TIPZ vs. ZROZ
TIPZ (PIMCO Broad US TIPS Index ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - TIPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury, while ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index. Both are passively managed. Over the past 10 years, TIPZ returned 2.25%/yr vs -5.40%/yr for ZROZ. Their 0.70 correlation means they have sometimes moved together and sometimes differently. TIPZ charges 0.20%/yr vs 0.15%/yr for ZROZ.
Performance
TIPZ vs. ZROZ - Performance Comparison
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Returns By Period
In the year-to-date period, TIPZ achieves a 1.38% return, which is significantly higher than ZROZ's -7.23% return. Over the past 10 years, TIPZ has outperformed ZROZ with an annualized return of 2.25%, while ZROZ has yielded a comparatively lower -5.40% annualized return.
TIPZ
- 1D
- -0.21%
- 1M
- -0.88%
- 6M
- -0.24%
- YTD
- 1.38%
- 1Y
- 1.62%
- 3Y*
- 3.64%
- 5Y*
- -0.12%
- 10Y*
- 2.25%
- ALL TIME*
- 2.96%
ZROZ
- 1D
- -1.24%
- 1M
- -7.20%
- 6M
- -6.41%
- YTD
- -7.23%
- 1Y
- -7.54%
- 3Y*
- -8.06%
- 5Y*
- -14.47%
- 10Y*
- -5.40%
- ALL TIME*
- 1.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $310.43K | $449.34K | $924.41K | |
| $41.31M | $45.82M | $40.38M |
TIPZ vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIPZ PIMCO Broad US TIPS Index ETF | 1.38% | 5.87% | 1.52% | 3.37% | -12.67% | 5.48% | 10.98% | 8.64% | -1.65% | 3.12% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -7.23% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
Correlation
The correlation between TIPZ and ZROZ is 0.72, 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. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.73 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2009 | 0.70 |
The correlation between TIPZ and ZROZ shifts across timeframes, from 0.70 (all time) to 0.80 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TIPZ vs. ZROZ — Risk / Return Rank
TIPZ
ZROZ
TIPZ vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Broad US TIPS Index ETF (TIPZ) 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.
| TIPZ | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.95 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | -0.39 | +1.46 |
| Martin ratioReturn relative to average drawdown | 2.97 | -0.82 | +3.79 |
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Drawdowns
TIPZ vs. ZROZ - Drawdown Comparison
The maximum TIPZ drawdown since its inception was -15.77%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for TIPZ and ZROZ.
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Drawdown Indicators
| TIPZ | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.77% | -62.93% | +47.16% |
Max Drawdown (1Y)Largest decline over 1 year | -2.18% | -14.90% | +12.72% |
Max Drawdown (3Y)Largest decline over 3 years | -4.05% | -26.42% | +22.37% |
Max Drawdown (5Y)Largest decline over 5 years | -15.77% | -57.98% | +42.21% |
Max Drawdown (10Y)Largest decline over 10 years | -15.77% | -62.93% | +47.16% |
Current DrawdownCurrent decline from peak | -2.60% | -62.42% | +59.82% |
Average DrawdownAverage peak-to-trough decline | -4.31% | -24.38% | +20.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 7.18% | -6.40% |
Volatility
TIPZ vs. ZROZ - Volatility Comparison
The current volatility for PIMCO Broad US TIPS Index ETF (TIPZ) is 0.74%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.20%. This indicates that TIPZ 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
| TIPZ | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 4.20% | -3.46% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 11.11% | -8.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 15.45% | -11.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.34% | 23.76% | -17.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.83% | 21.96% | -16.13% |
TIPZ vs. ZROZ - Expense Ratio Comparison
TIPZ has a 0.20% 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
TIPZ vs. ZROZ - Dividend Comparison
TIPZ's dividend yield for the trailing twelve months is around 5.83%, more than ZROZ's 5.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TIPZ PIMCO Broad US TIPS Index ETF | 5.48% | 4.74% | 4.44% | 4.69% | 7.14% | 4.41% | 1.47% | 1.65% | 2.23% | 1.70% | 1.06% | 0.56% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.59% | 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
TIPZ and ZROZ have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.20%) compared to TIPZ (0.74%). In terms of maximum drawdown, TIPZ dropped -15.77% vs ZROZ's -62.93%.
On 10-year performance, TIPZ leads with 2.25% vs -5.40% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, TIPZ has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TIPZ has performed better with a 2.25% return vs -5.40%. 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 0.20% for TIPZ.
ZROZ has the higher dividend yield at 5.59%, compared with 5.48% for TIPZ.
TIPZ is categorized as Inflation-Protected Bonds, while ZROZ is Government Bonds. TIPZ tracks ICE BofA US Inflation-Linked Treasury, while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. Their fees differ too: 0.20% for TIPZ and 0.15% for ZROZ.
TIPZ currently has the higher Sharpe Ratio (0.60 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.
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