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ZROZ vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZROZ vs. UGA

Last updated Jun 4, 2026

ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, ZROZ returned -4.15%/yr vs 14.43%/yr for UGA. At a correlation of -0.18, they often move in opposite directions. ZROZ charges 0.15%/yr vs 0.75%/yr for UGA.

Performance

ZROZ vs. UGA - 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 United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZROZ achieves a -1.07% return, which is significantly lower than UGA's 75.49% return. Over the past 10 years, ZROZ has underperformed UGA with an annualized return of -4.15%, while UGA has yielded a comparatively higher 14.43% 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%

UGA

1D
-0.19%
1M
-12.35%
YTD
75.49%
6M
64.35%
1Y
80.94%
3Y*
22.21%
5Y*
25.10%
10Y*
14.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZROZ vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
UGA
United States Gasoline Fund LP		75.49%-2.00%3.77%1.27%46.34%68.49%-24.88%41.25%-28.07%1.69%

Correlation

The correlation between ZROZ and UGA is -0.35, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.35

Correlation (3Y)
Calculated over the trailing 3-year period

-0.18

Correlation (5Y)
Calculated over the trailing 5-year period

-0.16

Correlation (10Y)
Calculated over the trailing 10-year period

-0.16

Correlation (All Time)
Calculated using the full available price history since Nov 5, 2009

-0.18

The correlation between ZROZ and UGA shifts across timeframes, from -0.35 (1 year) to -0.16 (5 years), reflecting how their relationship changes across market environments.

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PIMCO 25+ Year Zero Coupon US Treasury Index Fund

United States Gasoline Fund LP

Often compared with ZROZ:
ZROZ vs. EDVZROZ vs. TLTZROZ vs. GOVZZROZ vs. SPYZROZ vs. CORPZROZ vs. BONDZROZ vs. IDTL.L
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

ZROZ vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZROZ
ZROZ Risk / Return Rank: 1212
Overall Rank
ZROZ Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
ZROZ Sortino Ratio Rank: 1212
Sortino Ratio Rank
ZROZ Omega Ratio Rank: 1111
Omega Ratio Rank
ZROZ Calmar Ratio Rank: 1212
Calmar Ratio Rank
ZROZ Martin Ratio Rank: 1212
Martin Ratio Rank
UGA
UGA Risk / Return Rank: 6969
Overall Rank
UGA Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5757
Sortino Ratio Rank
UGA Omega Ratio Rank: 6060
Omega Ratio Rank
UGA Calmar Ratio Rank: 8989
Calmar Ratio Rank
UGA Martin Ratio Rank: 7171
Martin Ratio Rank
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. UGA - 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 United States Gasoline Fund LP (UGA). 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.

ZROZUGADifference
Sharpe ratioReturn per unit of total volatility
0.24
2.32

-2.07

Sortino ratioReturn per unit of downside risk
0.47
2.75

-2.29

Omega ratioGain probability vs. loss probability

1.05

1.37

-0.32

Calmar ratioReturn relative to maximum drawdown

0.28

5.47

-5.19

Martin ratioReturn relative to average drawdown

0.64

13.25

-12.61

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. UGA - Sharpe Ratio Comparison

The current ZROZ Sharpe Ratio is 0.24, which is lower than the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of ZROZ and UGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ZROZUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.24

2.32

-2.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.49

0.73

-1.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.19

0.39

-0.58

Sharpe Ratio (All Time)

Calculated using the full available price history

0.09

0.12

-0.03

Drawdowns

ZROZ vs. UGA - Drawdown Comparison

The maximum ZROZ drawdown since its inception was -62.93%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for ZROZ and UGA.

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Drawdown Indicators

ZROZUGADifference

Max Drawdown

Largest peak-to-trough decline

-62.93%

-86.59%

+23.66%

Max Drawdown (1Y)

Largest decline over 1 year

-14.02%

-14.88%

+0.86%

Max Drawdown (3Y)

Largest decline over 3 years

-28.62%

-26.68%

-1.94%

Max Drawdown (5Y)

Largest decline over 5 years

-57.98%

-38.11%

-19.87%

Max Drawdown (10Y)

Largest decline over 10 years

-62.93%

-75.89%

+12.96%

Current Drawdown

Current decline from peak

-59.93%

-12.35%

-47.58%

Average Drawdown

Average peak-to-trough decline

-24.04%

-36.76%

+12.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.12%

6.13%

-0.01%

Volatility

ZROZ vs. UGA - Volatility Comparison

The current volatility for PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) is 4.46%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that ZROZ experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZROZUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.46%

11.66%

-7.20%

Volatility (6M)

Calculated over the trailing 6-month period

10.54%

30.41%

-19.87%

Volatility (1Y)

Calculated over the trailing 1-year period

16.25%

35.14%

-18.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.90%

34.38%

-10.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.06%

37.27%

-15.21%

ZROZ vs. UGA - Expense Ratio Comparison

ZROZ has a 0.15% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

ZROZ vs. UGA - Dividend Comparison

ZROZ's dividend yield for the trailing twelve months is around 5.15%, while UGA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
UGA
United States Gasoline Fund LP		0.00%0.00%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

ZROZ and UGA have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGA has higher volatility (11.66%) compared to ZROZ (4.46%). In terms of maximum drawdown, ZROZ dropped -62.93% vs UGA's -86.59%.

On 10-year performance, UGA leads with 14.43% vs -4.15% 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.

Over the 10-year period, UGA has performed better with a 14.43% return vs -4.15%. 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 0.75% for UGA.

ZROZ has the higher dividend yield at 5.15%, compared with 0.00% for UGA.

ZROZ is categorized as Government Bonds, while UGA is Oil & Gas. ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: PIMCO and Concierge Technologies. Their fees differ too: 0.15% for ZROZ and 0.75% for UGA.

UGA currently has the higher Sharpe Ratio (2.32 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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