ZROZ vs. RZV
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and RZV (Invesco S&P SmallCap 600® Pure Value ETF) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while RZV is a Small Cap Value Equities fund tracking the S&P Small Cap 600 Pure Value. Both are passively managed. Over the past 10 years, ZROZ returned -4.28%/yr vs 11.31%/yr for RZV. At a correlation of -0.24, they often move in opposite directions. ZROZ charges 0.15%/yr vs 0.35%/yr for RZV.
Performance
ZROZ vs. RZV - Performance Comparison
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Returns By Period
In the year-to-date period, ZROZ achieves a -0.11% return, which is significantly lower than RZV's 23.59% return. Over the past 10 years, ZROZ has underperformed RZV with an annualized return of -4.28%, while RZV has yielded a comparatively higher 11.31% annualized return.
ZROZ
- 1D
- -0.31%
- 1M
- 2.59%
- YTD
- -0.11%
- 6M
- -0.09%
- 1Y
- 2.42%
- 3Y*
- -6.87%
- 5Y*
- -11.89%
- 10Y*
- -4.28%
RZV
- 1D
- 1.20%
- 1M
- 9.61%
- YTD
- 23.59%
- 6M
- 20.15%
- 1Y
- 47.15%
- 3Y*
- 17.99%
- 5Y*
- 9.72%
- 10Y*
- 11.31%
ZROZ vs. RZV - 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% |
RZV Invesco S&P SmallCap 600® Pure Value ETF | 23.59% | 8.65% | 5.06% | 22.97% | -6.80% | 45.95% | -3.88% | 22.29% | -19.66% | 1.25% |
Correlation
The correlation between ZROZ and RZV 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 | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2009 | -0.24 |
The correlation between ZROZ and RZV shifts across timeframes, from -0.24 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZROZ vs. RZV — Risk / Return Rank
ZROZ
RZV
ZROZ vs. RZV - 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 Invesco S&P SmallCap 600® Pure Value ETF (RZV). 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 | RZV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.36 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | 3.59 | -3.54 |
| Martin ratioReturn relative to average drawdown | 0.10 | 11.69 | -11.59 |
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Drawdowns
ZROZ vs. RZV - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, smaller than the maximum RZV drawdown of -77.11%. Use the drawdown chart below to compare losses from any high point for ZROZ and RZV.
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Drawdown Indicators
| ZROZ | RZV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -77.11% | +14.18% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | -12.56% | -1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -28.62% | -29.81% | +1.19% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | -29.81% | -28.17% |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | -60.42% | -2.51% |
Current DrawdownCurrent decline from peak | -59.54% | 0.00% | -59.54% |
Average DrawdownAverage peak-to-trough decline | -24.10% | -13.58% | -10.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 3.85% | +2.46% |
Volatility
ZROZ vs. RZV - Volatility Comparison
The current volatility for PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) is 4.59%, while Invesco S&P SmallCap 600® Pure Value ETF (RZV) has a volatility of 5.14%. This indicates that ZROZ experiences smaller price fluctuations and is considered to be less risky than RZV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZROZ | RZV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.59% | 5.14% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 10.78% | 13.84% | -3.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.12% | 20.71% | -4.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.89% | 24.37% | -0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.06% | 27.02% | -4.96% |
ZROZ vs. RZV - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is lower than RZV's 0.35% expense ratio.
Dividends
ZROZ vs. RZV - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.10%, more than RZV's 1.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RZV Invesco S&P SmallCap 600® Pure Value ETF | 1.28% | 1.59% | 1.14% | 1.13% | 1.43% | 0.86% | 0.63% | 1.03% | 2.03% | 1.02% | 0.46% | 1.24% |
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
ZROZ and RZV 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.
RZV has higher volatility (5.14%) compared to ZROZ (4.59%). In terms of maximum drawdown, ZROZ dropped -62.93% vs RZV's -77.11%.
On 10-year performance, RZV leads with 11.31% vs -4.28% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, ZROZ has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RZV has performed better with a 11.31% return vs -4.28%. 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 0.35% for RZV.
ZROZ has the higher dividend yield at 5.10%, compared with 1.28% for RZV.
ZROZ is categorized as Government Bonds, while RZV is Small Cap Value Equities. ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while RZV tracks S&P Small Cap 600 Pure Value. They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.15% for ZROZ and 0.35% for RZV.
RZV currently has the higher Sharpe Ratio (2.18 vs 0.04), 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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