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ZROZ vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZROZ vs. USMV

Last updated Jun 7, 2026

ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, ZROZ returned -4.09%/yr vs 9.85%/yr for USMV. At a correlation of -0.09, they often move in opposite directions. Both charge a 0.15% expense ratio.

Performance

ZROZ vs. USMV - 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 iShares MSCI USA Min Vol Factor ETF (USMV). 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 -1.22% return, which is significantly lower than USMV's 1.99% return. Over the past 10 years, ZROZ has underperformed USMV with an annualized return of -4.09%, while USMV has yielded a comparatively higher 9.85% annualized return.

ZROZ

1D
-0.48%
1M
-0.57%
YTD
-1.22%
6M
-2.98%
1Y
2.41%
3Y*
-7.65%
5Y*
-11.65%
10Y*
-4.09%

USMV

1D
-1.06%
1M
1.71%
YTD
1.99%
6M
1.96%
1Y
3.62%
3Y*
11.76%
5Y*
7.31%
10Y*
9.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZROZ vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZROZ
PIMCO 25+ Year Zero Coupon US Treasury Index Fund		-1.22%-1.84%-16.18%1.19%-41.28%-5.22%24.57%21.22%-5.43%14.77%
USMV
iShares MSCI USA Min Vol Factor ETF		1.99%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%

Correlation

The correlation between ZROZ and USMV is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.22

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

0.24

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

0.15

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

0.03

Correlation (All Time)
Calculated using the full available price history since Oct 21, 2011

-0.09

The correlation between ZROZ and USMV shifts across timeframes, from -0.09 (all time) to 0.24 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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PIMCO 25+ Year Zero Coupon US Treasury Index Fund

iShares MSCI USA Min Vol Factor ETF

Often compared with ZROZ:
ZROZ vs. EDVZROZ vs. TLTZROZ vs. GOVZZROZ vs. SPYZROZ vs. CORPZROZ vs. BONDZROZ vs. IDTL.L
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. VFMVUSMV vs. ACWVUSMV vs. QUALUSMV vs. VTI

Return for Risk

ZROZ vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZROZ
ZROZ Risk / Return Rank: 99
Overall Rank
ZROZ Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
ZROZ Sortino Ratio Rank: 99
Sortino Ratio Rank
ZROZ Omega Ratio Rank: 99
Omega Ratio Rank
ZROZ Calmar Ratio Rank: 99
Calmar Ratio Rank
ZROZ Martin Ratio Rank: 99
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 1818
Overall Rank
USMV Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 1717
Sortino Ratio Rank
USMV Omega Ratio Rank: 1616
Omega Ratio Rank
USMV Calmar Ratio Rank: 1818
Calmar Ratio Rank
USMV Martin Ratio Rank: 2020
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. USMV - 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 MSCI USA Min Vol Factor ETF (USMV). 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.

ZROZUSMVDifference
Sharpe ratioReturn per unit of total volatility
0.04
0.51

-0.47

Sortino ratioReturn per unit of downside risk
0.18
0.77

-0.59

Omega ratioGain probability vs. loss probability

1.02

1.09

-0.07

Calmar ratioReturn relative to maximum drawdown

0.05

0.67

-0.63

Martin ratioReturn relative to average drawdown

0.11

2.24

-2.13

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. USMV - Sharpe Ratio Comparison

The current ZROZ Sharpe Ratio is 0.04, which is lower than the USMV Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of ZROZ and USMV, 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

ZROZUSMVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.04

0.51

-0.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.49

0.59

-1.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.19

0.68

-0.87

Sharpe Ratio (All Time)

Calculated using the full available price history

0.09

0.86

-0.77

Drawdowns

ZROZ vs. USMV - Drawdown Comparison

The maximum ZROZ drawdown since its inception was -62.93%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for ZROZ and USMV.

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Drawdown Indicators

ZROZUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-62.93%

-33.10%

-29.83%

Max Drawdown (1Y)

Largest decline over 1 year

-14.02%

-6.46%

-7.56%

Max Drawdown (3Y)

Largest decline over 3 years

-28.62%

-9.36%

-19.26%

Max Drawdown (5Y)

Largest decline over 5 years

-57.98%

-17.93%

-40.05%

Max Drawdown (10Y)

Largest decline over 10 years

-62.93%

-33.10%

-29.83%

Current Drawdown

Current decline from peak

-59.99%

-1.82%

-58.17%

Average Drawdown

Average peak-to-trough decline

-24.06%

-2.88%

-21.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.17%

1.94%

+4.23%

Volatility

ZROZ vs. USMV - Volatility Comparison

PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a higher volatility of 4.30% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.61%. This indicates that ZROZ's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZROZUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.30%

2.61%

+1.69%

Volatility (6M)

Calculated over the trailing 6-month period

10.55%

6.01%

+4.54%

Volatility (1Y)

Calculated over the trailing 1-year period

16.03%

8.57%

+7.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.88%

12.36%

+11.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.05%

14.51%

+7.54%

ZROZ vs. USMV - Expense Ratio Comparison

Both ZROZ and USMV 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. USMV - Dividend Comparison

ZROZ's dividend yield for the trailing twelve months is around 5.16%, more than USMV's 1.54% yield.

PositionTTM20252024202320222021202020192018201720162015
USMV
iShares MSCI USA Min Vol Factor ETF		1.54%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%
ZROZ
PIMCO 25+ Year Zero Coupon US Treasury Index Fund		5.16%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 USMV have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ZROZ has higher volatility (4.30%) compared to USMV (2.61%). In terms of maximum drawdown, ZROZ dropped -62.93% vs USMV's -33.10%.

On 10-year performance, USMV leads with 9.85% vs -4.09% for ZROZ. Both ETFs have the same 0.15% expense ratio. On volatility, USMV has been the lower-risk option at 2.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USMV has performed better with a 9.85% return vs -4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ZROZ and USMV have the same expense ratio: 0.15% per year.

ZROZ has the higher dividend yield at 5.16%, compared with 1.54% for USMV.

ZROZ is categorized as Government Bonds, while USMV is Large Cap Blend Equities. ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: PIMCO and iShares.

USMV currently has the higher Sharpe Ratio (0.51 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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