ZCBC vs. TFLO

Last updated Jun 26, 2026

ZCBC (Global X Zero Coupon Bond 2032 ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both Government Bonds funds - ZCBC tracks the FTSE Zero Coupon U.S. Treasury STRIPS 2032 Maturity Index while TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. Both are passively managed. At a correlation of -0.07, they often move in opposite directions. ZCBC charges 0.07%/yr vs 0.15%/yr for TFLO.

Performance

ZCBC vs. TFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Zero Coupon Bond 2032 ETF (ZCBC) and iShares Treasury Floating Rate Bond ETF (TFLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZCBC

• 1D: 0.07%
• 1M: 0.53%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZCBC vs. TFLO - Yearly Performance Comparison

	2026 (YTD)
ZCBC Global X Zero Coupon Bond 2032 ETF	0.11%
TFLO iShares Treasury Floating Rate Bond ETF	1.79%

Correlation

The correlation between ZCBC and TFLO 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 (All Time) Calculated using the full available price history since Jan 7, 2026	-0.07

Return for Risk

ZCBC vs. TFLO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZCBC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TFLO

TFLO Risk / Return Rank: 100
TFLO Sharpe Ratio Rank: 100
TFLO Sortino Ratio Rank: 100
TFLO Omega Ratio Rank: 100
TFLO Calmar Ratio Rank: 100
TFLO Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZCBC vs. TFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Zero Coupon Bond 2032 ETF (ZCBC) and iShares Treasury Floating Rate Bond ETF (TFLO). 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.

	ZCBC	TFLO	Difference
Sharpe ratio: Return per unit of total volatility	—	13.95	—
Sortino ratio: Return per unit of downside risk	—	49.25	—
Omega ratio: Gain probability vs. loss probability	—	13.14	—
Calmar ratio: Return relative to maximum drawdown	—	201.22	—
Martin ratio: Return relative to average drawdown	—	823.20	—

Drawdowns

ZCBC vs. TFLO - Drawdown Comparison

The maximum ZCBC drawdown since its inception was -3.65%, smaller than the maximum TFLO drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for ZCBC and TFLO.

Drawdown Indicators

	ZCBC	TFLO	Difference
Max Drawdown Largest peak-to-trough decline	-3.65%	-5.01%	+1.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.02%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.16%	—
Current Drawdown Current decline from peak	-2.16%	0.00%	-2.16%
Average Drawdown Average peak-to-trough decline	-1.58%	-0.10%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	ZCBC	TFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.09%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.20%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.65%	0.29%	+4.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.65%	0.36%	+4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	0.46%	+4.19%

ZCBC vs. TFLO - Expense Ratio Comparison

ZCBC has a 0.07% expense ratio, which is lower than TFLO'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

ZCBC vs. TFLO - Dividend Comparison

ZCBC's dividend yield for the trailing twelve months is around 1.60%, less than TFLO's 3.89% 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%
ZCBC Global X Zero Coupon Bond 2032 ETF	1.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZCBC and TFLO in my portfolio?

ZCBC and TFLO 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.

Which ETF is better, ZCBC or TFLO?

On fees, ZCBC is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCBC or TFLO?

ZCBC is cheaper with a 0.07% expense ratio, compared with 0.15% for TFLO.

Which ETF pays a higher dividend yield, ZCBC or TFLO?

TFLO has the higher dividend yield at 3.89%, compared with 1.60% for ZCBC.

What is the main difference between ZCBC and TFLO?

ZCBC tracks FTSE Zero Coupon U.S. Treasury STRIPS 2032 Maturity Index, while TFLO tracks Bloomberg U.S. Treasury Floating Rate Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.07% for ZCBC and 0.15% for TFLO.