ZCBG vs. TFLO

Last updated Jun 6, 2026

ZCBG (Global X Zero Coupon Bond 2035 ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both Government Bonds funds - ZCBG tracks the FTSE Zero Coupon U.S. Treasury STRIPS 2035 Maturity Index while TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. Both are passively managed. At a correlation of -0.09, they often move in opposite directions. ZCBG charges 0.07%/yr vs 0.15%/yr for TFLO.

Performance

ZCBG vs. TFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Zero Coupon Bond 2035 ETF (ZCBG) and iShares Treasury Floating Rate Bond ETF (TFLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZCBG

• 1D: -0.61%
• 1M: -1.32%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TFLO

• 1D: 0.02%
• 1M: 0.29%
• YTD: 1.61%
• 6M: 1.88%
• 1Y: 3.97%
• 3Y*: 4.74%
• 5Y*: 3.64%
• 10Y*: 2.36%

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

ZCBG vs. TFLO - Yearly Performance Comparison

	2026 (YTD)
ZCBG Global X Zero Coupon Bond 2035 ETF	-1.00%
TFLO iShares Treasury Floating Rate Bond ETF	1.55%

Correlation

The correlation between ZCBG and TFLO is -0.09, 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 8, 2026	-0.09

Return for Risk

ZCBG vs. TFLO — Risk / Return Rank

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

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.

ZCBG vs. TFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Zero Coupon Bond 2035 ETF (ZCBG) 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.

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

Sharpe Ratios by Period

	ZCBG	TFLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	14.09	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	10.30	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	5.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.39	0.99	-1.37

Drawdowns

ZCBG vs. TFLO - Drawdown Comparison

The maximum ZCBG drawdown since its inception was -5.11%, roughly equal to the maximum TFLO drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for ZCBG and TFLO.

Drawdown Indicators

	ZCBG	TFLO	Difference
Max Drawdown Largest peak-to-trough decline	-5.11%	-5.01%	-0.10%
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	-3.89%	0.00%	-3.89%
Average Drawdown Average peak-to-trough decline	-1.99%	-0.10%	-1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	ZCBG	TFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.20%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.33%	0.28%	+6.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.33%	0.35%	+5.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.33%	0.46%	+5.87%

ZCBG vs. TFLO - Expense Ratio Comparison

ZCBG 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

ZCBG vs. TFLO - Dividend Comparison

ZCBG's dividend yield for the trailing twelve months is around 1.74%, less than TFLO's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TFLO iShares Treasury Floating Rate Bond ETF	3.90%	4.16%	5.21%	4.88%	1.68%	0.00%	0.36%	2.08%	1.65%	0.86%	0.31%	0.15%
ZCBG Global X Zero Coupon Bond 2035 ETF	1.74%	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 ZCBG and TFLO in my portfolio?

ZCBG and TFLO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZCBG or TFLO?

On fees, ZCBG 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, ZCBG or TFLO?

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

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

TFLO has the higher dividend yield at 3.90%, compared with 1.74% for ZCBG.

What is the main difference between ZCBG and TFLO?

ZCBG tracks FTSE Zero Coupon U.S. Treasury STRIPS 2035 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 ZCBG and 0.15% for TFLO.