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 -2.16%/yr vs -7.39%/yr for ZROZ. With a 0.98 correlation, they move nearly in lockstep. 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 -0.35% return, which is significantly higher than ZROZ's -1.07% return.
UTHY
- 1D
- -0.33%
- 1M
- 0.79%
- YTD
- -0.35%
- 6M
- -1.86%
- 1Y
- 4.46%
- 3Y*
- -2.16%
- 5Y*
- —
- 10Y*
- —
ZROZ
- 1D
- -0.48%
- 1M
- 1.55%
- YTD
- -1.07%
- 6M
- -4.36%
- 1Y
- 3.89%
- 3Y*
- -7.39%
- 5Y*
- -11.62%
- 10Y*
- -4.15%
UTHY vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTHY US Treasury 30 Year Bond ETF | -0.35% | 3.47% | -8.07% | -2.67% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -1.07% | -1.84% | -16.18% | -5.18% |
Correlation
The correlation between UTHY and ZROZ is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023 | 0.99 |
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.
| UTHY | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.05 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.61 | 0.28 | +0.33 |
| Martin ratioReturn relative to average drawdown | 1.54 | 0.64 | +0.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UTHY | ZROZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.48 | 0.24 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.49 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.09 | -0.28 |
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 | -7.34% | -14.02% | +6.68% |
Max Drawdown (3Y)Largest decline over 3 years | -18.58% | -28.62% | +10.04% |
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 | -11.44% | -59.93% | +48.49% |
Average DrawdownAverage peak-to-trough decline | -10.72% | -24.04% | +13.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 6.12% | -3.21% |
Volatility
UTHY vs. ZROZ - Volatility Comparison
The current volatility for US Treasury 30 Year Bond ETF (UTHY) is 2.72%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.46%. 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 | 2.72% | 4.46% | -1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 6.21% | 10.54% | -4.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.41% | 16.25% | -6.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.65% | 23.90% | -10.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.65% | 22.06% | -8.41% |
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 4.64%, less than ZROZ's 5.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UTHY US Treasury 30 Year Bond ETF | 4.64% | 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 | 5.15% | 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 (4.46%) compared to UTHY (2.72%). In terms of maximum drawdown, UTHY dropped -21.86% vs ZROZ's -62.93%.
On 3-year performance, UTHY leads with -2.16% vs -7.39% for ZROZ. Both ETFs have the same 0.15% expense ratio. On volatility, UTHY has been the lower-risk option at 2.72%. 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 -2.16% return vs -7.39%. 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 5.15%, compared with 4.64% 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 (0.48 vs 0.24), 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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