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 4.16%/yr vs -8.06%/yr for ZROZ. Their 0.59 correlation means they have sometimes moved together and sometimes differently. MINO charges 0.39%/yr vs 0.15%/yr for ZROZ.
Performance
MINO vs. ZROZ - Performance Comparison
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Returns By Period
In the year-to-date period, MINO achieves a 0.87% return, which is significantly higher than ZROZ's -7.23% return.
MINO
- 1D
- -0.20%
- 1M
- -1.84%
- 6M
- 0.17%
- YTD
- 0.87%
- 1Y
- 5.64%
- 3Y*
- 4.16%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.16%
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) |
|---|---|---|---|
| $4.84M | $4.61M | $4.86M | |
| $41.31M | $45.82M | $40.38M |
MINO vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 0.87% | 4.42% | 3.13% | 8.46% | -10.43% | 0.26% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -7.23% | -1.84% | -16.18% | 1.19% | -41.28% | 2.14% |
Correlation
The correlation between MINO and ZROZ is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.58 |
Correlation (3Y) Balances recent behavior with more history. | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2021 | 0.59 |
The correlation between MINO and ZROZ has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.
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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.
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.
| MINO | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.71 | ||
| Sortino ratioReturn per unit of downside risk | +3.96 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 0.95 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | -0.39 | +3.06 |
| Martin ratioReturn relative to average drawdown | 9.12 | -0.82 | +9.93 |
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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.
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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% | -14.90% | +12.49% |
Max Drawdown (3Y)Largest decline over 3 years | -4.71% | -26.42% | +21.71% |
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 | -1.84% | -62.42% | +60.58% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -24.38% | +20.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 7.18% | -6.48% |
Volatility
MINO vs. ZROZ - Volatility Comparison
The current volatility for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) is 0.90%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.20%. 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.
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Volatility by Period
| MINO | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 4.20% | -3.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.07% | 11.11% | -9.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.76% | 15.45% | -12.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.49% | 23.76% | -19.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.49% | 21.96% | -17.47% |
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 3.95%, less than ZROZ's 5.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 3.64% | 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 | 5.59% | 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
MINO and ZROZ have a correlation of 0.58, 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 MINO (0.90%). In terms of maximum drawdown, MINO dropped -15.24% vs ZROZ's -62.93%.
On 3-year performance, MINO leads with 4.16% vs -8.06% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, MINO has been the lower-risk option at 0.90%. 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 4.16% 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 0.39% for MINO.
ZROZ has the higher dividend yield at 5.59%, compared with 3.64% 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 (2.33 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.
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