ZROZ vs. RVER

Last updated Jun 4, 2026

ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and RVER (Trenchless Fund ETF) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while RVER is a Large Cap Blend Equities fund actively managed by River1. ZROZ is passively managed, while RVER is actively managed. Over the past year, ZROZ returned 3.89% vs 24.60% for RVER. At a 0.10 correlation, their price movements are largely independent. ZROZ charges 0.15%/yr vs 0.65%/yr for RVER.

Performance

ZROZ vs. RVER - 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 Trenchless Fund ETF (RVER). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZROZ achieves a -1.07% return, which is significantly lower than RVER's 18.77% return.

ZROZ

• 1D: -0.48%
• 1M: 1.55%
• YTD: -1.07%
• 6M: -4.36%
• 1Y: 3.89%
• 3Y*: -7.39%
• 5Y*: -11.62%
• 10Y*: -4.15%

RVER

• 1D: -2.38%
• 1M: 22.28%
• YTD: 18.77%
• 6M: 15.82%
• 1Y: 24.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZROZ vs. RVER - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund	-1.07%	-1.84%	-5.87%
RVER Trenchless Fund ETF	18.77%	5.68%	17.75%

Correlation

The correlation between ZROZ and RVER is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Apr 4, 2024	0.10

Return for Risk

ZROZ vs. RVER — Risk / Return Rank

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

ZROZ

ZROZ Risk / Return Rank: 12
ZROZ Sharpe Ratio Rank: 12
ZROZ Sortino Ratio Rank: 12
ZROZ Omega Ratio Rank: 11
ZROZ Calmar Ratio Rank: 12
ZROZ Martin Ratio Rank: 12

RVER

RVER Risk / Return Rank: 28
RVER Sharpe Ratio Rank: 31
RVER Sortino Ratio Rank: 31
RVER Omega Ratio Rank: 29
RVER Calmar Ratio Rank: 25
RVER Martin Ratio Rank: 25

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. RVER - 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 Trenchless Fund ETF (RVER). 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.

	ZROZ	RVER	Difference
Sharpe ratio: Return per unit of total volatility	0.24	1.09	-0.85
Sortino ratio: Return per unit of downside risk	0.47	1.64	-1.17
Omega ratio: Gain probability vs. loss probability	1.05	1.20	-0.15
Calmar ratio: Return relative to maximum drawdown	0.28	1.14	-0.86
Martin ratio: Return relative to average drawdown	0.64	3.13	-2.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZROZ vs. RVER - Sharpe Ratio Comparison

The current ZROZ Sharpe Ratio is 0.24, which is lower than the RVER Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of ZROZ and RVER, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZROZ	RVER	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.24	1.09	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.49	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.75	-0.66

Drawdowns

ZROZ vs. RVER - Drawdown Comparison

The maximum ZROZ drawdown since its inception was -62.93%, which is greater than RVER's maximum drawdown of -26.21%. Use the drawdown chart below to compare losses from any high point for ZROZ and RVER.

Drawdown Indicators

	ZROZ	RVER	Difference
Max Drawdown Largest peak-to-trough decline	-62.93%	-26.21%	-36.72%
Max Drawdown (1Y) Largest decline over 1 year	-14.02%	-21.61%	+7.59%
Max Drawdown (3Y) Largest decline over 3 years	-28.62%	—	—
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	-59.93%	-2.38%	-57.55%
Average Drawdown Average peak-to-trough decline	-24.04%	-5.95%	-18.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.12%	7.88%	-1.76%

Volatility

ZROZ vs. RVER - Volatility Comparison

The current volatility for PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) is 4.46%, while Trenchless Fund ETF (RVER) has a volatility of 8.42%. This indicates that ZROZ experiences smaller price fluctuations and is considered to be less risky than RVER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZROZ	RVER	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	8.42%	-3.96%
Volatility (6M) Calculated over the trailing 6-month period	10.54%	18.39%	-7.85%
Volatility (1Y) Calculated over the trailing 1-year period	16.25%	22.60%	-6.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.90%	26.40%	-2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.06%	26.40%	-4.34%

ZROZ vs. RVER - Expense Ratio Comparison

ZROZ has a 0.15% expense ratio, which is lower than RVER's 0.65% expense ratio.

Dividends

ZROZ vs. RVER - Dividend Comparison

ZROZ's dividend yield for the trailing twelve months is around 5.15%, more than RVER's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RVER Trenchless Fund ETF	1.44%	1.71%	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	5.15%	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 RVER in my portfolio?

ZROZ and RVER have a correlation of 0.18, 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 RVER?

RVER has higher volatility (8.42%) compared to ZROZ (4.46%). In terms of maximum drawdown, ZROZ dropped -62.93% vs RVER's -26.21%.

Which ETF is better, ZROZ or RVER?

On 1-year performance, RVER leads with 24.60% vs 3.89% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, ZROZ has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZROZ or RVER?

Over the 1-year period, RVER has performed better with a 24.60% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZROZ or RVER?

ZROZ is cheaper with a 0.15% expense ratio, compared with 0.65% for RVER.

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

ZROZ has the higher dividend yield at 5.15%, compared with 1.44% for RVER.

What is the main difference between ZROZ and RVER?

ZROZ is categorized as Government Bonds, while RVER is Large Cap Blend Equities. They also come from different issuers: PIMCO and River1. Their fees differ too: 0.15% for ZROZ and 0.65% for RVER.

Which has better risk-adjusted returns?

RVER currently has the higher Sharpe Ratio (1.09 vs 0.24), 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.