XTEN vs. ZROZ
XTEN (BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both Government Bonds funds - XTEN tracks the Bloomberg US Treasury 10 Year Target Duration Index while ZROZ tracks the ICE BofA Long U.S. Treasury Principal STRIPS Index. Both are passively managed. Over the past 3 years, XTEN returned 2.19%/yr vs -6.82%/yr for ZROZ. Their correlation of 0.93 suggests significant overlap in exposure. XTEN charges 0.07%/yr vs 0.15%/yr for ZROZ.
Performance
XTEN vs. ZROZ - Performance Comparison
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Returns By Period
In the year-to-date period, XTEN achieves a 0.89% return, which is significantly lower than ZROZ's 3.38% return.
XTEN
- 1D
- 0.90%
- 1M
- 2.19%
- YTD
- 0.89%
- 6M
- 0.59%
- 1Y
- 4.25%
- 3Y*
- 2.19%
- 5Y*
- —
- 10Y*
- —
ZROZ
- 1D
- 2.17%
- 1M
- 6.83%
- YTD
- 3.38%
- 6M
- 1.48%
- 1Y
- 4.12%
- 3Y*
- -6.82%
- 5Y*
- -11.27%
- 10Y*
- -3.96%
XTEN vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XTEN BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF | 0.89% | 7.37% | -2.15% | 4.00% | -2.99% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 3.38% | -1.84% | -16.18% | 1.19% | -11.25% |
Correlation
The correlation between XTEN and ZROZ is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2022 | 0.93 |
The correlation between XTEN and ZROZ has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
XTEN vs. ZROZ — Risk / Return Rank
XTEN
ZROZ
XTEN vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (XTEN) 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.
| XTEN | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.05 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 0.29 | +0.49 |
| Martin ratioReturn relative to average drawdown | 2.13 | 0.64 | +1.48 |
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Drawdowns
XTEN vs. ZROZ - Drawdown Comparison
The maximum XTEN drawdown since its inception was -13.86%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for XTEN and ZROZ.
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Drawdown Indicators
| XTEN | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.86% | -62.93% | +49.07% |
Max Drawdown (1Y)Largest decline over 1 year | -5.42% | -14.02% | +8.60% |
Max Drawdown (3Y)Largest decline over 3 years | -11.15% | -28.62% | +17.47% |
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 | -2.12% | -58.13% | +56.01% |
Average DrawdownAverage peak-to-trough decline | -4.01% | -24.16% | +20.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 6.41% | -4.41% |
Volatility
XTEN vs. ZROZ - Volatility Comparison
The current volatility for BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (XTEN) is 1.90%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.01%. This indicates that XTEN 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
| XTEN | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.90% | 4.01% | -2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 4.65% | 10.93% | -6.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.30% | 15.88% | -9.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.53% | 23.85% | -14.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.53% | 22.04% | -12.51% |
XTEN vs. ZROZ - Expense Ratio Comparison
XTEN has a 0.08% expense ratio, which is lower than ZROZ's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XTEN vs. ZROZ - Dividend Comparison
XTEN's dividend yield for the trailing twelve months is around 4.33%, less than ZROZ's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XTEN BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF | 4.33% | 4.05% | 4.21% | 3.71% | 1.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 4.93% | 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 0.91, XTEN 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 (4.01%) compared to XTEN (1.90%). In terms of maximum drawdown, XTEN dropped -13.86% vs ZROZ's -62.93%.
On 3-year performance, XTEN leads with 2.19% vs -6.82% for ZROZ. On fees, XTEN is cheaper at 0.07% per year. On volatility, XTEN has been the lower-risk option at 1.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XTEN has performed better with a 2.19% return vs -6.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTEN is cheaper with a 0.07% expense ratio, compared with 0.15% for ZROZ.
ZROZ has the higher dividend yield at 4.93%, compared with 4.33% for XTEN.
XTEN tracks Bloomberg US Treasury 10 Year Target Duration Index, while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. They also come from different issuers: BondBloxx and PIMCO. Their fees differ too: 0.07% for XTEN and 0.15% for ZROZ.
XTEN currently has the higher Sharpe Ratio (0.68 vs 0.26), 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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