ZROZ vs. GBIL
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and GBIL (Goldman Sachs Access Treasury 0-1 Year ETF) are both Government Bonds funds - ZROZ tracks the ICE BofA Long U.S. Treasury Principal STRIPS Index while GBIL tracks the FTSE US Treasury 0-1 Year Composite Select Index. Both are passively managed. Over the past 5 years, ZROZ returned -14.47%/yr vs 3.44%/yr for GBIL. Their 0.12 correlation means their historical movements had little consistent relationship. ZROZ charges 0.15%/yr vs 0.12%/yr for GBIL.
Performance
ZROZ vs. GBIL - Performance Comparison
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Returns By Period
In the year-to-date period, ZROZ achieves a -7.23% return, which is significantly lower than GBIL's 1.99% return.
ZROZ
- 1D
- -1.24%
- 1M
- -7.20%
- 6M
- -6.41%
- YTD
- -7.23%
- 1Y
- -7.54%
- 3Y*
- -8.06%
- 5Y*
- -14.47%
- 10Y*
- -5.40%
- ALL TIME*
- 1.69%
GBIL
- 1D
- 0.02%
- 1M
- 0.27%
- 6M
- 1.73%
- YTD
- 1.99%
- 1Y
- 3.73%
- 3Y*
- 4.57%
- 5Y*
- 3.44%
- 10Y*
- —
- ALL TIME*
- 2.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $53.17M | $51.25M | $70.01M | |
| $41.31M | $45.82M | $40.38M |
ZROZ vs. GBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -7.23% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
GBIL Goldman Sachs Access Treasury 0-1 Year ETF | 1.99% | 4.12% | 5.24% | 4.91% | 1.05% | -0.08% | 0.79% | 2.31% | 1.78% | 0.69% |
Correlation
The correlation between ZROZ and GBIL is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2016 | 0.12 |
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Return for Risk
ZROZ vs. GBIL — Risk / Return Rank
ZROZ
GBIL
ZROZ vs. GBIL - 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 Goldman Sachs Access Treasury 0-1 Year ETF (GBIL). 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 | GBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.64 | ||
| Sortino ratioReturn per unit of downside risk | -154.54 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 95.18 | -94.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 192.70 | -193.10 |
| Martin ratioReturn relative to average drawdown | -0.82 | 2,308.02 | -2,308.84 |
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Drawdowns
ZROZ vs. GBIL - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, which is greater than GBIL's maximum drawdown of -0.76%. Use the drawdown chart below to compare losses from any high point for ZROZ and GBIL.
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Drawdown Indicators
| ZROZ | GBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -0.76% | -62.17% |
Max Drawdown (1Y)Largest decline over 1 year | -14.90% | -0.02% | -14.88% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -0.76% | -25.66% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | -0.76% | -57.22% |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | — | — |
Current DrawdownCurrent decline from peak | -62.42% | 0.00% | -62.42% |
Average DrawdownAverage peak-to-trough decline | -24.38% | -0.04% | -24.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.18% | 0.00% | +7.18% |
Volatility
ZROZ vs. GBIL - Volatility Comparison
PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a higher volatility of 4.20% compared to Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) at 0.07%. This indicates that ZROZ's price experiences larger fluctuations and is considered to be riskier than GBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZROZ | GBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.20% | 0.07% | +4.13% |
Volatility (6M)Calculated over the trailing 6-month period | 11.11% | 0.14% | +10.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.45% | 0.22% | +15.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.76% | 0.58% | +23.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.96% | 0.47% | +21.49% |
ZROZ vs. GBIL - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is higher than GBIL's 0.12% 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. GBIL - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.59%, more than GBIL's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBIL Goldman Sachs Access Treasury 0-1 Year ETF | 3.36% | 4.02% | 4.93% | 4.77% | 1.37% | 0.00% | 0.81% | 2.20% | 1.70% | 0.74% | 0.11% | 0.00% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.59% | 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 GBIL have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.20%) compared to GBIL (0.07%). In terms of maximum drawdown, ZROZ dropped -62.93% vs GBIL's -0.76%.
On 5-year performance, GBIL leads with 3.44% vs -14.47% for ZROZ. On fees, GBIL is cheaper at 0.12% per year. On volatility, GBIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBIL has performed better with a 3.44% return vs -14.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBIL is cheaper with a 0.12% expense ratio, compared with 0.15% for ZROZ.
ZROZ has the higher dividend yield at 5.59%, compared with 3.36% for GBIL.
ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while GBIL tracks FTSE US Treasury 0-1 Year Composite Select Index. They also come from different issuers: PIMCO and Goldman Sachs. Their fees differ too: 0.15% for ZROZ and 0.12% for GBIL.
GBIL currently has the higher Sharpe Ratio (17.26 vs -0.38), 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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