ZROZ vs. SHV
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and SHV (iShares 0-1 Year Treasury Bond ETF) are both Government Bonds funds - ZROZ tracks the ICE BofA Long U.S. Treasury Principal STRIPS Index while SHV tracks the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 10 years, ZROZ returned -4.15%/yr vs 2.23%/yr for SHV. At a 0.11 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
ZROZ vs. SHV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZROZ achieves a -1.07% return, which is significantly lower than SHV's 1.42% return. Over the past 10 years, ZROZ has underperformed SHV with an annualized return of -4.15%, while SHV has yielded a comparatively higher 2.23% annualized 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%
SHV
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.42%
- 6M
- 1.75%
- 1Y
- 3.90%
- 3Y*
- 4.64%
- 5Y*
- 3.31%
- 10Y*
- 2.23%
ZROZ vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -1.07% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.42% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between ZROZ and SHV is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2009 | 0.11 |
The correlation between ZROZ and SHV shifts across timeframes, from 0.04 (1 year) to 0.18 (5 years), 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. SHV — Risk / Return Rank
ZROZ
SHV
ZROZ vs. SHV - 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 iShares 0-1 Year Treasury Bond ETF (SHV). 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 | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.25 | ||
| Sortino ratioReturn per unit of downside risk | -149.08 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 53.77 | -52.71 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 431.38 | -431.10 |
| Martin ratioReturn relative to average drawdown | 0.64 | 2,419.80 | -2,419.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ZROZ | SHV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.24 | 19.49 | -19.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.49 | 11.56 | -12.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.19 | 8.09 | -8.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 4.50 | -4.41 |
Drawdowns
ZROZ vs. SHV - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for ZROZ and SHV.
Loading charts...
Drawdown Indicators
| ZROZ | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -0.45% | -62.48% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | -0.01% | -14.01% |
Max Drawdown (3Y)Largest decline over 3 years | -28.62% | -0.03% | -28.59% |
Max Drawdown (5Y)Largest decline over 5 years | -57.98% | -0.40% | -57.58% |
Max Drawdown (10Y)Largest decline over 10 years | -62.93% | -0.45% | -62.48% |
Current DrawdownCurrent decline from peak | -59.93% | 0.00% | -59.93% |
Average DrawdownAverage peak-to-trough decline | -24.04% | -0.03% | -24.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.12% | 0.00% | +6.12% |
Volatility
ZROZ vs. SHV - Volatility Comparison
PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a higher volatility of 4.46% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.05%. This indicates that ZROZ's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZROZ | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.46% | 0.05% | +4.41% |
Volatility (6M)Calculated over the trailing 6-month period | 10.54% | 0.12% | +10.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.25% | 0.20% | +16.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.90% | 0.29% | +23.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.06% | 0.28% | +21.78% |
ZROZ vs. SHV - Expense Ratio Comparison
Both ZROZ and SHV have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
ZROZ vs. SHV - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.15%, more than SHV's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
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
ZROZ and SHV have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZROZ has higher volatility (4.46%) compared to SHV (0.05%). In terms of maximum drawdown, ZROZ dropped -62.93% vs SHV's -0.45%.
On 10-year performance, SHV leads with 2.23% vs -4.15% for ZROZ. Both ETFs have the same 0.15% expense ratio. On volatility, SHV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SHV has performed better with a 2.23% return vs -4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZROZ and SHV have the same expense ratio: 0.15% per year.
ZROZ has the higher dividend yield at 5.15%, compared with 3.83% for SHV.
ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: PIMCO and iShares.
SHV currently has the higher Sharpe Ratio (19.49 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.
Find the right allocation for ZROZ and SHV
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