ZROZ vs. BIL
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both Government Bonds funds - ZROZ tracks the ICE BofA Long U.S. Treasury Principal STRIPS Index while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, ZROZ returned -4.15%/yr vs 2.18%/yr for BIL. At a correlation of -0.00, they often move in opposite directions. ZROZ charges 0.15%/yr vs 0.14%/yr for BIL.
Performance
ZROZ vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, ZROZ achieves a -1.07% return, which is significantly lower than BIL's 1.49% return. Over the past 10 years, ZROZ has underperformed BIL with an annualized return of -4.15%, while BIL has yielded a comparatively higher 2.18% annualized return.
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%
BIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.49%
- 6M
- 1.77%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
ZROZ vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -1.07% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between ZROZ and BIL is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2009 | -0.00 |
Over the past year, the inverse relationship between ZROZ and BIL has strengthened: their correlation has moved from -0.00 to -0.22, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
ZROZ vs. BIL — Risk / Return Rank
ZROZ
BIL
ZROZ vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| ZROZ | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.47 | ||
| Sortino ratioReturn per unit of downside risk | -173.70 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 87.91 | -86.86 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 355.35 | -355.07 |
| Martin ratioReturn relative to average drawdown | 0.64 | 2,817.77 | -2,817.14 |
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
| ZROZ | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.24 | 19.71 | -19.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.49 | 13.16 | -13.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.19 | 8.52 | -8.71 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 2.78 | -2.69 |
Drawdowns
ZROZ vs. BIL - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for ZROZ and BIL.
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Drawdown Indicators
| ZROZ | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -0.78% | -62.15% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | -0.01% | -14.01% |
Max Drawdown (3Y)Largest decline over 3 years | -28.62% | -0.01% | -28.61% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | -0.10% | -57.88% |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | -0.21% | -62.72% |
Current DrawdownCurrent decline from peak | -59.93% | 0.00% | -59.93% |
Average DrawdownAverage peak-to-trough decline | -24.04% | -0.26% | -23.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.12% | 0.00% | +6.12% |
Volatility
ZROZ vs. BIL - Volatility Comparison
PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a higher volatility of 4.46% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that ZROZ's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZROZ | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.46% | 0.05% | +4.41% |
Volatility (6M)Calculated over the trailing 6-month period | 10.54% | 0.13% | +10.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.25% | 0.20% | +16.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.90% | 0.26% | +23.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.06% | 0.26% | +21.80% |
ZROZ vs. BIL - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is higher than BIL's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZROZ vs. BIL - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.15%, more than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 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
ZROZ and BIL have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.46%) compared to BIL (0.05%). In terms of maximum drawdown, ZROZ dropped -62.93% vs BIL's -0.78%.
On 10-year performance, BIL leads with 2.18% vs -4.15% for ZROZ. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIL has performed better with a 2.18% return vs -4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.15% for ZROZ.
ZROZ has the higher dividend yield at 5.15%, compared with 3.86% for BIL.
ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: PIMCO and State Street. Their fees differ too: 0.15% for ZROZ and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 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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