ZROZ vs. EDV
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and EDV (Vanguard Extended Duration Treasury ETF) are both Government Bonds funds - ZROZ tracks the ICE BofA Long U.S. Treasury Principal STRIPS Index while EDV tracks the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. Both are passively managed. Over the past 10 years, ZROZ returned -4.85%/yr vs -4.02%/yr for EDV. With a 0.97 correlation, they move nearly in lockstep. ZROZ charges 0.15%/yr vs 0.05%/yr for EDV.
Performance
ZROZ vs. EDV - Performance Comparison
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Returns By Period
In the year-to-date period, ZROZ achieves a -0.02% return, which is significantly lower than EDV's 0.11% return. Over the past 10 years, ZROZ has underperformed EDV with an annualized return of -4.85%, while EDV has yielded a comparatively higher -4.02% annualized return.
ZROZ
- 1D
- -1.07%
- 1M
- 1.02%
- 6M
- -0.02%
- YTD
- -0.02%
- 1Y
- -1.24%
- 3Y*
- -7.80%
- 5Y*
- -12.45%
- 10Y*
- -4.85%
EDV
- 1D
- -1.17%
- 1M
- 0.73%
- 6M
- 0.11%
- YTD
- 0.11%
- 1Y
- -0.16%
- 3Y*
- -5.51%
- 5Y*
- -10.79%
- 10Y*
- -4.02%
ZROZ vs. EDV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -0.02% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
EDV Vanguard Extended Duration Treasury ETF | 0.11% | 0.65% | -12.78% | 1.65% | -39.15% | -6.19% | 23.59% | 18.67% | -3.40% | 13.94% |
Correlation
The correlation between ZROZ and EDV is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2009 | 0.97 |
The correlation between ZROZ and EDV has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
ZROZ vs. EDV — Risk / Return Rank
ZROZ
EDV
ZROZ vs. EDV - 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 Vanguard Extended Duration Treasury ETF (EDV). 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 | EDV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.01 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | -0.01 | -0.08 |
| Martin ratioReturn relative to average drawdown | -0.19 | -0.03 | -0.17 |
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Drawdowns
ZROZ vs. EDV - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, roughly equal to the maximum EDV drawdown of -59.96%. Use the drawdown chart below to compare losses from any high point for ZROZ and EDV.
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Drawdown Indicators
| ZROZ | EDV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -59.96% | -2.97% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | -12.54% | -1.48% |
Max Drawdown (3Y)Largest decline over 3 years | -28.21% | -26.42% | -1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | -55.03% | -2.95% |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | -59.96% | -2.97% |
Current DrawdownCurrent decline from peak | -59.51% | -54.07% | -5.44% |
Average DrawdownAverage peak-to-trough decline | -24.20% | -23.55% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.48% | 5.70% | +0.78% |
Volatility
ZROZ vs. EDV - Volatility Comparison
PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a higher volatility of 4.67% compared to Vanguard Extended Duration Treasury ETF (EDV) at 4.44%. This indicates that ZROZ's price experiences larger fluctuations and is considered to be riskier than EDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZROZ | EDV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 4.44% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 11.08% | 10.22% | +0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.85% | 14.38% | +1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.84% | 21.59% | +2.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.99% | 19.77% | +2.22% |
ZROZ vs. EDV - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is higher than EDV's 0.05% expense ratio. However, 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. EDV - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.19%, more than EDV's 5.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 5.11% | 4.94% | 4.65% | 3.81% | 3.28% | 1.95% | 5.54% | 3.51% | 2.90% | 2.92% | 5.32% | 4.24% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.19% | 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
With a correlation of 0.99, ZROZ and EDV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
ZROZ has higher volatility (4.67%) compared to EDV (4.44%). In terms of maximum drawdown, ZROZ dropped -62.93% vs EDV's -59.96%.
On 10-year performance, EDV leads with -4.02% vs -4.85% for ZROZ. On fees, EDV is cheaper at 0.05% per year. On volatility, EDV has been the lower-risk option at 4.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EDV has performed better with a -4.02% return vs -4.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EDV is cheaper with a 0.05% expense ratio, compared with 0.15% for ZROZ.
ZROZ has the higher dividend yield at 5.19%, compared with 5.11% for EDV.
ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while EDV tracks Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. They also come from different issuers: PIMCO and Vanguard. Their fees differ too: 0.15% for ZROZ and 0.05% for EDV.
EDV currently has the higher Sharpe Ratio (-0.01 vs -0.08), 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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