ZROZ vs. BTAL
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and BTAL (AGFiQ US 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 Long-Short fund tracking the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. Both are passively managed. Over the past 10 years, ZROZ returned -4.28%/yr vs -5.05%/yr for BTAL. At a 0.18 correlation, their price movements are largely independent. ZROZ charges 0.15%/yr vs 2.11%/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 -0.11% return, which is significantly higher than BTAL's -20.15% return. Over the past 10 years, ZROZ has outperformed BTAL with an annualized return of -4.28%, while BTAL has yielded a comparatively lower -5.05% annualized return.
ZROZ
- 1D
- -0.31%
- 1M
- 5.14%
- YTD
- -0.11%
- 6M
- -0.09%
- 1Y
- 2.42%
- 3Y*
- -6.87%
- 5Y*
- -11.89%
- 10Y*
- -4.28%
BTAL
- 1D
- -0.09%
- 1M
- -5.59%
- YTD
- -20.15%
- 6M
- -19.27%
- 1Y
- -37.44%
- 3Y*
- -12.17%
- 5Y*
- -4.94%
- 10Y*
- -5.05%
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 | -0.11% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
BTAL AGFiQ US Market Neutral Anti-Beta Fund | -20.15% | -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 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 (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
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 -0.13 (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 AGFiQ US 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 | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | +2.74 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.73 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | -0.98 | +1.03 |
| Martin ratioReturn relative to average drawdown | 0.10 | -1.64 | +1.74 |
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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 -50.28%. 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% | -50.28% | -12.65% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | -37.50% | +23.48% |
Max Drawdown (3Y)Largest decline over 3 years | -28.62% | -45.16% | +16.54% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | -45.16% | -12.82% |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | -50.28% | -12.65% |
Current DrawdownCurrent decline from peak | -59.54% | -50.23% | -9.31% |
Average DrawdownAverage peak-to-trough decline | -24.10% | -22.01% | -2.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 22.38% | -16.07% |
Volatility
ZROZ vs. BTAL - Volatility Comparison
The current volatility for PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) is 4.59%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 8.74%. 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 | 4.59% | 8.74% | -4.15% |
Volatility (6M)Calculated over the trailing 6-month period | 10.78% | 16.58% | -5.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.12% | 22.49% | -6.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.89% | 18.96% | +4.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.06% | 17.33% | +4.73% |
ZROZ vs. BTAL - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is lower than BTAL's 2.11% expense ratio.
Dividends
ZROZ vs. BTAL - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.10%, more than BTAL's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGFiQ US Market Neutral Anti-Beta Fund | 3.11% | 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 | 5.10% | 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 (8.74%) compared to ZROZ (4.59%). In terms of maximum drawdown, ZROZ dropped -62.93% vs BTAL's -50.28%.
On 10-year performance, ZROZ leads with -4.28% vs -5.05% for BTAL. On fees, ZROZ is cheaper at 0.15% per year. On volatility, ZROZ has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ZROZ has performed better with a -4.28% return vs -5.05%. 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 2.11% for BTAL.
ZROZ has the higher dividend yield at 5.10%, compared with 3.11% for BTAL.
ZROZ is categorized as Government Bonds, while BTAL is Long-Short. ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. They also come from different issuers: PIMCO and AGF. Their fees differ too: 0.15% for ZROZ and 2.11% for BTAL.
ZROZ currently has the higher Sharpe Ratio (0.04 vs -1.64), 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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