HYS vs. ZROZ
HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - HYS is a High Yield Bonds fund tracking the ICE BofA 0-5 Year US High Yield Constrained Index, 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, HYS returned 5.19%/yr vs -5.40%/yr for ZROZ. Their -0.01 correlation means they have often moved in opposite directions in the past. HYS charges 0.56%/yr vs 0.15%/yr for ZROZ.
Performance
HYS vs. ZROZ - Performance Comparison
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Returns By Period
In the year-to-date period, HYS achieves a 1.42% return, which is significantly higher than ZROZ's -7.23% return. Over the past 10 years, HYS has outperformed ZROZ with an annualized return of 5.19%, while ZROZ has yielded a comparatively lower -5.40% annualized return.
HYS
- 1D
- 0.06%
- 1M
- -0.28%
- 6M
- 1.03%
- YTD
- 1.42%
- 1Y
- 5.05%
- 3Y*
- 8.13%
- 5Y*
- 5.03%
- 10Y*
- 5.19%
- ALL TIME*
- 4.99%
ZROZ
- 1D
- -1.24%
- 1M
- -7.20%
- 6M
- -6.41%
- YTD
- -7.23%
- 1Y
- -7.54%
- 3Y*
- -8.06%
- 5Y*
- -14.47%
- 10Y*
- -5.40%
- ALL TIME*
- 1.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.07M | $9.33M | $11.19M | |
| $41.31M | $45.82M | $40.38M |
HYS vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 1.42% | 8.80% | 8.42% | 11.38% | -5.42% | 4.77% | 3.27% | 10.22% | -1.05% | 5.75% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -7.23% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
Correlation
The correlation between HYS and ZROZ is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.34 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2011 | -0.01 |
The correlation between HYS and ZROZ shifts across timeframes, from -0.01 (all time) to 0.42 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYS vs. ZROZ — Risk / Return Rank
HYS
ZROZ
HYS vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) 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.
| HYS | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.91 | ||
| Sortino ratioReturn per unit of downside risk | +2.84 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.95 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.76 | -0.39 | +3.15 |
| Martin ratioReturn relative to average drawdown | 10.85 | -0.82 | +11.67 |
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Drawdowns
HYS vs. ZROZ - Drawdown Comparison
The maximum HYS drawdown since its inception was -20.91%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for HYS and ZROZ.
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Drawdown Indicators
| HYS | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.91% | -62.93% | +42.02% |
Max Drawdown (1Y)Largest decline over 1 year | -1.88% | -14.90% | +13.02% |
Max Drawdown (3Y)Largest decline over 3 years | -4.98% | -26.42% | +21.44% |
Max Drawdown (5Y)Largest decline over 5 years | -10.61% | -57.98% | +47.37% |
Max Drawdown (10Y)Largest decline over 10 years | -20.91% | -62.93% | +42.02% |
Current DrawdownCurrent decline from peak | -0.53% | -62.42% | +61.89% |
Average DrawdownAverage peak-to-trough decline | -1.52% | -24.38% | +22.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 7.18% | -6.70% |
Volatility
HYS vs. ZROZ - Volatility Comparison
The current volatility for PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) is 0.76%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.20%. This indicates that HYS 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
| HYS | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 4.20% | -3.44% |
Volatility (6M)Calculated over the trailing 6-month period | 2.80% | 11.11% | -8.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.39% | 15.45% | -12.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.26% | 23.76% | -17.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.78% | 21.96% | -15.18% |
HYS vs. ZROZ - Expense Ratio Comparison
HYS has a 0.56% expense ratio, which is higher than ZROZ's 0.15% expense ratio.
Dividends
HYS vs. ZROZ - Dividend Comparison
HYS's dividend yield for the trailing twelve months is around 7.48%, more than ZROZ's 5.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 6.87% | 7.20% | 7.43% | 6.44% | 5.01% | 3.74% | 4.52% | 4.98% | 4.64% | 5.01% | 5.13% | 5.22% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.59% | 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
HYS and ZROZ have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.20%) compared to HYS (0.76%). In terms of maximum drawdown, HYS dropped -20.91% vs ZROZ's -62.93%.
On 10-year performance, HYS leads with 5.19% vs -5.40% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, HYS has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYS has performed better with a 5.19% return vs -5.40%. 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 0.56% for HYS.
HYS has the higher dividend yield at 6.87%, compared with 5.59% for ZROZ.
HYS is categorized as High Yield Bonds, while ZROZ is Government Bonds. HYS tracks ICE BofA 0-5 Year US High Yield Constrained Index, while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. Their fees differ too: 0.56% for HYS and 0.15% for ZROZ.
HYS currently has the higher Sharpe Ratio (1.53 vs -0.38), 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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