HYS vs. ZROZ

Last updated Apr 1, 2026

Compare and contrast key facts about PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ).

HYS and ZROZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HYS is a passively managed fund by PIMCO that tracks the performance of the ICE BofA US High Yield Constrained (0-5 Y). It was launched on Jun 16, 2011. ZROZ is a passively managed fund by PIMCO that tracks the performance of the BofA Merrill Lynch Long Treasury Principal STRIPS Index. It was launched on Oct 30, 2009. Both HYS and ZROZ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HYS vs. ZROZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ). The values are adjusted to include any dividend payments, if applicable.

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	-0.39%	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	-0.37%	-1.84%	-16.18%	1.19%	-41.28%	-5.22%	24.57%	21.22%	-5.43%	14.77%

Returns By Period

In the year-to-date period, HYS achieves a -0.39% return, which is significantly lower than ZROZ's -0.37% return. Over the past 10 years, HYS has outperformed ZROZ with an annualized return of 5.62%, while ZROZ has yielded a comparatively lower -3.82% annualized return.

HYS

• 1D: 0.70%
• 1M: -0.57%
• YTD: -0.39%
• 6M: 1.22%
• 1Y: 7.13%
• 3Y*: 8.21%
• 5Y*: 4.94%
• 10Y*: 5.62%

ZROZ

• 1D: -0.61%
• 1M: -6.35%
• YTD: -0.37%
• 6M: -3.49%
• 1Y: -6.32%
• 3Y*: -8.90%
• 5Y*: -11.00%
• 10Y*: -3.82%

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

HYS vs. ZROZ - Expense Ratio Comparison

HYS has a 0.56% expense ratio, which is higher than ZROZ's 0.15% expense ratio.

HYS

PIMCO 0-5 Year High Yield Corporate Bond Index ETF

ZROZ

PIMCO 25+ Year Zero Coupon US Treasury Index Fund

Return for Risk

HYS vs. ZROZ — Risk / Return Rank

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

HYS

HYS Risk / Return Rank: 79
HYS Sharpe Ratio Rank: 76
HYS Sortino Ratio Rank: 78
HYS Omega Ratio Rank: 83
HYS Calmar Ratio Rank: 72
HYS Martin Ratio Rank: 87

ZROZ

ZROZ Risk / Return Rank: 7
ZROZ Sharpe Ratio Rank: 6
ZROZ Sortino Ratio Rank: 6
ZROZ Omega Ratio Rank: 6
ZROZ Calmar Ratio Rank: 7
ZROZ Martin Ratio Rank: 8

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.

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.

	HYS	ZROZ	Difference
Sharpe ratio Return per unit of total volatility	1.33	-0.33	+1.66
Sortino ratio Return per unit of downside risk	1.93	-0.34	+2.27
Omega ratio Gain probability vs. loss probability	1.32	0.96	+0.36
Calmar ratio Return relative to maximum drawdown	1.78	-0.30	+2.09
Martin ratio Return relative to average drawdown	9.95	-0.53	+10.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYS vs. ZROZ - Sharpe Ratio Comparison

The current HYS Sharpe Ratio is 1.33, which is higher than the ZROZ Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of HYS and ZROZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HYS	ZROZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	-0.33	+1.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	-0.46	+1.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	-0.17	+1.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.09	+0.71

Correlation

The correlation between HYS and ZROZ is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

HYS vs. ZROZ - Dividend Comparison

HYS's dividend yield for the trailing twelve months is around 7.40%, more than ZROZ's 4.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	7.40%	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	4.98%	4.96%	4.58%	3.52%	2.76%	1.60%	1.68%	2.22%	2.06%	2.53%	3.00%	2.98%

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.

Drawdown Indicators

	HYS	ZROZ	Difference
Max Drawdown Largest peak-to-trough decline	-20.91%	-62.93%	+42.02%
Max Drawdown (1Y) Largest decline over 1 year	-4.06%	-15.63%	+11.57%
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 Drawdown Current decline from peak	-1.02%	-59.65%	+58.63%
Average Drawdown Average peak-to-trough decline	-1.55%	-23.66%	+22.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	8.99%	-8.26%

Volatility

HYS vs. ZROZ - Volatility Comparison

The current volatility for PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) is 1.88%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 5.79%. 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.

Volatility by Period

	HYS	ZROZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.88%	5.79%	-3.91%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	10.85%	-8.33%
Volatility (1Y) Calculated over the trailing 1-year period	5.38%	19.16%	-13.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	23.93%	-17.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.85%	22.09%	-15.24%