PMBS vs. ZROZ
PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - PMBS is a Mortgage Backed Securities fund actively managed by PIMCO, while ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index. PMBS is actively managed, while ZROZ is passively managed. Over the past year, PMBS returned 3.73% vs -7.03% for ZROZ. Their correlation of 0.80 means they have usually moved in the same direction. PMBS charges 0.71%/yr vs 0.15%/yr for ZROZ.
Performance
PMBS vs. ZROZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PMBS achieves a 0.07% return, which is significantly higher than ZROZ's -6.72% return.
PMBS
- 1D
- 0.23%
- 1M
- -1.24%
- 6M
- -0.59%
- YTD
- 0.07%
- 1Y
- 3.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.15%
ZROZ
- 1D
- 0.55%
- 1M
- -6.69%
- 6M
- -5.48%
- YTD
- -6.72%
- 1Y
- -7.03%
- 3Y*
- -6.85%
- 5Y*
- -14.64%
- 10Y*
- -5.34%
- ALL TIME*
- 1.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.24M | $3.71M | $5.44M | |
| $39.17M | $45.09M | $39.93M |
PMBS vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 0.07% | 8.92% | -2.80% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -6.72% | -1.84% | -15.88% |
Correlation
The correlation between PMBS and ZROZ is 0.76, 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. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Sep 23, 2024 | 0.80 |
The correlation between PMBS and ZROZ has been stable across timeframes, ranging from 0.76 to 0.80 - 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
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.
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.
| PMBS | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.37 | ||
| Sortino ratioReturn per unit of downside risk | +1.85 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.94 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | -0.47 | +1.74 |
| Martin ratioReturn relative to average drawdown | 3.46 | -0.97 | +4.43 |
Loading charts...
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.
Loading charts...
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 | -2.97% | -14.90% | +11.93% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.42% | — |
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 | -2.37% | -62.22% | +59.85% |
Average DrawdownAverage peak-to-trough decline | -1.18% | -24.39% | +23.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 7.23% | -6.15% |
Volatility
PMBS vs. ZROZ - Volatility Comparison
The current volatility for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) is 1.30%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.28%. 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.
Loading charts...
Volatility by Period
| PMBS | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.30% | 4.28% | -2.98% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 11.04% | -7.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.14% | 15.38% | -11.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.85% | 23.76% | -18.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.85% | 21.96% | -17.11% |
PMBS vs. ZROZ - Expense Ratio Comparison
PMBS has a 0.71% expense ratio, which is higher than ZROZ's 0.15% expense ratio.
Dividends
PMBS vs. ZROZ - Dividend Comparison
PMBS's dividend yield for the trailing twelve months is around 4.98%, less than ZROZ's 5.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 4.98% | 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 | 5.56% | 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
PMBS and ZROZ have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.28%) compared to PMBS (1.30%). In terms of maximum drawdown, PMBS dropped -4.35% vs ZROZ's -62.93%.
On 1-year performance, PMBS leads with 3.73% vs -7.03% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, PMBS has been the lower-risk option at 1.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PMBS has performed better with a 3.73% return vs -7.03%. 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 0.71% for PMBS.
ZROZ has the higher dividend yield at 5.56%, compared with 4.98% for PMBS.
PMBS is categorized as Mortgage Backed Securities, while ZROZ is Government Bonds. Their fees differ too: 0.71% for PMBS and 0.15% for ZROZ.
PMBS currently has the higher Sharpe Ratio (0.91 vs -0.46), 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 PMBS 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