PYLD vs. ZROZ
PYLD (PIMCO Multisector Bond Active Exchange-Traded Fund) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - PYLD is a Multisector Bonds fund actively managed by PIMCO, while ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index. PYLD is actively managed, while ZROZ is passively managed. Over the past 3 years, PYLD returned 8.06%/yr vs -7.80%/yr for ZROZ. A 0.76 correlation means they provide meaningful diversification when combined. PYLD charges 0.55%/yr vs 0.15%/yr for ZROZ.
Performance
PYLD vs. ZROZ - Performance Comparison
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Returns By Period
In the year-to-date period, PYLD achieves a 1.56% return, which is significantly higher than ZROZ's -0.02% return.
PYLD
- 1D
- -0.15%
- 1M
- 0.42%
- 6M
- 1.56%
- YTD
- 1.56%
- 1Y
- 6.26%
- 3Y*
- 8.06%
- 5Y*
- —
- 10Y*
- —
ZROZ
- 1D
- -1.07%
- 1M
- 1.02%
- 6M
- -0.02%
- YTD
- -0.02%
- 1Y
- -1.24%
- 3Y*
- -7.80%
- 5Y*
- -12.45%
- 10Y*
- -4.85%
PYLD vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund | 1.56% | 9.57% | 7.69% | 5.46% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -0.02% | -1.84% | -16.18% | -5.17% |
Correlation
The correlation between PYLD and ZROZ is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | 0.76 |
The correlation between PYLD and ZROZ has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.
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Return for Risk
PYLD vs. ZROZ — Risk / Return Rank
PYLD
ZROZ
PYLD vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) 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.
| PYLD | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.13 | ||
| Sortino ratioReturn per unit of downside risk | +2.97 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.00 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | -0.09 | +2.03 |
| Martin ratioReturn relative to average drawdown | 8.77 | -0.19 | +8.96 |
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Drawdowns
PYLD vs. ZROZ - Drawdown Comparison
The maximum PYLD drawdown since its inception was -4.52%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for PYLD and ZROZ.
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Drawdown Indicators
| PYLD | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.52% | -62.93% | +58.41% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | -14.02% | +10.77% |
Max Drawdown (3Y)Largest decline over 3 years | -4.52% | -28.21% | +23.69% |
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 | -0.41% | -59.51% | +59.10% |
Average DrawdownAverage peak-to-trough decline | -0.64% | -24.20% | +23.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 6.48% | -5.76% |
Volatility
PYLD vs. ZROZ - Volatility Comparison
The current volatility for PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) is 1.09%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.67%. This indicates that PYLD 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
| PYLD | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 4.67% | -3.58% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 11.08% | -8.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.07% | 15.85% | -12.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.98% | 23.84% | -19.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.98% | 21.99% | -18.01% |
PYLD vs. ZROZ - Expense Ratio Comparison
PYLD has a 0.55% expense ratio, which is higher than ZROZ's 0.15% expense ratio.
Dividends
PYLD vs. ZROZ - Dividend Comparison
PYLD's dividend yield for the trailing twelve months is around 6.33%, more than ZROZ's 5.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund | 6.33% | 6.21% | 6.40% | 2.72% | 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 | 5.19% | 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
PYLD and ZROZ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.67%) compared to PYLD (1.09%). In terms of maximum drawdown, PYLD dropped -4.52% vs ZROZ's -62.93%.
On 3-year performance, PYLD leads with 8.06% vs -7.80% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, PYLD has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PYLD has performed better with a 8.06% return vs -7.80%. 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 0.55% for PYLD.
PYLD has the higher dividend yield at 6.33%, compared with 5.19% for ZROZ.
PYLD is categorized as Multisector Bonds, while ZROZ is Government Bonds. Their fees differ too: 0.55% for PYLD and 0.15% for ZROZ.
PYLD currently has the higher Sharpe Ratio (2.05 vs -0.08), 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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