ZCBE vs. GOVZ

Last updated Jun 26, 2026

ZCBE (Global X Zero Coupon Bond 2033 ETF) and GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) are both Government Bonds funds - ZCBE tracks the FTSE Zero Coupon U.S. Treasury STRIPS 2033 Maturity Index while GOVZ tracks the ICE BofA Long US Treasury Principal STRIPS Index. Both are passively managed. A 0.76 correlation means they provide meaningful diversification when combined. ZCBE charges 0.07%/yr vs 0.15%/yr for GOVZ.

Performance

ZCBE vs. GOVZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Zero Coupon Bond 2033 ETF (ZCBE) and iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZCBE

• 1D: 0.06%
• 1M: 0.69%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GOVZ

• 1D: -0.13%
• 1M: 5.88%
• YTD: 3.43%
• 6M: 1.35%
• 1Y: 4.02%
• 3Y*: -6.88%
• 5Y*: -11.20%
• 10Y*: —

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

ZCBE vs. GOVZ - Yearly Performance Comparison

	2026 (YTD)
ZCBE Global X Zero Coupon Bond 2033 ETF	0.22%
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF	3.48%

Correlation

The correlation between ZCBE and GOVZ is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 7, 2026	0.76

Return for Risk

ZCBE vs. GOVZ — Risk / Return Rank

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

ZCBE

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

GOVZ

GOVZ Risk / Return Rank: 12
GOVZ Sharpe Ratio Rank: 12
GOVZ Sortino Ratio Rank: 12
GOVZ Omega Ratio Rank: 11
GOVZ Calmar Ratio Rank: 12
GOVZ Martin Ratio Rank: 12

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.

ZCBE vs. GOVZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Zero Coupon Bond 2033 ETF (ZCBE) and iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ). 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.

	ZCBE	GOVZ	Difference
Sharpe ratio: Return per unit of total volatility	—	0.25	—
Sortino ratio: Return per unit of downside risk	—	0.48	—
Omega ratio: Gain probability vs. loss probability	—	1.05	—
Calmar ratio: Return relative to maximum drawdown	—	0.28	—
Martin ratio: Return relative to average drawdown	—	0.62	—

Drawdowns

ZCBE vs. GOVZ - Drawdown Comparison

The maximum ZCBE drawdown since its inception was -4.24%, smaller than the maximum GOVZ drawdown of -59.65%. Use the drawdown chart below to compare losses from any high point for ZCBE and GOVZ.

Drawdown Indicators

	ZCBE	GOVZ	Difference
Max Drawdown Largest peak-to-trough decline	-4.24%	-59.65%	+55.41%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.16%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-28.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-57.63%	—
Current Drawdown Current decline from peak	-2.39%	-54.55%	+52.16%
Average Drawdown Average peak-to-trough decline	-1.81%	-40.05%	+38.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.52%	—

Volatility

Volatility by Period

	ZCBE	GOVZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.30%	15.85%	-10.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.30%	23.87%	-18.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.30%	23.28%	-17.98%

ZCBE vs. GOVZ - Expense Ratio Comparison

ZCBE has a 0.07% expense ratio, which is lower than GOVZ'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

ZCBE vs. GOVZ - Dividend Comparison

ZCBE's dividend yield for the trailing twelve months is around 1.64%, less than GOVZ's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF	4.96%	5.00%	4.68%	3.84%	3.69%	1.76%	0.39%
ZCBE Global X Zero Coupon Bond 2033 ETF	1.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZCBE and GOVZ in my portfolio?

ZCBE and GOVZ have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZCBE or GOVZ?

On fees, ZCBE 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, ZCBE or GOVZ?

ZCBE is cheaper with a 0.07% expense ratio, compared with 0.15% for GOVZ.

Which ETF pays a higher dividend yield, ZCBE or GOVZ?

GOVZ has the higher dividend yield at 4.96%, compared with 1.64% for ZCBE.

What is the main difference between ZCBE and GOVZ?

ZCBE tracks FTSE Zero Coupon U.S. Treasury STRIPS 2033 Maturity Index, while GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.07% for ZCBE and 0.15% for GOVZ.