ZROZ vs. EMNT
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and EMNT (PIMCO Enhanced Short Maturity Active ESG ETF) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while EMNT is a Ultrashort Bond fund actively managed by PIMCO. ZROZ is passively managed, while EMNT is actively managed. Over the past 5 years, ZROZ returned -11.62%/yr vs 3.43%/yr for EMNT. At a 0.25 correlation, their price movements are largely independent. ZROZ charges 0.15%/yr vs 0.24%/yr for EMNT.
Performance
ZROZ vs. EMNT - 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 EMNT's 1.64% 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%
EMNT
- 1D
- -0.02%
- 1M
- 0.39%
- YTD
- 1.64%
- 6M
- 1.97%
- 1Y
- 4.38%
- 3Y*
- 5.24%
- 5Y*
- 3.43%
- 10Y*
- —
ZROZ vs. EMNT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -1.07% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | -2.19% |
EMNT PIMCO Enhanced Short Maturity Active ESG ETF | 1.64% | 4.74% | 5.79% | 5.84% | -0.57% | 0.11% | 2.08% | 0.09% |
Correlation
The correlation between ZROZ and EMNT is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2019 | 0.25 |
The correlation between ZROZ and EMNT shifts across timeframes, from 0.15 (3 years) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZROZ vs. EMNT — Risk / Return Rank
ZROZ
EMNT
ZROZ vs. EMNT - 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 Enhanced Short Maturity Active ESG ETF (EMNT). 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 | EMNT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -10.39 | ||
| Sortino ratioReturn per unit of downside risk | -20.70 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 5.63 | -4.58 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 33.45 | -33.17 |
| Martin ratioReturn relative to average drawdown | 0.64 | 235.99 | -235.36 |
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 | EMNT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.24 | 10.63 | -10.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.49 | 4.18 | -4.67 |
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 | 3.51 | -3.42 |
Drawdowns
ZROZ vs. EMNT - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, which is greater than EMNT's maximum drawdown of -2.28%. Use the drawdown chart below to compare losses from any high point for ZROZ and EMNT.
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Drawdown Indicators
| ZROZ | EMNT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -2.28% | -60.65% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | -0.13% | -13.89% |
Max Drawdown (3Y)Largest decline over 3 years | -28.62% | -0.73% | -27.89% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | -1.70% | -56.28% |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | — | — |
Current DrawdownCurrent decline from peak | -59.93% | -0.02% | -59.91% |
Average DrawdownAverage peak-to-trough decline | -24.04% | -0.23% | -23.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.12% | 0.02% | +6.10% |
Volatility
ZROZ vs. EMNT - Volatility Comparison
PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a higher volatility of 4.46% compared to PIMCO Enhanced Short Maturity Active ESG ETF (EMNT) at 0.14%. This indicates that ZROZ's price experiences larger fluctuations and is considered to be riskier than EMNT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZROZ | EMNT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.46% | 0.14% | +4.32% |
Volatility (6M)Calculated over the trailing 6-month period | 10.54% | 0.34% | +10.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.25% | 0.41% | +15.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.90% | 0.83% | +23.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.06% | 0.86% | +21.20% |
ZROZ vs. EMNT - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is lower than EMNT's 0.24% 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. EMNT - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.15%, more than EMNT's 4.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMNT PIMCO Enhanced Short Maturity Active ESG ETF | 4.00% | 4.46% | 5.14% | 4.62% | 2.79% | 0.66% | 1.44% | 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 EMNT have a correlation of 0.34, 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 EMNT (0.14%). In terms of maximum drawdown, ZROZ dropped -62.93% vs EMNT's -2.28%.
On 5-year performance, EMNT leads with 3.43% vs -11.62% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, EMNT has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMNT has performed better with a 3.43% return vs -11.62%. 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 0.24% for EMNT.
ZROZ has the higher dividend yield at 5.15%, compared with 4.00% for EMNT.
ZROZ is categorized as Government Bonds, while EMNT is Ultrashort Bond. Their fees differ too: 0.15% for ZROZ and 0.24% for EMNT.
EMNT currently has the higher Sharpe Ratio (10.63 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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