OBIL vs. ZROZ
OBIL (US Treasury 12 Month Bill ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both Government Bonds funds - OBIL tracks the ICE BofA US 1-Year Treasury Bill Index - Benchmark TR Gross while ZROZ tracks the ICE BofA Long U.S. Treasury Principal STRIPS Index. Both are passively managed. Over the past 3 years, OBIL returned 4.50%/yr vs -6.88%/yr for ZROZ. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
OBIL vs. ZROZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, OBIL achieves a 1.31% return, which is significantly lower than ZROZ's 3.17% return.
OBIL
- 1D
- 0.04%
- 1M
- 0.24%
- YTD
- 1.31%
- 6M
- 1.41%
- 1Y
- 3.60%
- 3Y*
- 4.50%
- 5Y*
- —
- 10Y*
- —
ZROZ
- 1D
- -0.20%
- 1M
- 5.75%
- YTD
- 3.17%
- 6M
- 1.28%
- 1Y
- 3.97%
- 3Y*
- -6.88%
- 5Y*
- -11.30%
- 10Y*
- -4.40%
OBIL vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
OBIL US Treasury 12 Month Bill ETF | 1.31% | 4.19% | 4.94% | 4.69% | 0.50% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 3.17% | -1.84% | -16.18% | 1.19% | 4.02% |
Correlation
The correlation between OBIL and ZROZ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2022 | 0.38 |
The correlation between OBIL and ZROZ shifts across timeframes, from 0.26 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.
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
OBIL vs. ZROZ — Risk / Return Rank
OBIL
ZROZ
OBIL vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 12 Month Bill ETF (OBIL) 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.
| OBIL | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.10 | ||
| Sortino ratioReturn per unit of downside risk | +12.22 | ||
| Omega ratioGain probability vs. loss probability | 3.25 | 1.05 | +2.20 |
| Calmar ratioReturn relative to maximum drawdown | 24.17 | 0.28 | +23.88 |
| Martin ratioReturn relative to average drawdown | 123.45 | 0.62 | +122.83 |
Loading charts...
Drawdowns
OBIL vs. ZROZ - Drawdown Comparison
The maximum OBIL drawdown since its inception was -0.33%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for OBIL and ZROZ.
Loading charts...
Drawdown Indicators
| OBIL | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.33% | -62.93% | +62.60% |
Max Drawdown (1Y)Largest decline over 1 year | -0.15% | -14.02% | +13.87% |
Max Drawdown (3Y)Largest decline over 3 years | -0.21% | -28.62% | +28.41% |
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 | -0.02% | -58.21% | +58.19% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -24.16% | +24.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 6.42% | -6.39% |
Volatility
OBIL vs. ZROZ - Volatility Comparison
The current volatility for US Treasury 12 Month Bill ETF (OBIL) is 0.21%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.00%. This indicates that OBIL 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
| OBIL | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.21% | 4.00% | -3.79% |
Volatility (6M)Calculated over the trailing 6-month period | 0.38% | 10.93% | -10.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.57% | 15.83% | -15.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.82% | 23.84% | -23.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.82% | 22.04% | -21.22% |
OBIL vs. ZROZ - Expense Ratio Comparison
Both OBIL and ZROZ have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
OBIL vs. ZROZ - Dividend Comparison
OBIL's dividend yield for the trailing twelve months is around 3.64%, less than ZROZ's 4.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OBIL US Treasury 12 Month Bill ETF | 3.64% | 3.83% | 4.56% | 4.92% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 4.94% | 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
OBIL and ZROZ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.00%) compared to OBIL (0.21%). In terms of maximum drawdown, OBIL dropped -0.33% vs ZROZ's -62.93%.
On 3-year performance, OBIL leads with 4.50% vs -6.88% for ZROZ. Both ETFs have the same 0.15% expense ratio. On volatility, OBIL has been the lower-risk option at 0.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, OBIL has performed better with a 4.50% return vs -6.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OBIL and ZROZ have the same expense ratio: 0.15% per year.
ZROZ has the higher dividend yield at 4.94%, compared with 3.64% for OBIL.
OBIL tracks ICE BofA US 1-Year Treasury Bill Index - Benchmark TR Gross, while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. They also come from different issuers: US Benchmark Series and PIMCO.
OBIL currently has the higher Sharpe Ratio (6.35 vs 0.25), 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 OBIL 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