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 -4.26%/yr vs -3.45%/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 0.21% return, which is significantly lower than EDV's 0.40% return. Over the past 10 years, ZROZ has underperformed EDV with an annualized return of -4.26%, while EDV has yielded a comparatively higher -3.45% annualized return.
ZROZ
- 1D
- 2.10%
- 1M
- 2.91%
- YTD
- 0.21%
- 6M
- -1.53%
- 1Y
- 3.09%
- 3Y*
- -7.13%
- 5Y*
- -11.84%
- 10Y*
- -4.26%
EDV
- 1D
- 1.93%
- 1M
- 2.59%
- YTD
- 0.40%
- 6M
- -1.16%
- 1Y
- 4.02%
- 3Y*
- -5.03%
- 5Y*
- -10.20%
- 10Y*
- -3.45%
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 | 0.21% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
EDV Vanguard Extended Duration Treasury ETF | 0.40% | 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 | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.06 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 0.32 | -0.10 |
| Martin ratioReturn relative to average drawdown | 0.49 | 0.73 | -0.24 |
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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 | -28.62% | -26.99% | -1.63% |
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 | -59.41% | -53.94% | -5.47% |
Average DrawdownAverage peak-to-trough decline | -24.09% | -23.47% | -0.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.29% | 5.53% | +0.76% |
Volatility
ZROZ vs. EDV - Volatility Comparison
PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a higher volatility of 4.63% compared to Vanguard Extended Duration Treasury ETF (EDV) at 4.21%. 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 | 4.63% | 4.21% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 10.79% | 9.90% | +0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.12% | 14.54% | +1.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.90% | 21.63% | +2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.06% | 19.82% | +2.24% |
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 5.08%, more than EDV's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 4.93% | 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 | 5.08% | 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 (4.63%) compared to EDV (4.21%). In terms of maximum drawdown, ZROZ dropped -62.93% vs EDV's -59.96%.
On 10-year performance, EDV leads with -3.45% vs -4.26% for ZROZ. On fees, EDV is cheaper at 0.05% per year. On volatility, EDV has been the lower-risk option at 4.21%. 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 -3.45% return vs -4.26%. 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 5.08%, compared with 4.93% 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 (0.28 vs 0.19), 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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