ZROZ vs. MFUS
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while MFUS is a Large Cap Growth Equities fund tracking the RAFI Dynamic Multi-Factor U.S. Index. Both are passively managed. Over the past 5 years, ZROZ returned -11.95%/yr vs 13.08%/yr for MFUS. At a correlation of -0.08, they often move in opposite directions. ZROZ charges 0.15%/yr vs 0.30%/yr for MFUS.
Performance
ZROZ vs. MFUS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZROZ achieves a 1.19% return, which is significantly lower than MFUS's 17.10% return.
ZROZ
- 1D
- 0.22%
- 1M
- 4.56%
- YTD
- 1.19%
- 6M
- 0.40%
- 1Y
- 3.19%
- 3Y*
- -7.49%
- 5Y*
- -11.95%
- 10Y*
- -4.16%
MFUS
- 1D
- -1.02%
- 1M
- 2.42%
- YTD
- 17.10%
- 6M
- 16.30%
- 1Y
- 27.79%
- 3Y*
- 21.88%
- 5Y*
- 13.08%
- 10Y*
- —
ZROZ vs. MFUS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 1.19% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 1.10% |
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 17.10% | 16.02% | 20.17% | 12.19% | -5.82% | 24.10% | 10.64% | 26.17% | -7.30% | 11.20% |
Correlation
The correlation between ZROZ and MFUS is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2017 | -0.08 |
The correlation between ZROZ and MFUS shifts across timeframes, from -0.08 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZROZ vs. MFUS — Risk / Return Rank
ZROZ
MFUS
ZROZ vs. MFUS - 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 RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). 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 | MFUS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.29 | ||
| Sortino ratioReturn per unit of downside risk | -3.13 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.45 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | 4.37 | -4.14 |
| Martin ratioReturn relative to average drawdown | 0.50 | 17.76 | -17.26 |
Loading charts...
Drawdowns
ZROZ vs. MFUS - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, which is greater than MFUS's maximum drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for ZROZ and MFUS.
Loading charts...
Drawdown Indicators
| ZROZ | MFUS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -35.21% | -27.72% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | -6.39% | -7.63% |
Max Drawdown (3Y)Largest decline over 3 years | -28.62% | -15.39% | -13.23% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | -18.22% | -39.76% |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | — | — |
Current DrawdownCurrent decline from peak | -59.02% | -1.05% | -57.97% |
Average DrawdownAverage peak-to-trough decline | -24.15% | -3.98% | -20.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.40% | 1.57% | +4.83% |
Volatility
ZROZ vs. MFUS - Volatility Comparison
The current volatility for PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) is 3.56%, while PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) has a volatility of 4.27%. This indicates that ZROZ experiences smaller price fluctuations and is considered to be less risky than MFUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZROZ | MFUS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.56% | 4.27% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 10.75% | 8.91% | +1.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.73% | 11.25% | +4.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.83% | 15.09% | +8.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.03% | 17.35% | +4.68% |
ZROZ vs. MFUS - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is lower than MFUS's 0.30% expense ratio.
Dividends
ZROZ vs. MFUS - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.03%, more than MFUS's 1.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 1.35% | 1.54% | 1.45% | 1.96% | 2.07% | 1.35% | 1.72% | 1.89% | 1.69% | 1.01% | 0.00% | 0.00% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.03% | 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 MFUS have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MFUS has higher volatility (4.27%) compared to ZROZ (3.56%). In terms of maximum drawdown, ZROZ dropped -62.93% vs MFUS's -35.21%.
On 5-year performance, MFUS leads with 13.08% vs -11.95% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, ZROZ has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MFUS has performed better with a 13.08% return vs -11.95%. 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 0.30% for MFUS.
ZROZ has the higher dividend yield at 5.03%, compared with 1.35% for MFUS.
ZROZ is categorized as Government Bonds, while MFUS is Large Cap Growth Equities. ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while MFUS tracks RAFI Dynamic Multi-Factor U.S. Index. Their fees differ too: 0.15% for ZROZ and 0.30% for MFUS.
MFUS currently has the higher Sharpe Ratio (2.49 vs 0.20), 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.
Find the right allocation for ZROZ and MFUS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer