SPLS vs. ZROZ

Last updated Jun 5, 2026

SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - SPLS is a Diversified Portfolio fund actively managed by PIMCO, while ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index. SPLS is actively managed, while ZROZ is passively managed. At a 0.38 correlation, their price movements are largely independent. SPLS charges 0.18%/yr vs 0.15%/yr for ZROZ.

Performance

SPLS vs. ZROZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS) 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

SPLS

• 1D: 0.35%
• 1M: 4.63%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZROZ

• 1D: 0.32%
• 1M: 0.90%
• YTD: -0.75%
• 6M: -3.22%
• 1Y: 1.47%
• 3Y*: -7.14%
• 5Y*: -11.57%
• 10Y*: -4.00%

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

SPLS vs. ZROZ - Yearly Performance Comparison

	2026 (YTD)
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	9.75%
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund	-1.79%

Correlation

The correlation between SPLS and ZROZ is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 20, 2026	0.38

Return for Risk

SPLS vs. ZROZ — Risk / Return Rank

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

ZROZ

ZROZ Risk / Return Rank: 10
ZROZ Sharpe Ratio Rank: 11
ZROZ Sortino Ratio Rank: 10
ZROZ Omega Ratio Rank: 10
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.

SPLS vs. ZROZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPLS	ZROZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.09	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.49	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.88	0.09	+1.79

Drawdowns

SPLS vs. ZROZ - Drawdown Comparison

The maximum SPLS drawdown since its inception was -9.24%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for SPLS and ZROZ.

Drawdown Indicators

	SPLS	ZROZ	Difference
Max Drawdown Largest peak-to-trough decline	-9.24%	-62.93%	+53.69%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.02%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-28.62%	—
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	-0.31%	-59.80%	+59.49%
Average Drawdown Average peak-to-trough decline	-1.84%	-24.05%	+22.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.15%	—

Volatility

Volatility by Period

	SPLS	ZROZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.54%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.94%	16.25%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	23.89%	-8.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	22.05%	-7.11%

SPLS vs. ZROZ - Expense Ratio Comparison

SPLS has a 0.18% expense ratio, which is higher than ZROZ's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPLS vs. ZROZ - Dividend Comparison

SPLS's dividend yield for the trailing twelve months is around 0.22%, less than ZROZ's 5.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.22%	0.00%	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	5.13%	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 SPLS and ZROZ in my portfolio?

SPLS and ZROZ have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPLS or ZROZ?

On fees, ZROZ is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPLS or ZROZ?

ZROZ is cheaper with a 0.15% expense ratio, compared with 0.18% for SPLS.

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

ZROZ has the higher dividend yield at 5.13%, compared with 0.22% for SPLS.

What is the main difference between SPLS and ZROZ?

SPLS is categorized as Diversified Portfolio, while ZROZ is Government Bonds. Their fees differ too: 0.18% for SPLS and 0.15% for ZROZ.