IBGK vs. ZROZ
IBGK (iShares iBonds Dec 2054 Term Treasury ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - IBGK is a Long-Term Bond fund tracking the ICE 2054 Maturity US Treasury 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 year, IBGK returned 4.69% vs 4.44% for ZROZ. With a 0.97 correlation, they move nearly in lockstep. IBGK charges 0.07%/yr vs 0.15%/yr for ZROZ.
Performance
IBGK vs. ZROZ - Performance Comparison
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Returns By Period
In the year-to-date period, IBGK achieves a 1.26% return, which is significantly lower than ZROZ's 2.20% return.
IBGK
- 1D
- 0.40%
- 1M
- 3.29%
- YTD
- 1.26%
- 6M
- 1.07%
- 1Y
- 4.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZROZ
- 1D
- 0.70%
- 1M
- 6.44%
- YTD
- 2.20%
- 6M
- 1.63%
- 1Y
- 4.44%
- 3Y*
- -6.86%
- 5Y*
- -12.21%
- 10Y*
- -3.95%
IBGK vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBGK iShares iBonds Dec 2054 Term Treasury ETF | 1.26% | 3.66% | -3.44% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 2.20% | -1.84% | -5.88% |
Correlation
The correlation between IBGK and ZROZ is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024 | 0.97 |
The correlation between IBGK and ZROZ has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
IBGK vs. ZROZ — Risk / Return Rank
IBGK
ZROZ
IBGK vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2054 Term Treasury ETF (IBGK) 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.
| IBGK | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.05 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 0.28 | +0.34 |
| Martin ratioReturn relative to average drawdown | 1.49 | 0.62 | +0.88 |
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Drawdowns
IBGK vs. ZROZ - Drawdown Comparison
The maximum IBGK drawdown since its inception was -14.62%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for IBGK and ZROZ.
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Drawdown Indicators
| IBGK | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.62% | -62.93% | +48.31% |
Max Drawdown (1Y)Largest decline over 1 year | -7.29% | -14.02% | +6.73% |
Max Drawdown (3Y)Largest decline over 3 years | — | -28.62% | — |
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 | -7.72% | -58.61% | +50.89% |
Average DrawdownAverage peak-to-trough decline | -8.07% | -24.13% | +16.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 6.37% | -3.34% |
Volatility
IBGK vs. ZROZ - Volatility Comparison
The current volatility for iShares iBonds Dec 2054 Term Treasury ETF (IBGK) is 2.09%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 3.48%. This indicates that IBGK 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
| IBGK | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 3.48% | -1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 6.29% | 10.71% | -4.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.03% | 15.70% | -6.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.75% | 23.84% | -12.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.75% | 22.06% | -10.31% |
IBGK vs. ZROZ - Expense Ratio Comparison
IBGK has a 0.07% expense ratio, which is lower than ZROZ's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IBGK vs. ZROZ - Dividend Comparison
IBGK's dividend yield for the trailing twelve months is around 4.64%, less than ZROZ's 4.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBGK iShares iBonds Dec 2054 Term Treasury ETF | 4.64% | 4.59% | 3.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
With a correlation of 0.98, IBGK 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 (3.48%) compared to IBGK (2.09%). In terms of maximum drawdown, IBGK dropped -14.62% vs ZROZ's -62.93%.
On 1-year performance, IBGK leads with 4.69% vs 4.44% for ZROZ. On fees, IBGK is cheaper at 0.07% per year. On volatility, IBGK has been the lower-risk option at 2.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBGK has performed better with a 4.69% return vs 4.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBGK is cheaper with a 0.07% expense ratio, compared with 0.15% for ZROZ.
ZROZ has the higher dividend yield at 4.98%, compared with 4.64% for IBGK.
IBGK is categorized as Long-Term Bond, while ZROZ is Government Bonds. IBGK tracks ICE 2054 Maturity US Treasury Index, while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.07% for IBGK and 0.15% for ZROZ.
IBGK currently has the higher Sharpe Ratio (0.50 vs 0.25), 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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