MINO vs. ZROZ
MINO (PIMCO Municipal Income Opportunities Active Exchange-Traded Fund) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - MINO is a Municipal Bonds fund actively managed by PIMCO, while ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index. MINO is actively managed, while ZROZ is passively managed. Over the past 3 years, MINO returned 4.99%/yr vs -7.39%/yr for ZROZ. A 0.60 correlation means they provide meaningful diversification when combined. MINO charges 0.39%/yr vs 0.15%/yr for ZROZ.
Performance
MINO vs. ZROZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MINO achieves a 1.96% return, which is significantly higher than ZROZ's -1.07% return.
MINO
- 1D
- -0.08%
- 1M
- 0.58%
- YTD
- 1.96%
- 6M
- 2.19%
- 1Y
- 7.93%
- 3Y*
- 4.99%
- 5Y*
- —
- 10Y*
- —
ZROZ
- 1D
- -0.48%
- 1M
- 1.55%
- YTD
- -1.07%
- 6M
- -4.36%
- 1Y
- 3.89%
- 3Y*
- -7.39%
- 5Y*
- -11.62%
- 10Y*
- -4.15%
MINO vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 1.96% | 4.42% | 3.13% | 8.46% | -10.43% | 0.28% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -1.07% | -1.84% | -16.18% | 1.19% | -41.28% | 0.41% |
Correlation
The correlation between MINO and ZROZ is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2021 | 0.60 |
The correlation between MINO and ZROZ has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.
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
MINO vs. ZROZ — Risk / Return Rank
MINO
ZROZ
MINO vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) 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.
| MINO | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.68 | ||
| Sortino ratioReturn per unit of downside risk | +4.01 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.05 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 3.30 | 0.28 | +3.02 |
| Martin ratioReturn relative to average drawdown | 11.84 | 0.64 | +11.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| MINO | ZROZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.92 | 0.24 | +2.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.49 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.09 | +0.23 |
Drawdowns
MINO vs. ZROZ - Drawdown Comparison
The maximum MINO drawdown since its inception was -15.24%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for MINO and ZROZ.
Loading charts...
Drawdown Indicators
| MINO | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.24% | -62.93% | +47.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -14.02% | +11.61% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -28.62% | +23.28% |
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 | -0.22% | -59.93% | +59.71% |
Average DrawdownAverage peak-to-trough decline | -4.25% | -24.04% | +19.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 6.12% | -5.45% |
Volatility
MINO vs. ZROZ - Volatility Comparison
The current volatility for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) is 1.04%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.46%. This indicates that MINO 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
| MINO | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 4.46% | -3.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.90% | 10.54% | -8.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.73% | 16.25% | -13.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.55% | 23.90% | -19.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.55% | 22.06% | -17.51% |
MINO vs. ZROZ - Expense Ratio Comparison
MINO has a 0.39% expense ratio, which is higher than ZROZ's 0.15% expense ratio.
Dividends
MINO vs. ZROZ - Dividend Comparison
MINO's dividend yield for the trailing twelve months is around 3.89%, less than ZROZ's 5.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 3.89% | 3.71% | 3.91% | 3.78% | 2.87% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.15% | 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
MINO and ZROZ have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.46%) compared to MINO (1.04%). In terms of maximum drawdown, MINO dropped -15.24% vs ZROZ's -62.93%.
On 3-year performance, MINO leads with 4.99% vs -7.39% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, MINO has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MINO has performed better with a 4.99% return vs -7.39%. 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 0.39% for MINO.
ZROZ has the higher dividend yield at 5.15%, compared with 3.89% for MINO.
MINO is categorized as Municipal Bonds, while ZROZ is Government Bonds. Their fees differ too: 0.39% for MINO and 0.15% for ZROZ.
MINO currently has the higher Sharpe Ratio (2.92 vs 0.24), 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 MINO 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