ZROZ vs. BTAL
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while BTAL is a Equity Market Neutral fund actively managed by AGF. ZROZ is passively managed, while BTAL is actively managed. Over the past 10 years, ZROZ returned -5.08%/yr vs -4.60%/yr for BTAL. At a 0.18 correlation, their price movements are largely independent. ZROZ charges 0.15%/yr vs 1.40%/yr for BTAL.
Performance
ZROZ vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, ZROZ achieves a -3.79% return, which is significantly higher than BTAL's -15.84% return. Over the past 10 years, ZROZ has underperformed BTAL with an annualized return of -5.08%, while BTAL has yielded a comparatively higher -4.60% annualized return.
ZROZ
- 1D
- -1.16%
- 1M
- -5.86%
- 6M
- -4.80%
- YTD
- -3.79%
- 1Y
- 1.09%
- 3Y*
- -8.49%
- 5Y*
- -13.64%
- 10Y*
- -5.08%
- ALL TIME*
- 1.92%
BTAL
- 1D
- 0.00%
- 1M
- 10.49%
- 6M
- -12.25%
- YTD
- -15.84%
- 1Y
- -25.57%
- 3Y*
- -9.44%
- 5Y*
- -4.30%
- 10Y*
- -4.60%
- ALL TIME*
- -3.86%
ZROZ vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -3.79% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -15.84% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
Correlation
The correlation between ZROZ and BTAL is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | 0.18 |
The correlation between ZROZ and BTAL shifts across timeframes, from -0.12 (3 years) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZROZ vs. BTAL — Risk / Return Rank
ZROZ
BTAL
ZROZ vs. BTAL - 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 AGF U.S. Market Neutral Anti-Beta Fund (BTAL). 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 | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.83 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.08 | -0.74 | +0.82 |
| Martin ratioReturn relative to average drawdown | 0.16 | -1.39 | +1.55 |
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Drawdowns
ZROZ vs. BTAL - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, which is greater than BTAL's maximum drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for ZROZ and BTAL.
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Drawdown Indicators
| ZROZ | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -52.70% | -10.23% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | -34.57% | +20.55% |
Max Drawdown (3Y)Largest decline over 3 years | -27.10% | -47.83% | +20.73% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | -47.83% | -10.15% |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | -52.70% | -10.23% |
Current DrawdownCurrent decline from peak | -61.03% | -47.55% | -13.48% |
Average DrawdownAverage peak-to-trough decline | -24.30% | -22.19% | -2.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.77% | 18.40% | -11.63% |
Volatility
ZROZ vs. BTAL - Volatility Comparison
The current volatility for PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) is 4.10%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.95%. This indicates that ZROZ experiences smaller price fluctuations and is considered to be less risky than BTAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZROZ | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 7.95% | -3.85% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 17.50% | -6.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.56% | 23.51% | -7.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.75% | 19.27% | +4.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.95% | 17.40% | +4.55% |
ZROZ vs. BTAL - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
ZROZ vs. BTAL - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.39%, more than BTAL's 2.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 2.96% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% | 0.00% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.39% | 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 BTAL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (7.95%) compared to ZROZ (4.10%). In terms of maximum drawdown, ZROZ dropped -62.93% vs BTAL's -52.70%.
On 10-year performance, BTAL leads with -4.60% vs -5.08% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, ZROZ has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BTAL has performed better with a -4.60% return vs -5.08%. 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 1.40% for BTAL.
ZROZ has the higher dividend yield at 5.39%, compared with 2.96% for BTAL.
ZROZ is categorized as Government Bonds, while BTAL is Equity Market Neutral. They also come from different issuers: PIMCO and AGF. Their fees differ too: 0.15% for ZROZ and 1.40% for BTAL.
ZROZ currently has the higher Sharpe Ratio (0.07 vs -1.09), 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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