.15%, compared with 4.68% for HFND.
HFND is categorized as Multistrategy, while ZROZ is Government Bonds. They also come from different issuers: Tidal ETFs and PIMCO. Their fees differ too: 1.22% for HFND and 0.15% for ZROZ.
HFND currently has the higher Sharpe Ratio (2.01 vs 0.24), 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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