MFDX vs. ZROZ

Last updated Apr 1, 2026

Compare and contrast key facts about PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ).

MFDX and ZROZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MFDX is a passively managed fund by PIMCO that tracks the performance of the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index. It was launched on Aug 31, 2017. 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 MFDX 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

MFDX vs. ZROZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ). The values are adjusted to include any dividend payments, if applicable.

MFDX vs. ZROZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	3.63%	34.27%	4.40%	17.54%	-10.27%	11.07%	6.90%	19.88%	-14.88%	7.02%
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%	2.12%

Returns By Period

In the year-to-date period, MFDX achieves a 3.63% return, which is significantly higher than ZROZ's -0.37% return.

MFDX

• 1D: 3.05%
• 1M: -7.22%
• YTD: 3.63%
• 6M: 8.66%
• 1Y: 28.57%
• 3Y*: 16.66%
• 5Y*: 10.03%
• 10Y*: —

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)

MFDX vs. ZROZ - Expense Ratio Comparison

MFDX has a 0.39% expense ratio, which is higher than ZROZ's 0.15% expense ratio.

MFDX

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

ZROZ

PIMCO 25+ Year Zero Coupon US Treasury Index Fund

Return for Risk

MFDX vs. ZROZ — Risk / Return Rank

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

MFDX

MFDX Risk / Return Rank: 88
MFDX Sharpe Ratio Rank: 88
MFDX Sortino Ratio Rank: 89
MFDX Omega Ratio Rank: 89
MFDX Calmar Ratio Rank: 86
MFDX Martin Ratio Rank: 88

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.

MFDX vs. ZROZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) 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.

	MFDX	ZROZ	Difference
Sharpe ratio Return per unit of total volatility	1.84	-0.33	+2.17
Sortino ratio Return per unit of downside risk	2.47	-0.34	+2.81
Omega ratio Gain probability vs. loss probability	1.37	0.96	+0.41
Calmar ratio Return relative to maximum drawdown	2.60	-0.30	+2.90
Martin ratio Return relative to average drawdown	10.63	-0.53	+11.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFDX vs. ZROZ - Sharpe Ratio Comparison

The current MFDX Sharpe Ratio is 1.84, which is higher than the ZROZ Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of MFDX 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

	MFDX	ZROZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	-0.33	+2.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	-0.46	+1.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.09	+0.42

Correlation

The correlation between MFDX and ZROZ is -0.05. 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

MFDX vs. ZROZ - Dividend Comparison

MFDX's dividend yield for the trailing twelve months is around 2.86%, less than ZROZ's 4.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.86%	2.97%	3.16%	3.12%	2.85%	2.99%	1.58%	2.88%	2.13%	0.71%	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%

Drawdowns

MFDX vs. ZROZ - Drawdown Comparison

The maximum MFDX drawdown since its inception was -36.05%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for MFDX and ZROZ.

Drawdown Indicators

	MFDX	ZROZ	Difference
Max Drawdown Largest peak-to-trough decline	-36.05%	-62.93%	+26.88%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-15.63%	+4.97%
Max Drawdown (5Y) Largest decline over 5 years	-25.58%	-57.98%	+32.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-62.93%	—
Current Drawdown Current decline from peak	-7.30%	-59.65%	+52.35%
Average Drawdown Average peak-to-trough decline	-6.58%	-23.66%	+17.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	8.99%	-6.38%

Volatility

MFDX vs. ZROZ - Volatility Comparison

PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) has a higher volatility of 7.29% compared to PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) at 5.79%. This indicates that MFDX's price experiences larger fluctuations and is considered to be riskier than ZROZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFDX	ZROZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	5.79%	+1.50%
Volatility (6M) Calculated over the trailing 6-month period	10.27%	10.85%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	15.63%	19.16%	-3.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.95%	23.93%	-8.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.42%	22.09%	-5.67%