IS04.DE vs. ZROZ
IS04.DE (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both Government Bonds funds - IS04.DE tracks the ICE U.S. Treasury 20+ Year Bond Index while ZROZ tracks the ICE BofA Long U.S. Treasury Principal STRIPS Index. Both are passively managed. Over the past 10 years, IS04.DE returned -1.74%/yr vs -4.21%/yr for ZROZ. A 0.73 correlation means they provide meaningful diversification when combined. IS04.DE charges 0.07%/yr vs 0.15%/yr for ZROZ.
Performance
IS04.DE vs. ZROZ - Performance Comparison
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Different Trading Currencies
IS04.DE is traded in EUR, while ZROZ is traded in USD. To make them comparable, the ZROZ values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, IS04.DE achieves a 0.81% return, which is significantly higher than ZROZ's 0.38% return. Over the past 10 years, IS04.DE has outperformed ZROZ with an annualized return of -1.74%, while ZROZ has yielded a comparatively lower -4.21% annualized return.
IS04.DE
- 1D
- 0.41%
- 1M
- 1.45%
- YTD
- 0.81%
- 6M
- -0.81%
- 1Y
- 2.13%
- 3Y*
- -4.20%
- 5Y*
- -5.21%
- 10Y*
- -1.74%
ZROZ
- 1D
- 0.18%
- 1M
- 1.57%
- YTD
- 0.38%
- 6M
- -2.96%
- 1Y
- -0.23%
- 3Y*
- -9.61%
- 5Y*
- -10.74%
- 10Y*
- -4.21%
IS04.DE vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IS04.DE iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 0.81% | -6.95% | -2.51% | -1.21% | -26.01% | 3.49% | 6.49% | 18.18% | 2.70% | -4.33% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 0.38% | -13.49% | -10.65% | -1.84% | -37.65% | 1.87% | 14.30% | 23.96% | -0.99% | 0.66% |
Correlation
The correlation between IS04.DE and ZROZ is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2015 | 0.73 |
The correlation between IS04.DE and ZROZ has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.
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Return for Risk
IS04.DE vs. ZROZ — Risk / Return Rank
IS04.DE
ZROZ
IS04.DE vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IS04.DE) 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.
| IS04.DE | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.01 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.29 | -0.02 | +0.31 |
| Martin ratioReturn relative to average drawdown | 0.62 | -0.03 | +0.65 |
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
| IS04.DE | ZROZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.22 | -0.01 | +0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | -0.45 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.12 | -0.19 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.15 | -0.24 |
Drawdowns
IS04.DE vs. ZROZ - Drawdown Comparison
The maximum IS04.DE drawdown since its inception was -47.19%, smaller than the maximum ZROZ drawdown of -63.96%. Use the drawdown chart below to compare losses from any high point for IS04.DE and ZROZ.
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Drawdown Indicators
| IS04.DE | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.19% | -63.96% | +16.77% |
Max Drawdown (1Y)Largest decline over 1 year | -7.33% | -14.03% | +6.70% |
Max Drawdown (3Y)Largest decline over 3 years | -18.47% | -31.27% | +12.80% |
Max Drawdown (5Y)Largest decline over 5 years | -40.05% | -58.05% | +18.00% |
Max Drawdown (10Y)Largest decline over 10 years | -47.19% | -63.96% | +16.77% |
Current DrawdownCurrent decline from peak | -43.69% | -61.86% | +18.17% |
Average DrawdownAverage peak-to-trough decline | -21.89% | -26.04% | +4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 6.58% | -3.13% |
Volatility
IS04.DE vs. ZROZ - Volatility Comparison
The current volatility for iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IS04.DE) is 2.47%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 3.74%. This indicates that IS04.DE 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
| IS04.DE | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.47% | 3.74% | -1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 10.69% | -4.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.70% | 15.72% | -6.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.21% | 23.84% | -8.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.69% | 22.25% | -7.56% |
IS04.DE vs. ZROZ - Expense Ratio Comparison
IS04.DE 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
IS04.DE vs. ZROZ - Dividend Comparison
IS04.DE's dividend yield for the trailing twelve months is around 4.35%, less than ZROZ's 5.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IS04.DE iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 4.35% | 4.38% | 4.62% | 3.82% | 3.04% | 1.71% | 1.86% | 2.49% | 2.79% | 2.72% | 2.56% | 2.14% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.13% | 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
IS04.DE and ZROZ have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IS04.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IS04.DE is cheaper with a 0.07% expense ratio, compared with 0.15% for ZROZ.
IS04.DE tracks ICE U.S. Treasury 20+ Year Bond 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 IS04.DE and 0.15% for ZROZ.
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