ZROZ vs. SPTB
ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and SPTB (State Street SPDR Portfolio Treasury ETF) are both Government Bonds funds - ZROZ tracks the ICE BofA Long U.S. Treasury Principal STRIPS Index while SPTB tracks the Bloomberg U.S. Treasury Index. Both are passively managed. Over the past year, ZROZ returned 3.89% vs 3.87% for SPTB. Their correlation of 0.88 suggests significant overlap in exposure. ZROZ charges 0.15%/yr vs 0.03%/yr for SPTB.
Performance
ZROZ vs. SPTB - Performance Comparison
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Returns By Period
In the year-to-date period, ZROZ achieves a -1.07% return, which is significantly lower than SPTB's -0.07% 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%
SPTB
- 1D
- -0.22%
- 1M
- 0.08%
- YTD
- -0.07%
- 6M
- -0.37%
- 1Y
- 3.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZROZ vs. SPTB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -1.07% | -1.84% | -5.16% |
SPTB State Street SPDR Portfolio Treasury ETF | -0.07% | 6.14% | 2.17% |
Correlation
The correlation between ZROZ and SPTB is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since May 22, 2024 | 0.88 |
The correlation between ZROZ and SPTB has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.
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Return for Risk
ZROZ vs. SPTB — Risk / Return Rank
ZROZ
SPTB
ZROZ vs. SPTB - 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 State Street SPDR Portfolio Treasury ETF (SPTB). 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 | SPTB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.19 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 1.34 | -1.06 |
| Martin ratioReturn relative to average drawdown | 0.64 | 3.98 | -3.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZROZ | SPTB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.24 | 1.07 | -0.83 |
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 | 0.92 | -0.83 |
Drawdowns
ZROZ vs. SPTB - Drawdown Comparison
The maximum ZROZ drawdown since its inception was -62.93%, which is greater than SPTB's maximum drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for ZROZ and SPTB.
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Drawdown Indicators
| ZROZ | SPTB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.93% | -4.96% | -57.97% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | -2.90% | -11.12% |
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 DrawdownCurrent decline from peak | -59.93% | -1.94% | -57.99% |
Average DrawdownAverage peak-to-trough decline | -24.04% | -1.32% | -22.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.12% | 0.98% | +5.14% |
Volatility
ZROZ vs. SPTB - Volatility Comparison
PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a higher volatility of 4.46% compared to State Street SPDR Portfolio Treasury ETF (SPTB) at 1.11%. This indicates that ZROZ's price experiences larger fluctuations and is considered to be riskier than SPTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZROZ | SPTB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.46% | 1.11% | +3.35% |
Volatility (6M)Calculated over the trailing 6-month period | 10.54% | 2.47% | +8.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.25% | 3.64% | +12.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.90% | 4.42% | +19.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.06% | 4.42% | +17.64% |
ZROZ vs. SPTB - Expense Ratio Comparison
ZROZ has a 0.15% expense ratio, which is higher than SPTB's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZROZ vs. SPTB - Dividend Comparison
ZROZ's dividend yield for the trailing twelve months is around 5.15%, more than SPTB's 4.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTB State Street SPDR Portfolio Treasury ETF | 4.20% | 4.23% | 2.76% | 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
ZROZ and SPTB have a correlation of 0.86, 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 SPTB (1.11%). In terms of maximum drawdown, ZROZ dropped -62.93% vs SPTB's -4.96%.
On 1-year performance, ZROZ leads with 3.89% vs 3.87% for SPTB. On fees, SPTB is cheaper at 0.03% per year. On volatility, SPTB has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZROZ has performed better with a 3.89% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTB is cheaper with a 0.03% expense ratio, compared with 0.15% for ZROZ.
ZROZ has the higher dividend yield at 5.15%, compared with 4.20% for SPTB.
ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while SPTB tracks Bloomberg U.S. Treasury Index. They also come from different issuers: PIMCO and State Street. Their fees differ too: 0.15% for ZROZ and 0.03% for SPTB.
SPTB currently has the higher Sharpe Ratio (1.07 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.
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