LONZ vs. ZROZ
LONZ (PIMCO Senior Loan Active Exchange-Traded Fund) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - LONZ is a Bank Loan fund actively managed by PIMCO, while ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index. LONZ is actively managed, while ZROZ is passively managed. Over the past 3 years, LONZ returned 7.40%/yr vs -8.06%/yr for ZROZ. Their 0.08 correlation means their historical movements had little consistent relationship. LONZ charges 0.62%/yr vs 0.15%/yr for ZROZ.
Performance
LONZ vs. ZROZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, LONZ achieves a 2.58% return, which is significantly higher than ZROZ's -7.23% return.
LONZ
- 1D
- 0.11%
- 1M
- 0.41%
- 6M
- 2.66%
- YTD
- 2.58%
- 1Y
- 4.94%
- 3Y*
- 7.40%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.31%
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) |
|---|---|---|---|
| $3.20M | $2.52M | $5.54M | |
| $41.31M | $45.82M | $40.38M |
LONZ vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
LONZ PIMCO Senior Loan Active Exchange-Traded Fund | 2.58% | 5.05% | 9.85% | 12.56% | 0.54% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -7.23% | -1.84% | -16.18% | 1.19% | -17.05% |
Correlation
The correlation between LONZ and ZROZ is 0.12, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.12 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2022 | 0.08 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
LONZ vs. ZROZ — Risk / Return Rank
LONZ
ZROZ
LONZ vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Senior Loan Active Exchange-Traded Fund (LONZ) 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.
| LONZ | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.50 | ||
| Sortino ratioReturn per unit of downside risk | +3.39 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 0.95 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | -0.39 | +2.78 |
| Martin ratioReturn relative to average drawdown | 9.86 | -0.82 | +10.68 |
Loading charts...
Drawdowns
LONZ vs. ZROZ - Drawdown Comparison
The maximum LONZ drawdown since its inception was -4.19%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for LONZ and ZROZ.
Loading charts...
Drawdown Indicators
| LONZ | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.19% | -62.93% | +58.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.03% | -14.90% | +12.87% |
Max Drawdown (3Y)Largest decline over 3 years | -4.19% | -26.42% | +22.23% |
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 | 0.00% | -62.42% | +62.42% |
Average DrawdownAverage peak-to-trough decline | -0.46% | -24.38% | +23.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 7.18% | -6.69% |
Volatility
LONZ vs. ZROZ - Volatility Comparison
The current volatility for PIMCO Senior Loan Active Exchange-Traded Fund (LONZ) is 0.31%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.20%. This indicates that LONZ 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.
Loading charts...
Volatility by Period
| LONZ | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.31% | 4.20% | -3.89% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 11.11% | -9.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 15.45% | -13.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.17% | 23.76% | -20.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.17% | 21.96% | -18.79% |
LONZ vs. ZROZ - Expense Ratio Comparison
LONZ has a 0.62% expense ratio, which is higher than ZROZ's 0.15% expense ratio.
Dividends
LONZ vs. ZROZ - Dividend Comparison
LONZ's dividend yield for the trailing twelve months is around 8.31%, more than ZROZ's 5.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LONZ PIMCO Senior Loan Active Exchange-Traded Fund | 7.71% | 6.60% | 8.16% | 8.29% | 3.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
LONZ and ZROZ have a correlation of 0.12, 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 LONZ (0.31%). In terms of maximum drawdown, LONZ dropped -4.19% vs ZROZ's -62.93%.
On 3-year performance, LONZ leads with 7.40% vs -8.06% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, LONZ has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, LONZ has performed better with a 7.40% return vs -8.06%. 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 0.62% for LONZ.
LONZ has the higher dividend yield at 7.71%, compared with 5.59% for ZROZ.
LONZ is categorized as Bank Loan, while ZROZ is Government Bonds. Their fees differ too: 0.62% for LONZ and 0.15% for ZROZ.
LONZ currently has the higher Sharpe Ratio (2.12 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.
Find the right allocation for LONZ and ZROZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer