TFLO vs. ZROZ
TFLO (iShares Treasury Floating Rate Bond ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both Government Bonds funds - TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index while ZROZ tracks the ICE BofA Long U.S. Treasury Principal STRIPS Index. Both are passively managed. Over the past 10 years, TFLO returned 2.38%/yr vs -4.40%/yr for ZROZ. At a correlation of -0.01, they often move in opposite directions. Both charge a 0.15% expense ratio.
Performance
TFLO vs. ZROZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TFLO achieves a 1.83% return, which is significantly lower than ZROZ's 3.17% return. Over the past 10 years, TFLO has outperformed ZROZ with an annualized return of 2.38%, while ZROZ has yielded a comparatively lower -4.40% annualized return.
TFLO
- 1D
- 0.04%
- 1M
- 0.33%
- YTD
- 1.83%
- 6M
- 1.91%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.69%
- 10Y*
- 2.38%
ZROZ
- 1D
- -0.20%
- 1M
- 5.75%
- YTD
- 3.17%
- 6M
- 1.28%
- 1Y
- 3.97%
- 3Y*
- -6.88%
- 5Y*
- -11.30%
- 10Y*
- -4.40%
TFLO vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TFLO iShares Treasury Floating Rate Bond ETF | 1.83% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.43% | 2.04% | 1.76% | 1.01% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 3.17% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
Correlation
The correlation between TFLO and ZROZ is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | -0.01 |
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
TFLO vs. ZROZ — Risk / Return Rank
TFLO
ZROZ
TFLO vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Treasury Floating Rate Bond ETF (TFLO) 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.
| TFLO | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +13.70 | ||
| Sortino ratioReturn per unit of downside risk | +48.77 | ||
| Omega ratioGain probability vs. loss probability | 13.14 | 1.05 | +12.09 |
| Calmar ratioReturn relative to maximum drawdown | 201.22 | 0.28 | +200.94 |
| Martin ratioReturn relative to average drawdown | 823.20 | 0.62 | +822.58 |
Loading charts...
Drawdowns
TFLO vs. ZROZ - Drawdown Comparison
The maximum TFLO drawdown since its inception was -5.01%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for TFLO and ZROZ.
Loading charts...
Drawdown Indicators
| TFLO | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.01% | -62.93% | +57.92% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -14.02% | +14.00% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -28.62% | +28.58% |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | -57.98% | +57.85% |
Max Drawdown (10Y)Largest decline over 10 years | -0.16% | -62.93% | +62.77% |
Current DrawdownCurrent decline from peak | 0.00% | -58.21% | +58.21% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -24.16% | +24.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 6.42% | -6.42% |
Volatility
TFLO vs. ZROZ - Volatility Comparison
The current volatility for iShares Treasury Floating Rate Bond ETF (TFLO) is 0.09%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.00%. This indicates that TFLO 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
| TFLO | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.09% | 4.00% | -3.91% |
Volatility (6M)Calculated over the trailing 6-month period | 0.20% | 10.93% | -10.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.29% | 15.83% | -15.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.36% | 23.84% | -23.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.46% | 22.04% | -21.58% |
TFLO vs. ZROZ - Expense Ratio Comparison
Both TFLO and ZROZ have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
TFLO vs. ZROZ - Dividend Comparison
TFLO's dividend yield for the trailing twelve months is around 3.89%, less than ZROZ's 4.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TFLO iShares Treasury Floating Rate Bond ETF | 3.89% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 4.94% | 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
TFLO and ZROZ have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.00%) compared to TFLO (0.09%). In terms of maximum drawdown, TFLO dropped -5.01% vs ZROZ's -62.93%.
On 10-year performance, TFLO leads with 2.38% vs -4.40% for ZROZ. Both ETFs have the same 0.15% expense ratio. On volatility, TFLO has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TFLO has performed better with a 2.38% return vs -4.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFLO and ZROZ have the same expense ratio: 0.15% per year.
ZROZ has the higher dividend yield at 4.94%, compared with 3.89% for TFLO.
TFLO tracks Bloomberg U.S. Treasury Floating Rate Index, while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. They also come from different issuers: iShares and PIMCO.
TFLO currently has the higher Sharpe Ratio (13.95 vs 0.25), 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 TFLO 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