PIMCO 25+ Year Zero Coupon U.S. Treasury… (ZROZ) Performance
ZROZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −6.0% since Dec 31, 2025
- 1 year
- −12.7% total return
- 5 years
- −13.5% a year
- 10 years
- −4.7% a year
- Since first price
- +1.8% a year since 2009
ZROZ trailing returns vs AGG, TLT, SPY
| Period | ZROZ total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +2.2% | +1.1% | +0.9% | +1.5% | −1.0% |
| 3 months | −1.6% | −2.6% | −0.4% | −1.0% | +3.2% |
| 6 months | −5.8% | −7.9% | −1.5% | −3.8% | +7.8% |
| YTD | −6.0% | −9.3% | −1.0% | −3.4% | +12.3% |
| 1 year | −12.7% | −16.9% | −1.1% | −6.9% | +14.4% |
| 3 years | +0.5%+0.2%/yr | −12.1% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | −51.7%−13.5%/yr | −60.0% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | −38.5%−4.7%/yr | −54.7% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | −7.4%−0.5%/yr | −41.1% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionNov 4, 2009 | +34.6%+1.8%/yr | −21.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: ZROZ vs AGG
From Nov 4, 2009: ZROZ grew to $13,455, AGG to $14,882.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ZROZ returns by calendar year
9 of 16 full years positive. Best 2011 (+60.4%), worst 2022 (−41.3%). 2026 is year to date.
ZROZ annual returns table
| Year | ZROZ | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −6.0% | −20.0% | −1.0% | −3.4% | +12.3% |
| 2025 | −1.8% | −15.9% | +7.2% | +4.3% | +17.7% |
| 2024 | −16.1% | −19.5% | +1.3% | −8.1% | +24.9% |
| 2023 | +1.2% | −32.5% | +5.7% | +2.8% | +26.2% |
| 2022 | −41.3% | −46.1% | −13.0% | −31.2% | −18.2% |
| 2021 | −5.2% | −20.2% | −1.8% | −4.6% | +28.7% |
| 2020 | +24.6% | −21.2% | +7.5% | +18.2% | +18.3% |
| 2019 | +21.2% | −12.2% | +8.5% | +14.1% | +31.2% |
| 2018 | −4.6% | −14.5% | +0.1% | −1.6% | −4.6% |
| 2017 | +14.8% | −7.1% | +3.6% | +9.2% | +21.7% |
| 2016 | +2.1% | −25.2% | +2.4% | +1.2% | +12.0% |
| 2015 | −6.1% | −25.8% | +0.5% | −1.8% | +1.2% |
| 2014 | +47.7% | −8.2% | +6.0% | +27.3% | +13.5% |
| 2013 | −20.9% | −26.1% | −2.0% | −13.4% | +32.3% |
| 2012 | +1.0% | −16.4% | +3.8% | +2.6% | +16.0% |
| 2011 | +60.4% | −18.3% | +7.7% | +34.0% | +1.9% |
| 2010 | +9.9% | −25.5% | +6.4% | +9.0% | +15.1% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
ZROZ largest drawdowns
Now 61.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 9, 2020 | −65.5% | Oct 7, 2026 | not yet | 6.6 years | 6.6 years so far |
| Jul 25, 2012 | −32.3% | Aug 21, 2013 | Dec 12, 2014 | 1.1 years | 2.4 years |
| Aug 26, 2010 | −28.9% | Feb 10, 2011 | Aug 10, 2011 | 6 months | 11 months |
| Jan 30, 2015 | −25.8% | Jun 26, 2015 | Jun 27, 2016 | 5 months | 1.4 years |
| Jul 8, 2016 | −25.2% | Dec 14, 2016 | Aug 1, 2019 | 5 months | 3.1 years |
| Oct 3, 2011 | −18.3% | Oct 27, 2011 | Dec 19, 2011 | 24 days | 3 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
ZROZ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2009 |
|---|---|---|---|---|
| Annualized return | −5.4% | −15.0% | −6.0% | +1.0% |
| Volatility (annualized) | 21.6% | 21.9% | 20.5% | 21.7% |
| Sharpe ratio | -0.35 | -0.79 | -0.31 | 0.09 |
| Sortino ratio | -0.49 | -0.98 | -0.43 | 0.14 |
| Best month | +16.0% | +16.0% | +17.6% | +26.0% |
| Worst month | −10.3% | −13.4% | −13.4% | −13.4% |
| Best 12 months | +20.1% | +20.1% | +58.5% | +71.4% |
| Worst 12 months | −17.6% | −44.2% | −44.2% | −44.2% |
| Positive months | 47% | 42% | 48% | 49% |
| Beta vs S&P 500 | 0.85 | 0.74 | 0.24 | — |
| Correlation with S&P 500 | 0.49 | 0.53 | 0.18 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
ZROZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 192 | −44.2% | +0.6% | +71.4% | 52% |
| 3-year (a year) | 168 | −24.3% | +4.0% | +21.2% | 64% |
| 5-year (a year) | 144 | −16.4% | +4.2% | +18.8% | 65% |
| 10-year (a year) | 84 | −6.0% | +1.2% | +13.6% | 62% |
Every holding period starting at a month-end since 2009. Returns for 3 years and longer are annualized.
ZROZ performance overview
PIMCO 25+ Year Zero Coupon U.S. Treasury… (ZROZ) returned −12.7% over the past year and −4.7% a year over ten years, with distributions reinvested. Since its first recorded price in 2009 it has returned +1.8% a year, turning $10,000 into about $13,455. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −65.5%, from Mar 9, 2020 to Oct 7, 2026; the fund has not yet regained that high. ZROZ finished 9 of its 16 full calendar years with a gain; the best year was 2011 (+60.4%) and the worst 2022 (−41.3%). Volatility has been 21.7% a year.
Related: ZROZ chart, ZROZ dividends, ZROZ bond profile. See the ZROZ overview for the latest quote and fund facts.
ZROZ performance FAQ
What is the ZROZ return over the past year?
ZROZ returned −12.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 16.9%.
What is the average annual return of ZROZ?
ZROZ has returned −13.5% a year over 5 years, −4.7% a year over 10 years, +1.8% a year since November 4, 2009 (total return, distributions reinvested).
How much would $10,000 invested in ZROZ be worth?
$10,000 invested in ZROZ at its first recorded close on November 4, 2009 would be worth about $13,455 on October 23, 2026 with distributions reinvested.
What was the worst year for ZROZ?
The worst calendar year was 2022, with a total return of −41.3%. The best was 2011 at +60.4%.
What is the biggest drawdown of ZROZ?
The largest peak-to-trough decline was −65.5% between March 9, 2020 and October 7, 2026. It has not yet recovered to that high; it is 61.9% below its peak.
How volatile is ZROZ?
Over the past 3 years ZROZ had an annualized volatility of 21.6% and a Sharpe ratio of -0.35 (excess return over 1–3 month T-bills per unit of risk).