ZROZ vs. CORP
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and CORP (PIMCO Investment Grade Corporate Bond Index ETF) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while CORP is a Corporate Bonds fund tracking the ICE BofA US Corporate. Both are passively managed. Over the past 10 years, ZROZ returned -4.26%/yr vs 2.83%/yr for CORP. A 0.71 correlation means they provide meaningful diversification when combined. ZROZ charges 0.15%/yr vs 0.20%/yr for CORP.
Performance
ZROZ vs. CORP - Performance Comparison
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Returns By Period
In the year-to-date period, ZROZ achieves a 0.67% return, which is significantly lower than CORP's 0.98% return. Over the past 10 years, ZROZ has underperformed CORP with an annualized return of -4.26%, while CORP has yielded a comparatively higher 2.83% annualized return.
ZROZ
- 1D
- 1.04%
- 1M
- 5.96%
- YTD
- 0.67%
- 6M
- -0.18%
- 1Y
- 5.12%
- 3Y*
- -7.33%
- 5Y*
- -12.01%
- 10Y*
- -4.26%
CORP
- 1D
- 0.11%
- 1M
- 1.31%
- YTD
- 0.98%
- 6M
- 1.15%
- 1Y
- 6.08%
- 3Y*
- 5.58%
- 5Y*
- 0.82%
- 10Y*
- 2.83%
ZROZ vs. CORP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 0.67% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
CORP PIMCO Investment Grade Corporate Bond Index ETF | 0.98% | 7.96% | 2.47% | 9.13% | -14.96% | -1.18% | 9.70% | 14.80% | -3.29% | 6.56% |
Correlation
The correlation between ZROZ and CORP is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2010 | 0.71 |
The correlation between ZROZ and CORP shifts across timeframes, from 0.71 (all time) to 0.86 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZROZ vs. CORP — Risk / Return Rank
ZROZ
CORP
ZROZ vs. CORP - 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 Investment Grade Corporate Bond Index ETF (CORP). 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 | CORP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.26 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 2.12 | -1.76 |
| Martin ratioReturn relative to average drawdown | 0.81 | 6.71 | -5.90 |
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Drawdowns
ZROZ vs. CORP - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, which is greater than CORP's maximum drawdown of -21.21%. Use the drawdown chart below to compare losses from any high point for ZROZ and CORP.
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Drawdown Indicators
| ZROZ | CORP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -21.21% | -41.72% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | -2.88% | -11.14% |
Max Drawdown (3Y)Largest decline over 3 years | -28.62% | -6.06% | -22.56% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | -21.21% | -36.77% |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | -21.21% | -41.72% |
Current DrawdownCurrent decline from peak | -59.23% | -0.66% | -58.57% |
Average DrawdownAverage peak-to-trough decline | -24.11% | -3.61% | -20.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.34% | 0.91% | +5.43% |
Volatility
ZROZ vs. CORP - Volatility Comparison
PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a higher volatility of 3.78% compared to PIMCO Investment Grade Corporate Bond Index ETF (CORP) at 1.32%. This indicates that ZROZ's price experiences larger fluctuations and is considered to be riskier than CORP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZROZ | CORP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.78% | 1.32% | +2.46% |
Volatility (6M)Calculated over the trailing 6-month period | 10.69% | 3.08% | +7.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.93% | 4.13% | +11.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.90% | 6.89% | +17.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.06% | 7.08% | +14.98% |
ZROZ vs. CORP - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is lower than CORP's 0.20% expense ratio. Despite the difference, 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. CORP - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.06%, more than CORP's 4.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORP PIMCO Investment Grade Corporate Bond Index ETF | 4.83% | 4.77% | 4.74% | 4.12% | 3.28% | 2.51% | 2.90% | 3.25% | 3.18% | 3.08% | 2.91% | 3.14% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.06% | 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 CORP have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (3.78%) compared to CORP (1.32%). In terms of maximum drawdown, ZROZ dropped -62.93% vs CORP's -21.21%.
On 10-year performance, CORP leads with 2.83% vs -4.26% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, CORP has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CORP has performed better with a 2.83% return vs -4.26%. 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 0.20% for CORP.
ZROZ has the higher dividend yield at 5.06%, compared with 4.83% for CORP.
ZROZ is categorized as Government Bonds, while CORP is Corporate Bonds. ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while CORP tracks ICE BofA US Corporate. Their fees differ too: 0.15% for ZROZ and 0.20% for CORP.
CORP currently has the higher Sharpe Ratio (1.48 vs 0.32), 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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