ZROZ vs. BOND
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and BOND (PIMCO Active Bond ETF) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while BOND is a Intermediate Core-Plus Bond fund actively managed by PIMCO. ZROZ is passively managed, while BOND is actively managed. Over the past 10 years, ZROZ returned -5.40%/yr vs 1.96%/yr for BOND. Their 0.75 correlation means they have sometimes moved together and sometimes differently. ZROZ charges 0.15%/yr vs 0.54%/yr for BOND.
Performance
ZROZ vs. BOND - Performance Comparison
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Returns By Period
In the year-to-date period, ZROZ achieves a -7.23% return, which is significantly lower than BOND's -0.31% return. Over the past 10 years, ZROZ has underperformed BOND with an annualized return of -5.40%, while BOND has yielded a comparatively higher 1.96% annualized return.
ZROZ
- 1D
- -1.24%
- 1M
- -7.20%
- 6M
- -6.41%
- YTD
- -7.23%
- 1Y
- -7.54%
- 3Y*
- -8.06%
- 5Y*
- -14.47%
- 10Y*
- -5.40%
- ALL TIME*
- 1.69%
BOND
- 1D
- -0.33%
- 1M
- -1.43%
- 6M
- -0.84%
- YTD
- -0.31%
- 1Y
- 3.01%
- 3Y*
- 4.85%
- 5Y*
- 0.00%
- 10Y*
- 1.96%
- ALL TIME*
- 2.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $46.87M | $49.77M | $50.25M | |
| $41.31M | $45.82M | $40.38M |
ZROZ vs. BOND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -7.23% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
BOND PIMCO Active Bond ETF | -0.31% | 8.39% | 2.77% | 6.48% | -14.57% | -0.77% | 7.80% | 8.54% | 0.08% | 4.76% |
Correlation
The correlation between ZROZ and BOND is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2012 | 0.75 |
The correlation between ZROZ and BOND shifts across timeframes, from 0.75 (all time) to 0.86 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZROZ vs. BOND — Risk / Return Rank
ZROZ
BOND
ZROZ vs. BOND - 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 PIMCO Active Bond ETF (BOND). 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.
| ZROZ | BOND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -1.83 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.17 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 1.28 | -1.68 |
| Martin ratioReturn relative to average drawdown | -0.82 | 3.47 | -4.29 |
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Drawdowns
ZROZ vs. BOND - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, which is greater than BOND's maximum drawdown of -19.71%. Use the drawdown chart below to compare losses from any high point for ZROZ and BOND.
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Drawdown Indicators
| ZROZ | BOND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -19.71% | -43.22% |
Max Drawdown (1Y)Largest decline over 1 year | -14.90% | -3.01% | -11.89% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -5.21% | -21.21% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | -19.71% | -38.27% |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | -19.71% | -43.22% |
Current DrawdownCurrent decline from peak | -62.42% | -2.34% | -60.08% |
Average DrawdownAverage peak-to-trough decline | -24.38% | -3.48% | -20.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.18% | 1.11% | +6.07% |
Volatility
ZROZ vs. BOND - Volatility Comparison
PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a higher volatility of 4.20% compared to PIMCO Active Bond ETF (BOND) at 1.15%. This indicates that ZROZ's price experiences larger fluctuations and is considered to be riskier than BOND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZROZ | BOND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.20% | 1.15% | +3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 11.11% | 3.22% | +7.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.45% | 4.01% | +11.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.76% | 5.80% | +17.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.96% | 5.10% | +16.86% |
ZROZ vs. BOND - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is lower than BOND's 0.54% expense ratio.
Dividends
ZROZ vs. BOND - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.59%, more than BOND's 5.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | 4.81% | 5.11% | 5.02% | 4.06% | 3.44% | 2.58% | 2.66% | 3.38% | 3.18% | 2.87% | 2.85% | 4.14% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.59% | 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 BOND have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.20%) compared to BOND (1.15%). In terms of maximum drawdown, ZROZ dropped -62.93% vs BOND's -19.71%.
On 10-year performance, BOND leads with 1.96% vs -5.40% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, BOND has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BOND has performed better with a 1.96% return vs -5.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZROZ is cheaper with a 0.15% expense ratio, compared with 0.54% for BOND.
ZROZ has the higher dividend yield at 5.59%, compared with 4.81% for BOND.
ZROZ is categorized as Government Bonds, while BOND is Intermediate Core-Plus Bond. Their fees differ too: 0.15% for ZROZ and 0.54% for BOND.
BOND currently has the higher Sharpe Ratio (0.96 vs -0.38), 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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