ZROZ vs SPY

Comparison between PIMCO 25+ YEAR ZERO COUPON U.S. TREASURY INDEX EXCHANGE-TRADED FUND (ZROZ, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed ZROZ, delivering a return of +13.3% compared to -11.4%

ZROZ vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	ZROZ(ETF)	SPY(ETF)
Net Assets	$1.40B	$652B
Expense Ratio	0.15%	0.09%
Max Drawdown	67.48%	56.47%
Sharpe Ratio	-0.21	2.07
5Y Beta	0.11	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	3.66%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

ZROZ

$1.40B

Winner

SPY

$652B

Expense Ratio

ZROZ

0.15%

Winner

SPY

0.09%

Max Drawdown

ZROZ

67.48%

Winner

SPY

56.47%

Sharpe Ratio

ZROZ

-0.21

Winner

SPY

2.07

5Y Beta

Winner

ZROZ

0.11

SPY

1.00

P/E Ratio

ZROZ

N/A

SPY

28.24

Forward P/E

ZROZ

N/A

SPY

21.85

5Y Dividends CAGR

ZROZ

3.66%

Winner

SPY

5.43%

5Y EPS CAGR

ZROZ

N/A

SPY

25.79%

Debt to Equity

ZROZ

N/A

SPY

22.35%

P/S Ratio

ZROZ

N/A

SPY

3.55

P/B Ratio

ZROZ

N/A

SPY

5.29

ZROZ vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	ZROZ	SPY
1 month	-1.33%	+9.11%
3 months	-0.95%	+6.59%
6 months	-4.75%	+10.56%
1 year	+0.27%	+32.04%
5 years(CAGR)	-11.36%	+13.35%
10 years(CAGR)	-3.79%	+15.49%
Max(CAGR)	+2.14%	+8.50%

ZROZ

-1.33%

Winner

SPY

+9.11%

ZROZ

-0.95%

Winner

SPY

+6.59%

ZROZ

-4.75%

Winner

SPY

+10.56%

ZROZ

+0.27%

Winner

SPY

+32.04%

5Y(CAGR)

ZROZ

-11.36%

Winner

SPY

+13.35%

10Y(CAGR)

ZROZ

-3.79%

Winner

SPY

+15.49%

Max(CAGR)

ZROZ

+2.14%

Winner

SPY

+8.50%

ZROZ vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	ZROZ	SPY
2026	-0.16%	+8.27%
2025	-1.87%	+18.00%
2024	-15.03%	+25.59%
2023	-1.52%	+26.72%
2022	-39.26%	-18.64%
2021	-4.79%	+30.52%
2020	+22.56%	+17.28%
2019	+20.05%	+31.09%
2018	-3.51%	-5.24%
2017	+13.87%	+20.78%
2016	-0.31%	+13.59%
2015	-7.39%	+1.31%
2014	+48.29%	+14.56%
2013	-19.11%	+29.00%
2012	+3.51%	+14.17%
2011	+61.75%	+0.85%
2010	+9.96%	+13.14%
2009	-6.29%	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

ZROZ vs SPY Drawdown Comparison

The maximum drawdown for ZROZ was -62.94%, occurring on Oct 19, 2023. This drawdown has not yet recovered.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current ZROZ drawdown is -59.76%.

Rank	ZROZ	SPY
#1	-62.94% Mar 9, 2020 - Oct 19, 2023	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-32.29% Jul 25, 2012 - Dec 11, 2014	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-28.88% Aug 26, 2010 - Aug 10, 2011	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-25.82% Jan 30, 2015 - Jun 27, 2016	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-25.21% Jul 8, 2016 - Aug 2, 2019	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-18.35% Oct 3, 2011 - Dec 19, 2011	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-17.49% Dec 19, 2011 - May 17, 2012	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-15.67% Nov 27, 2009 - May 6, 2010	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-12.23% Aug 28, 2019 - Feb 20, 2020	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-9.10% Aug 10, 2011 - Aug 18, 2011	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-8.29% May 6, 2010 - May 20, 2010	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-7.85% Sep 22, 2011 - Oct 3, 2011	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-7.18% Aug 19, 2011 - Sep 2, 2011	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-7.09% Jun 1, 2012 - Jul 20, 2012	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-6.88% Jul 1, 2010 - Aug 16, 2010	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between ZROZ and SPY is 0.14 which considered as a very weak or no correlation - the stocks move independently of each other.

0.14

-101

Dividend Comparison (1999 - 2026)

ZROZ vs SPY dividend yield comparison.

Year	ZROZ	SPY
2026	1.30%	0.24%
2025	4.96%	1.07%
2024	4.58%	1.21%
2023	3.52%	1.40%
2022	2.76%	1.65%
2021	1.60%	1.20%
2020	1.68%	1.52%
2019	2.22%	1.75%
2018	2.06%	2.04%
2017	2.53%	1.80%
2016	3.00%	2.03%
2015	2.98%	2.06%
2014	2.60%	1.87%
2013	4.28%	1.81%
2012	3.16%	2.18%
2011	2.99%	2.05%
2010	4.55%	1.80%
2009	0.74%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%