ZROZ vs. GGOV
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while GGOV is a Global Bonds fund managed by iShares. Over the past year, ZROZ returned 1.75% vs 0.02% for GGOV. A 0.57 correlation means they provide meaningful diversification when combined. ZROZ charges 0.15%/yr vs 0.39%/yr for GGOV.
Performance
ZROZ vs. GGOV - Performance Comparison
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Returns By Period
In the year-to-date period, ZROZ achieves a -3.30% return, which is significantly lower than GGOV's 2.47% return.
ZROZ
- 1D
- -0.20%
- 1M
- -3.94%
- 6M
- -5.17%
- YTD
- -3.30%
- 1Y
- 1.75%
- 3Y*
- -7.99%
- 5Y*
- -13.56%
- 10Y*
- -4.96%
GGOV
- 1D
- -0.18%
- 1M
- -0.40%
- 6M
- 3.01%
- YTD
- 2.47%
- 1Y
- 0.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZROZ vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -3.30% | 0.77% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.47% | -2.80% |
Correlation
The correlation between ZROZ and GGOV is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.57 |
The correlation between ZROZ and GGOV has been stable across timeframes, ranging from 0.57 to 0.57 - a consistent structural relationship.
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Return for Risk
ZROZ vs. GGOV — Risk / Return Rank
ZROZ
GGOV
ZROZ vs. GGOV - 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 iShares Global Government Bond USD Hedged Active ETF (GGOV). 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 | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.01 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | 0.00 | +0.12 |
| Martin ratioReturn relative to average drawdown | 0.26 | 0.01 | +0.25 |
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Drawdowns
ZROZ vs. GGOV - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, which is greater than GGOV's maximum drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for ZROZ and GGOV.
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Drawdown Indicators
| ZROZ | GGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -4.69% | -58.24% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | -4.69% | -9.33% |
Max Drawdown (3Y)Largest decline over 3 years | -28.21% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | — | — |
Current DrawdownCurrent decline from peak | -60.83% | -1.34% | -59.49% |
Average DrawdownAverage peak-to-trough decline | -24.28% | -1.54% | -22.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.69% | 2.12% | +4.57% |
Volatility
ZROZ vs. GGOV - Volatility Comparison
PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a higher volatility of 4.21% compared to iShares Global Government Bond USD Hedged Active ETF (GGOV) at 0.88%. This indicates that ZROZ's price experiences larger fluctuations and is considered to be riskier than GGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZROZ | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 0.88% | +3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 10.97% | 3.62% | +7.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.48% | 5.29% | +10.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.79% | 5.18% | +18.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.95% | 5.18% | +16.77% |
ZROZ vs. GGOV - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is lower than GGOV's 0.39% expense ratio.
Dividends
ZROZ vs. GGOV - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.37%, while GGOV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 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 | 5.37% | 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 GGOV have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.21%) compared to GGOV (0.88%). In terms of maximum drawdown, ZROZ dropped -62.93% vs GGOV's -4.69%.
On 1-year performance, ZROZ leads with 1.75% vs 0.02% for GGOV. On fees, ZROZ is cheaper at 0.15% per year. On volatility, GGOV has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZROZ has performed better with a 1.75% return vs 0.02%. 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 0.39% for GGOV.
ZROZ has the higher dividend yield at 5.37%, compared with 0.00% for GGOV.
ZROZ is categorized as Government Bonds, while GGOV is Global Bonds. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.15% for ZROZ and 0.39% for GGOV.
ZROZ currently has the higher Sharpe Ratio (0.11 vs 0.00), 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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