ZROZ vs. CMDT
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, ZROZ returned -7.39%/yr vs 16.90%/yr for CMDT. At a correlation of -0.11, they often move in opposite directions. ZROZ charges 0.15%/yr vs 0.65%/yr for CMDT.
Performance
ZROZ vs. CMDT - 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 CMDT's 23.96% 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%
CMDT
- 1D
- -0.03%
- 1M
- -0.63%
- YTD
- 23.96%
- 6M
- 24.09%
- 1Y
- 35.85%
- 3Y*
- 16.90%
- 5Y*
- —
- 10Y*
- —
ZROZ vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -1.07% | -1.84% | -16.18% | -3.81% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 23.96% | 12.78% | 6.93% | 5.50% |
Correlation
The correlation between ZROZ and CMDT is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since May 11, 2023 | -0.11 |
The correlation between ZROZ and CMDT shifts across timeframes, from -0.24 (1 year) to -0.10 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZROZ vs. CMDT — Risk / Return Rank
ZROZ
CMDT
ZROZ vs. CMDT - 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 Commodity Strategy Active Exchange-Traded Fund (CMDT). 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 | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.68 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.50 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 8.03 | -7.75 |
| Martin ratioReturn relative to average drawdown | 0.64 | 22.12 | -21.48 |
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 | CMDT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.24 | 2.92 | -2.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.49 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 1.32 | -1.23 |
Drawdowns
ZROZ vs. CMDT - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for ZROZ and CMDT.
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Drawdown Indicators
| ZROZ | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -9.69% | -53.24% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | -4.49% | -9.53% |
Max Drawdown (3Y)Largest decline over 3 years | -28.62% | -9.69% | -18.93% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | — | — |
Current DrawdownCurrent decline from peak | -59.93% | -2.86% | -57.07% |
Average DrawdownAverage peak-to-trough decline | -24.04% | -2.69% | -21.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.12% | 1.63% | +4.49% |
Volatility
ZROZ vs. CMDT - Volatility Comparison
PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) have volatilities of 4.46% and 4.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZROZ | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.46% | 4.33% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 10.54% | 10.30% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.25% | 12.35% | +3.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.90% | 12.21% | +11.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.06% | 12.21% | +9.85% |
ZROZ vs. CMDT - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is lower than CMDT's 0.65% expense ratio.
Dividends
ZROZ vs. CMDT - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.15%, more than CMDT's 2.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.44% | 3.04% | 8.80% | 2.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 CMDT have a correlation of -0.24, 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 CMDT (4.33%). In terms of maximum drawdown, ZROZ dropped -62.93% vs CMDT's -9.69%.
On 3-year performance, CMDT leads with 16.90% vs -7.39% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, CMDT has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CMDT has performed better with a 16.90% return vs -7.39%. 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 0.65% for CMDT.
ZROZ has the higher dividend yield at 5.15%, compared with 2.44% for CMDT.
ZROZ is categorized as Government Bonds, while CMDT is Commodities. ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. Their fees differ too: 0.15% for ZROZ and 0.65% for CMDT.
CMDT currently has the higher Sharpe Ratio (2.92 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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