ILTB vs. ZROZ
ILTB (iShares Core 10+ Year USD Bond ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - ILTB is a Long-Term Bond fund tracking the Bloomberg U.S. Universal 10+ Year Index (USD), 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, ILTB returned 1.33%/yr vs -3.96%/yr for ZROZ. Their correlation of 0.84 suggests significant overlap in exposure. ILTB charges 0.06%/yr vs 0.15%/yr for ZROZ.
Performance
ILTB vs. ZROZ - Performance Comparison
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Returns By Period
In the year-to-date period, ILTB achieves a 2.02% return, which is significantly lower than ZROZ's 3.38% return. Over the past 10 years, ILTB has outperformed ZROZ with an annualized return of 1.33%, while ZROZ has yielded a comparatively lower -3.96% annualized return.
ILTB
- 1D
- 1.00%
- 1M
- 2.84%
- YTD
- 2.02%
- 6M
- 1.36%
- 1Y
- 6.37%
- 3Y*
- 3.02%
- 5Y*
- -2.88%
- 10Y*
- 1.33%
ZROZ
- 1D
- 2.17%
- 1M
- 6.83%
- YTD
- 3.38%
- 6M
- 1.48%
- 1Y
- 4.12%
- 3Y*
- -6.82%
- 5Y*
- -11.27%
- 10Y*
- -3.96%
ILTB vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ILTB iShares Core 10+ Year USD Bond ETF | 2.02% | 7.22% | -3.00% | 8.04% | -26.62% | -2.67% | 16.10% | 19.61% | -5.10% | 11.24% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 3.38% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
Correlation
The correlation between ILTB and ZROZ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2009 | 0.84 |
The correlation between ILTB and ZROZ shifts across timeframes, from 0.84 (all time) to 0.95 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ILTB vs. ZROZ — Risk / Return Rank
ILTB
ZROZ
ILTB vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 10+ Year USD Bond ETF (ILTB) 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.
| ILTB | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.05 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | 0.29 | +0.89 |
| Martin ratioReturn relative to average drawdown | 2.91 | 0.64 | +2.27 |
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Drawdowns
ILTB vs. ZROZ - Drawdown Comparison
The maximum ILTB drawdown since its inception was -36.88%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for ILTB and ZROZ.
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Drawdown Indicators
| ILTB | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.88% | -62.93% | +26.05% |
Max Drawdown (1Y)Largest decline over 1 year | -5.42% | -14.02% | +8.60% |
Max Drawdown (3Y)Largest decline over 3 years | -14.60% | -28.62% | +14.02% |
Max Drawdown (5Y)Largest decline over 5 years | -35.22% | -57.98% | +22.76% |
Max Drawdown (10Y)Largest decline over 10 years | -36.88% | -62.93% | +26.05% |
Current DrawdownCurrent decline from peak | -19.93% | -58.13% | +38.20% |
Average DrawdownAverage peak-to-trough decline | -9.96% | -24.16% | +14.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.19% | 6.41% | -4.22% |
Volatility
ILTB vs. ZROZ - Volatility Comparison
The current volatility for iShares Core 10+ Year USD Bond ETF (ILTB) is 2.08%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.01%. This indicates that ILTB 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
| ILTB | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.08% | 4.01% | -1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 5.76% | 10.93% | -5.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.78% | 15.88% | -8.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.62% | 23.85% | -11.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.57% | 22.04% | -10.47% |
ILTB vs. ZROZ - Expense Ratio Comparison
ILTB has a 0.06% 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
ILTB vs. ZROZ - Dividend Comparison
ILTB's dividend yield for the trailing twelve months is around 4.87%, less than ZROZ's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ILTB iShares Core 10+ Year USD Bond ETF | 4.87% | 4.83% | 4.91% | 4.38% | 4.31% | 3.04% | 3.32% | 3.45% | 4.13% | 3.97% | 3.99% | 4.20% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 4.93% | 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 0.94, ILTB 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 (4.01%) compared to ILTB (2.08%). In terms of maximum drawdown, ILTB dropped -36.88% vs ZROZ's -62.93%.
On 10-year performance, ILTB leads with 1.33% vs -3.96% for ZROZ. On fees, ILTB is cheaper at 0.06% per year. On volatility, ILTB has been the lower-risk option at 2.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ILTB has performed better with a 1.33% return vs -3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ILTB is cheaper with a 0.06% expense ratio, compared with 0.15% for ZROZ.
ZROZ has the higher dividend yield at 4.93%, compared with 4.87% for ILTB.
ILTB is categorized as Long-Term Bond, while ZROZ is Government Bonds. ILTB tracks Bloomberg U.S. Universal 10+ Year Index (USD), 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: 0.06% for ILTB and 0.15% for ZROZ.
ILTB currently has the higher Sharpe Ratio (0.83 vs 0.26), 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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