ZROZ vs. MURGY

Last updated Jun 13, 2026

ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) is Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while MURGY (Muenchener Rueckver Ges) is a stock. Over the past 10 years, ZROZ returned -4.28%/yr vs 17.07%/yr for MURGY. At a correlation of -0.18, they often move in opposite directions.

Performance

ZROZ vs. MURGY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) and Muenchener Rueckver Ges (MURGY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZROZ achieves a -0.11% return, which is significantly higher than MURGY's -16.22% return. Over the past 10 years, ZROZ has underperformed MURGY with an annualized return of -4.28%, while MURGY has yielded a comparatively higher 17.07% annualized return.

ZROZ

• 1D: -0.31%
• 1M: 3.23%
• YTD: -0.11%
• 6M: -0.09%
• 1Y: 0.65%
• 3Y*: -6.87%
• 5Y*: -11.89%
• 10Y*: -4.28%

MURGY

• 1D: -1.31%
• 1M: -1.86%
• YTD: -16.22%
• 6M: -15.84%
• 1Y: -14.60%
• 3Y*: 18.99%
• 5Y*: 17.90%
• 10Y*: 17.07%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZROZ vs. MURGY - 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%
MURGY Muenchener Rueckver Ges	-16.22%	36.01%	23.53%	34.32%	14.50%	2.58%	4.34%	38.79%	4.17%	28.67%

Correlation

The correlation between ZROZ and MURGY is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Nov 4, 2009	-0.18

The correlation between ZROZ and MURGY shifts across timeframes, from -0.18 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZROZ vs. MURGY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZROZ

ZROZ Risk / Return Rank: 10
ZROZ Sharpe Ratio Rank: 10
ZROZ Sortino Ratio Rank: 10
ZROZ Omega Ratio Rank: 10
ZROZ Calmar Ratio Rank: 10
ZROZ Martin Ratio Rank: 10

MURGY

MURGY Risk / Return Rank: 16
MURGY Sharpe Ratio Rank: 15
MURGY Sortino Ratio Rank: 16
MURGY Omega Ratio Rank: 16
MURGY Calmar Ratio Rank: 22
MURGY Martin Ratio Rank: 13

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZROZ vs. MURGY - 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 Muenchener Rueckver Ges (MURGY). 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	MURGY	Difference
Sharpe ratio: Return per unit of total volatility	0.04	-0.65	+0.69
Sortino ratio: Return per unit of downside risk	0.18	-0.77	+0.94
Omega ratio: Gain probability vs. loss probability	1.02	0.91	+0.11
Calmar ratio: Return relative to maximum drawdown	0.05	-0.58	+0.63
Martin ratio: Return relative to average drawdown	0.10	-1.27	+1.37

ZROZ vs. MURGY - Sharpe Ratio Comparison

The current ZROZ Sharpe Ratio is 0.04, which is higher than the MURGY Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of ZROZ and MURGY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZROZ vs. MURGY - Drawdown Comparison

The maximum ZROZ drawdown since its inception was -62.93%, which is greater than MURGY's maximum drawdown of -48.01%. Use the drawdown chart below to compare losses from any high point for ZROZ and MURGY.

Drawdown Indicators

	ZROZ	MURGY	Difference
Max Drawdown Largest peak-to-trough decline	-62.93%	-48.01%	-14.92%
Max Drawdown (1Y) Largest decline over 1 year	-14.02%	-25.23%	+11.21%
Max Drawdown (3Y) Largest decline over 3 years	-28.62%	-25.23%	-3.39%
Max Drawdown (5Y) Largest decline over 5 years	-57.98%	-29.54%	-28.44%
Max Drawdown (10Y) Largest decline over 10 years	-62.93%	-48.01%	-14.92%
Current Drawdown Current decline from peak	-59.54%	-21.90%	-37.64%
Average Drawdown Average peak-to-trough decline	-24.10%	-8.71%	-15.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.31%	11.51%	-5.20%

Volatility

ZROZ vs. MURGY - Volatility Comparison

The current volatility for PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) is 4.59%, while Muenchener Rueckver Ges (MURGY) has a volatility of 6.87%. This indicates that ZROZ experiences smaller price fluctuations and is considered to be less risky than MURGY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZROZ	MURGY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	6.87%	-2.28%
Volatility (6M) Calculated over the trailing 6-month period	10.78%	17.02%	-6.24%
Volatility (1Y) Calculated over the trailing 1-year period	16.12%	22.50%	-6.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.89%	24.48%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.06%	25.93%	-3.87%

Dividends

ZROZ vs. MURGY - Dividend Comparison

ZROZ's dividend yield for the trailing twelve months is around 5.10%, less than MURGY's 5.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MURGY Muenchener Rueckver Ges	5.25%	3.31%	3.21%	2.98%	3.73%	2.68%	2.50%	2.44%	3.39%	10.17%	9.45%	4.25%
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

Can I hold both ZROZ and MURGY in my portfolio?

ZROZ and MURGY have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZROZ or MURGY?

MURGY has higher volatility (6.87%) compared to ZROZ (4.59%). In terms of maximum drawdown, ZROZ dropped -62.93% vs MURGY's -48.01%.

Which has better risk-adjusted returns?

ZROZ currently has the higher Sharpe Ratio (0.04 vs -0.65), 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.