UTHY vs. ZROZ
UTHY (US Treasury 30 Year Bond ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both Government Bonds funds - UTHY tracks the ICE BofA Current 30-Year US Treasury Index - Benchmark TR Gross while ZROZ tracks the ICE BofA Long U.S. Treasury Principal STRIPS Index. Both are passively managed. Over the past 3 years, UTHY returned -1.17%/yr vs -6.53%/yr for ZROZ. Their 0.98 correlation means they have historically moved very closely together. Both charge a 0.15% expense ratio.
Performance
UTHY vs. ZROZ - Performance Comparison
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Returns By Period
In the year-to-date period, UTHY achieves a -2.44% return, which is significantly higher than ZROZ's -5.76% return.
UTHY
- 1D
- 0.77%
- 1M
- -2.84%
- 6M
- -2.13%
- YTD
- -2.44%
- 1Y
- -1.50%
- 3Y*
- -1.17%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -3.02%
ZROZ
- 1D
- 1.03%
- 1M
- -5.73%
- 6M
- -4.96%
- YTD
- -5.76%
- 1Y
- -6.42%
- 3Y*
- -6.53%
- 5Y*
- -14.34%
- 10Y*
- -5.24%
- ALL TIME*
- 1.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.77M | $5.13M | $5.93M | |
| $41.39M | $45.56M | $40.46M |
UTHY vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTHY US Treasury 30 Year Bond ETF | -2.44% | 3.47% | -8.07% | -2.77% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -5.76% | -1.84% | -16.18% | -4.95% |
Correlation
The correlation between UTHY and ZROZ is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | 0.98 |
The correlation between UTHY and ZROZ has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
UTHY vs. ZROZ — Risk / Return Rank
UTHY
ZROZ
UTHY vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 30 Year Bond ETF (UTHY) 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.
| UTHY | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 0.94 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | -0.43 | +0.23 |
| Martin ratioReturn relative to average drawdown | -0.44 | -0.88 | +0.45 |
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Drawdowns
UTHY vs. ZROZ - Drawdown Comparison
The maximum UTHY drawdown since its inception was -21.86%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for UTHY and ZROZ.
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Drawdown Indicators
| UTHY | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.86% | -62.93% | +41.07% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -14.90% | +7.49% |
Max Drawdown (3Y)Largest decline over 3 years | -14.90% | -26.42% | +11.52% |
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 | -13.30% | -61.83% | +48.53% |
Average DrawdownAverage peak-to-trough decline | -10.75% | -24.40% | +13.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 7.28% | -3.82% |
Volatility
UTHY vs. ZROZ - Volatility Comparison
The current volatility for US Treasury 30 Year Bond ETF (UTHY) is 2.54%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.48%. This indicates that UTHY 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
| UTHY | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.54% | 4.48% | -1.94% |
Volatility (6M)Calculated over the trailing 6-month period | 6.63% | 11.09% | -4.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.92% | 15.38% | -6.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.46% | 23.77% | -10.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.46% | 21.96% | -8.50% |
UTHY vs. ZROZ - Expense Ratio Comparison
Both UTHY 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
UTHY vs. ZROZ - Dividend Comparison
UTHY's dividend yield for the trailing twelve months is around 4.81%, less than ZROZ's 5.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UTHY US Treasury 30 Year Bond ETF | 4.81% | 4.53% | 4.58% | 2.81% | 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 | 5.51% | 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
With a correlation of 0.98, UTHY and ZROZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
ZROZ has higher volatility (4.48%) compared to UTHY (2.54%). In terms of maximum drawdown, UTHY dropped -21.86% vs ZROZ's -62.93%.
On 3-year performance, UTHY leads with -1.17% vs -6.53% for ZROZ. Both ETFs have the same 0.15% expense ratio. On volatility, UTHY has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UTHY has performed better with a -1.17% return vs -6.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTHY and ZROZ have the same expense ratio: 0.15% per year.
ZROZ has the higher dividend yield at 5.51%, compared with 4.81% for UTHY.
UTHY tracks ICE BofA Current 30-Year US Treasury Index - Benchmark TR Gross, while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. They also come from different issuers: US Benchmark Series and PIMCO.
UTHY currently has the higher Sharpe Ratio (-0.17 vs -0.42), 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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