PMBS vs. ZROZ
Compare and contrast key facts about PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ).
PMBS and ZROZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PMBS is an actively managed fund by PIMCO. It was launched on Jul 31, 1997. 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.
Performance
PMBS vs. ZROZ - Performance Comparison
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PMBS vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 0.61% | 8.92% | -2.75% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -0.31% | -1.84% | -15.54% |
Returns By Period
In the year-to-date period, PMBS achieves a 0.61% return, which is significantly higher than ZROZ's -0.31% return.
PMBS
- 1D
- 0.33%
- 1M
- -1.84%
- YTD
- 0.61%
- 6M
- 2.40%
- 1Y
- 6.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZROZ
- 1D
- 0.06%
- 1M
- -4.97%
- YTD
- -0.31%
- 6M
- -3.60%
- 1Y
- -7.82%
- 3Y*
- -8.88%
- 5Y*
- -10.99%
- 10Y*
- -3.81%
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PMBS vs. ZROZ - Expense Ratio Comparison
PMBS has a 0.71% expense ratio, which is higher than ZROZ's 0.15% expense ratio.
Return for Risk
PMBS vs. ZROZ — Risk / Return Rank
PMBS
ZROZ
PMBS vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) 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.
| PMBS | ZROZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.31 | -0.41 | +1.72 |
Sortino ratioReturn per unit of downside risk | 1.86 | -0.45 | +2.31 |
Omega ratioGain probability vs. loss probability | 1.24 | 0.95 | +0.29 |
Calmar ratioReturn relative to maximum drawdown | 2.09 | -0.40 | +2.49 |
Martin ratioReturn relative to average drawdown | 6.06 | -0.69 | +6.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PMBS | ZROZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.31 | -0.41 | +1.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.46 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.87 | 0.09 | +0.78 |
Correlation
The correlation between PMBS and ZROZ is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PMBS vs. ZROZ - Dividend Comparison
PMBS's dividend yield for the trailing twelve months is around 4.94%, less than ZROZ's 5.11% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 4.58% | 4.73% | 1.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.11% | 4.96% | 4.58% | 3.52% | 2.76% | 1.60% | 1.68% | 2.22% | 2.06% | 2.53% | 3.00% | 2.98% |
Drawdowns
PMBS vs. ZROZ - Drawdown Comparison
The maximum PMBS drawdown since its inception was -4.35%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for PMBS and ZROZ.
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Drawdown Indicators
| PMBS | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -62.93% | +58.58% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -15.63% | +12.59% |
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% | -59.62% | +57.78% |
Average DrawdownAverage peak-to-trough decline | -1.11% | -23.67% | +22.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 9.01% | -7.96% |
Volatility
PMBS vs. ZROZ - Volatility Comparison
The current volatility for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) is 1.94%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 5.80%. This indicates that PMBS 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
| PMBS | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.94% | 5.80% | -3.86% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 10.82% | -7.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.77% | 19.08% | -14.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.94% | 23.90% | -18.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.94% | 22.08% | -17.14% |