ZROZ vs. DBE
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, ZROZ returned -5.20%/yr vs 11.73%/yr for DBE. Their -0.23 correlation means they have often moved in opposite directions in the past. ZROZ charges 0.15%/yr vs 0.78%/yr for DBE.
Performance
ZROZ vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, ZROZ achieves a -5.36% return, which is significantly lower than DBE's 63.53% return. Over the past 10 years, ZROZ has underperformed DBE with an annualized return of -5.20%, while DBE has yielded a comparatively higher 11.73% annualized return.
ZROZ
- 1D
- 0.42%
- 1M
- -4.86%
- 6M
- -4.04%
- YTD
- -5.36%
- 1Y
- -6.79%
- 3Y*
- -6.40%
- 5Y*
- -13.86%
- 10Y*
- -5.20%
- ALL TIME*
- 1.81%
DBE
- 1D
- -0.24%
- 1M
- 9.43%
- 6M
- 46.31%
- YTD
- 63.53%
- 1Y
- 57.60%
- 3Y*
- 13.46%
- 5Y*
- 16.54%
- 10Y*
- 11.73%
- ALL TIME*
- 2.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.42M | $1.12M | $1.57M | |
| $39.22M | $43.85M | $40.05M |
ZROZ vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -5.36% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
DBE Invesco DB Energy Fund | 63.53% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between ZROZ and DBE is -0.39, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.39 |
Correlation (3Y) Balances recent behavior with more history. | -0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.19 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.19 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2009 | -0.23 |
The correlation between ZROZ and DBE shifts across timeframes, from -0.39 (1 year) to -0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZROZ vs. DBE — Risk / Return Rank
ZROZ
DBE
ZROZ vs. DBE - 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 Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.97 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.26 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 2.34 | -2.80 |
| Martin ratioReturn relative to average drawdown | -0.93 | 7.22 | -8.15 |
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Drawdowns
ZROZ vs. DBE - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ZROZ and DBE.
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Drawdown Indicators
| ZROZ | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -86.69% | +23.76% |
Max Drawdown (1Y)Largest decline over 1 year | -14.90% | -24.72% | +9.82% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -24.72% | -1.70% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | -38.74% | -19.24% |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | -60.84% | -2.09% |
Current DrawdownCurrent decline from peak | -61.67% | -37.92% | -23.75% |
Average DrawdownAverage peak-to-trough decline | -24.41% | -57.12% | +32.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.33% | 8.00% | -0.67% |
Volatility
ZROZ vs. DBE - Volatility Comparison
The current volatility for PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) is 4.26%, while Invesco DB Energy Fund (DBE) has a volatility of 15.65%. This indicates that ZROZ experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZROZ | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.26% | 15.65% | -11.39% |
Volatility (6M)Calculated over the trailing 6-month period | 11.08% | 33.76% | -22.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.38% | 37.85% | -22.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.77% | 30.19% | -6.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.95% | 28.63% | -6.68% |
ZROZ vs. DBE - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
ZROZ vs. DBE - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.48%, more than DBE's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.36% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.48% | 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 DBE have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.65%) compared to ZROZ (4.26%). In terms of maximum drawdown, ZROZ dropped -62.93% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.73% vs -5.20% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, ZROZ has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.73% return vs -5.20%. 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 0.78% for DBE.
ZROZ has the higher dividend yield at 5.48%, compared with 2.36% for DBE.
ZROZ is categorized as Government Bonds, while DBE is Oil & Gas. ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.15% for ZROZ and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.53 vs -0.44), 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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