ZROZ vs. RFIX

Last updated Jul 17, 2026

ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and RFIX (Simplify Bond Bull ETF) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while RFIX is a Nontraditional Bonds fund actively managed by Simplify. ZROZ is passively managed, while RFIX is actively managed. Over the past year, ZROZ returned 1.75% vs -12.67% for RFIX. A 0.77 correlation means they provide meaningful diversification when combined. ZROZ charges 0.15%/yr vs 0.50%/yr for RFIX.

Performance

ZROZ vs. RFIX - 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 Simplify Bond Bull ETF (RFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZROZ achieves a -3.30% return, which is significantly lower than RFIX's 3.18% 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%

RFIX

• 1D: -2.34%
• 1M: -6.52%
• 6M: 3.23%
• YTD: 3.18%
• 1Y: -12.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZROZ vs. RFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund	-3.30%	-1.84%	-10.08%
RFIX Simplify Bond Bull ETF	3.18%	-28.43%	-12.22%

Correlation

The correlation between ZROZ and RFIX is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Dec 10, 2024	0.77

The correlation between ZROZ and RFIX has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.

Return for Risk

ZROZ vs. RFIX — Risk / Return Rank

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

ZROZ

ZROZ Risk / Return Rank: 11
ZROZ Sharpe Ratio Rank: 11
ZROZ Sortino Ratio Rank: 11
ZROZ Omega Ratio Rank: 10
ZROZ Calmar Ratio Rank: 11
ZROZ Martin Ratio Rank: 11

RFIX

RFIX Risk / Return Rank: 5
RFIX Sharpe Ratio Rank: 6
RFIX Sortino Ratio Rank: 6
RFIX Omega Ratio Rank: 6
RFIX Calmar Ratio Rank: 4
RFIX Martin Ratio Rank: 4

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. RFIX - 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 Simplify Bond Bull ETF (RFIX). 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	RFIX	Difference
Sharpe ratio: Return per unit of total volatility	0.11	-0.43	+0.54
Sortino ratio: Return per unit of downside risk	0.28	-0.44	+0.71
Omega ratio: Gain probability vs. loss probability	1.03	0.95	+0.08
Calmar ratio: Return relative to maximum drawdown	0.13	-0.59	+0.71
Martin ratio: Return relative to average drawdown	0.26	-1.08	+1.34

ZROZ vs. RFIX - Sharpe Ratio Comparison

The current ZROZ Sharpe Ratio is 0.11, which is higher than the RFIX Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of ZROZ and RFIX, 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. RFIX - Drawdown Comparison

The maximum ZROZ drawdown since its inception was -62.93%, which is greater than RFIX's maximum drawdown of -38.79%. Use the drawdown chart below to compare losses from any high point for ZROZ and RFIX.

Drawdown Indicators

	ZROZ	RFIX	Difference
Max Drawdown Largest peak-to-trough decline	-62.93%	-38.79%	-24.14%
Max Drawdown (1Y) Largest decline over 1 year	-14.02%	-21.63%	+7.61%
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 Drawdown Current decline from peak	-60.83%	-35.26%	-25.57%
Average Drawdown Average peak-to-trough decline	-24.28%	-24.63%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.69%	11.73%	-5.04%

Volatility

ZROZ vs. RFIX - Volatility Comparison

The current volatility for PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) is 4.21%, while Simplify Bond Bull ETF (RFIX) has a volatility of 8.34%. This indicates that ZROZ experiences smaller price fluctuations and is considered to be less risky than RFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZROZ	RFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	8.34%	-4.13%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	20.49%	-9.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.48%	29.76%	-14.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.79%	30.79%	-7.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.95%	30.79%	-8.84%

ZROZ vs. RFIX - Expense Ratio Comparison

ZROZ has a 0.15% expense ratio, which is lower than RFIX's 0.50% expense ratio.

Dividends

ZROZ vs. RFIX - Dividend Comparison

ZROZ's dividend yield for the trailing twelve months is around 5.37%, more than RFIX's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RFIX Simplify Bond Bull ETF	4.69%	5.07%	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

Can I hold both ZROZ and RFIX in my portfolio?

ZROZ and RFIX have a correlation of 0.69, 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 RFIX?

RFIX has higher volatility (8.34%) compared to ZROZ (4.21%). In terms of maximum drawdown, ZROZ dropped -62.93% vs RFIX's -38.79%.

Which ETF is better, ZROZ or RFIX?

On 1-year performance, ZROZ leads with 1.75% vs -12.67% for RFIX. On fees, ZROZ is cheaper at 0.15% per year. On volatility, ZROZ has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZROZ or RFIX?

Over the 1-year period, ZROZ has performed better with a 1.75% return vs -12.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZROZ or RFIX?

ZROZ is cheaper with a 0.15% expense ratio, compared with 0.50% for RFIX.

Which ETF pays a higher dividend yield, ZROZ or RFIX?

ZROZ has the higher dividend yield at 5.37%, compared with 4.69% for RFIX.

What is the main difference between ZROZ and RFIX?

ZROZ is categorized as Government Bonds, while RFIX is Nontraditional Bonds. They also come from different issuers: PIMCO and Simplify. Their fees differ too: 0.15% for ZROZ and 0.50% for RFIX.

Which has better risk-adjusted returns?

ZROZ currently has the higher Sharpe Ratio (0.11 vs -0.43), 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.