RFIX vs. ZROZ

Last updated Jul 14, 2026

RFIX (Simplify Bond Bull ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - RFIX is a Nontraditional Bonds fund actively managed by Simplify, while ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index. RFIX is actively managed, while ZROZ is passively managed. Over the past year, RFIX returned -11.17% vs 0.40% for ZROZ. A 0.77 correlation means they provide meaningful diversification when combined. RFIX charges 0.50%/yr vs 0.15%/yr for ZROZ.

Performance

RFIX vs. ZROZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Bond Bull ETF (RFIX) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFIX achieves a 6.11% return, which is significantly higher than ZROZ's -3.01% return.

RFIX

• 1D: 1.28%
• 1M: -1.57%
• 6M: 6.20%
• YTD: 6.11%
• 1Y: -11.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZROZ

• 1D: -0.75%
• 1M: -2.91%
• 6M: -3.55%
• YTD: -3.01%
• 1Y: 0.40%
• 3Y*: -7.96%
• 5Y*: -13.29%
• 10Y*: -4.99%

*Multi-year figures are annualized to reflect compound growth (CAGR)

RFIX vs. ZROZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RFIX Simplify Bond Bull ETF	6.11%	-28.43%	-12.22%
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund	-3.01%	-1.84%	-10.08%

Correlation

The correlation between RFIX and ZROZ is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Dec 10, 2024	0.77

The correlation between RFIX and ZROZ has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.

Return for Risk

RFIX vs. ZROZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RFIX

RFIX Risk / Return Rank: 5
RFIX Sharpe Ratio Rank: 6
RFIX Sortino Ratio Rank: 6
RFIX Omega Ratio Rank: 6
RFIX Calmar Ratio Rank: 5
RFIX Martin Ratio Rank: 5

ZROZ

ZROZ Risk / Return Rank: 9
ZROZ Sharpe Ratio Rank: 10
ZROZ Sortino Ratio Rank: 9
ZROZ Omega Ratio Rank: 9
ZROZ Calmar Ratio Rank: 10
ZROZ Martin Ratio Rank: 10

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RFIX vs. ZROZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bond Bull ETF (RFIX) 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.

	RFIX	ZROZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	0.03	-0.40
Sortino ratio: Return per unit of downside risk	-0.36	0.15	-0.51
Omega ratio: Gain probability vs. loss probability	0.96	1.02	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.52	0.03	-0.55
Martin ratio: Return relative to average drawdown	-0.96	0.06	-1.03

RFIX vs. ZROZ - Sharpe Ratio Comparison

The current RFIX Sharpe Ratio is -0.38, which is lower than the ZROZ Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of RFIX and ZROZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RFIX vs. ZROZ - Drawdown Comparison

The maximum RFIX drawdown since its inception was -38.79%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for RFIX and ZROZ.

Drawdown Indicators

	RFIX	ZROZ	Difference
Max Drawdown Largest peak-to-trough decline	-38.79%	-62.93%	+24.14%
Max Drawdown (1Y) Largest decline over 1 year	-21.63%	-14.02%	-7.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-57.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-62.93%	—
Current Drawdown Current decline from peak	-33.42%	-60.72%	+27.30%
Average Drawdown Average peak-to-trough decline	-24.56%	-24.26%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.60%	6.58%	+5.02%

Volatility

RFIX vs. ZROZ - Volatility Comparison

Simplify Bond Bull ETF (RFIX) has a higher volatility of 9.27% compared to PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) at 4.76%. This indicates that RFIX's price experiences larger fluctuations and is considered to be riskier than ZROZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFIX	ZROZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	4.76%	+4.51%
Volatility (6M) Calculated over the trailing 6-month period	20.43%	11.09%	+9.34%
Volatility (1Y) Calculated over the trailing 1-year period	29.74%	15.54%	+14.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.85%	23.81%	+7.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.85%	21.96%	+8.89%

RFIX vs. ZROZ - Expense Ratio Comparison

RFIX has a 0.50% expense ratio, which is higher than ZROZ's 0.15% expense ratio.

Dividends

RFIX vs. ZROZ - Dividend Comparison

RFIX's dividend yield for the trailing twelve months is around 4.56%, less than ZROZ's 5.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RFIX Simplify Bond Bull ETF	4.56%	5.07%	0.00%	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	5.35%	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

Can I hold both RFIX and ZROZ in my portfolio?

RFIX and ZROZ have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFIX or ZROZ?

RFIX has higher volatility (9.27%) compared to ZROZ (4.76%). In terms of maximum drawdown, RFIX dropped -38.79% vs ZROZ's -62.93%.

Which ETF is better, RFIX or ZROZ?

On 1-year performance, ZROZ leads with 0.40% vs -11.17% for RFIX. On fees, ZROZ is cheaper at 0.15% per year. On volatility, ZROZ has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFIX or ZROZ?

Over the 1-year period, ZROZ has performed better with a 0.40% return vs -11.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFIX or ZROZ?

ZROZ is cheaper with a 0.15% expense ratio, compared with 0.50% for RFIX.

Which ETF pays a higher dividend yield, RFIX or ZROZ?

ZROZ has the higher dividend yield at 5.35%, compared with 4.56% for RFIX.

What is the main difference between RFIX and ZROZ?

RFIX is categorized as Nontraditional Bonds, while ZROZ is Government Bonds. They also come from different issuers: Simplify and PIMCO. Their fees differ too: 0.50% for RFIX and 0.15% for ZROZ.

Which has better risk-adjusted returns?

ZROZ currently has the higher Sharpe Ratio (0.03 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.