ZROZ vs. EUO
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and EUO (ProShares UltraShort Euro) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, ZROZ returned -4.28%/yr vs 2.24%/yr for EUO. At a correlation of -0.03, they often move in opposite directions. ZROZ charges 0.15%/yr vs 0.99%/yr for EUO.
Performance
ZROZ vs. EUO - Performance Comparison
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Returns By Period
In the year-to-date period, ZROZ achieves a -0.11% return, which is significantly lower than EUO's 5.15% return. Over the past 10 years, ZROZ has underperformed EUO with an annualized return of -4.28%, while EUO has yielded a comparatively higher 2.24% annualized return.
ZROZ
- 1D
- -0.31%
- 1M
- 5.14%
- YTD
- -0.11%
- 6M
- -0.09%
- 1Y
- 2.42%
- 3Y*
- -6.87%
- 5Y*
- -11.89%
- 10Y*
- -4.28%
EUO
- 1D
- 0.86%
- 1M
- 1.14%
- YTD
- 5.15%
- 6M
- 5.13%
- 1Y
- 4.67%
- 3Y*
- 0.15%
- 5Y*
- 5.46%
- 10Y*
- 2.24%
ZROZ vs. EUO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -0.11% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
EUO ProShares UltraShort Euro | 5.15% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
Correlation
The correlation between ZROZ and EUO is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2009 | -0.03 |
Over the past year, the inverse relationship between ZROZ and EUO has strengthened: their correlation has moved from -0.03 to -0.26, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
ZROZ vs. EUO — Risk / Return Rank
ZROZ
EUO
ZROZ vs. EUO - 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 ProShares UltraShort Euro (EUO). 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 | EUO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.08 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | 0.63 | -0.59 |
| Martin ratioReturn relative to average drawdown | 0.10 | 1.43 | -1.33 |
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Drawdowns
ZROZ vs. EUO - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, which is greater than EUO's maximum drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for ZROZ and EUO.
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Drawdown Indicators
| ZROZ | EUO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -38.58% | -24.35% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | -8.05% | -5.97% |
Max Drawdown (3Y)Largest decline over 3 years | -28.62% | -24.46% | -4.16% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | -25.28% | -32.70% |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | -29.61% | -33.32% |
Current DrawdownCurrent decline from peak | -59.54% | -17.96% | -41.58% |
Average DrawdownAverage peak-to-trough decline | -24.10% | -18.50% | -5.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 3.56% | +2.75% |
Volatility
ZROZ vs. EUO - Volatility Comparison
PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a higher volatility of 4.59% compared to ProShares UltraShort Euro (EUO) at 3.01%. This indicates that ZROZ's price experiences larger fluctuations and is considered to be riskier than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZROZ | EUO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.59% | 3.01% | +1.58% |
Volatility (6M)Calculated over the trailing 6-month period | 10.78% | 8.88% | +1.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.12% | 12.72% | +3.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.89% | 15.57% | +8.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.06% | 14.88% | +7.18% |
ZROZ vs. EUO - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is lower than EUO's 0.99% expense ratio.
Dividends
ZROZ vs. EUO - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.10%, while EUO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.10% | 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 EUO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.59%) compared to EUO (3.01%). In terms of maximum drawdown, ZROZ dropped -62.93% vs EUO's -38.58%.
On 10-year performance, EUO leads with 2.24% vs -4.28% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, EUO has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUO has performed better with a 2.24% return vs -4.28%. 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 0.99% for EUO.
ZROZ has the higher dividend yield at 5.10%, compared with 0.00% for EUO.
ZROZ is categorized as Government Bonds, while EUO is Leveraged Currency. ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while EUO tracks USD/EUR Exchange Rate (-200%). They also come from different issuers: PIMCO and ProShares. Their fees differ too: 0.15% for ZROZ and 0.99% for EUO.
EUO currently has the higher Sharpe Ratio (0.40 vs 0.04), 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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