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^FVX vs. TIP
Performance
Return for Risk
Drawdowns
Volatility

^FVX vs. TIP

Last updated Jun 4, 2026

^FVX (Treasury Yield 5 Years) is an index, while TIP (iShares TIPS Bond ETF) is Inflation-Protected Bonds fund tracking the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). Over the past 10 years, ^FVX returned 12.99%/yr vs 2.57%/yr for TIP. At a correlation of -0.68, they often move in opposite directions.

Performance

^FVX vs. TIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Treasury Yield 5 Years (^FVX) and iShares TIPS Bond ETF (TIP). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ^FVX achieves a 12.22% return, which is significantly higher than TIP's 1.54% return. Over the past 10 years, ^FVX has outperformed TIP with an annualized return of 12.99%, while TIP has yielded a comparatively lower 2.57% annualized return.

^FVX

1D
-0.22%
1M
2.05%
YTD
12.22%
6M
15.26%
1Y
3.70%
3Y*
2.83%
5Y*
37.66%
10Y*
12.99%

TIP

1D
-0.18%
1M
-0.09%
YTD
1.54%
6M
1.06%
1Y
4.96%
3Y*
3.88%
5Y*
0.97%
10Y*
2.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

^FVX vs. TIP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
^FVX
Treasury Yield 5 Years		12.22%-15.02%14.06%-4.00%216.71%249.86%-78.68%-32.55%13.78%14.06%
TIP
iShares TIPS Bond ETF		1.54%6.77%1.65%3.80%-12.26%5.68%10.84%8.35%-1.42%2.92%

Correlation

The correlation between ^FVX and TIP is -0.78, 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

-0.78

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

-0.82

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

-0.71

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

-0.67

Correlation (All Time)
Calculated using the full available price history since Dec 8, 2003

-0.68

The correlation between ^FVX and TIP shifts across timeframes, from -0.82 (3 years) to -0.67 (10 years), reflecting how their relationship changes across market environments.

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Treasury Yield 5 Years

iShares TIPS Bond ETF

Often compared with ^FVX:
^FVX vs. ^TNX^FVX vs. UVIX^FVX vs. OIL.NS^FVX vs. VOO^FVX vs. ES=F^FVX vs. SPY^FVX vs. VCSH
Often compared with TIP:
TIP vs. SCHPTIP vs. VTIPTIP vs. SGOVTIP vs. STIPTIP vs. FIPDXTIP vs. BNDTIP vs. IEF

Return for Risk

^FVX vs. TIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
^FVX
^FVX Risk / Return Rank: 1919
Overall Rank
^FVX Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
^FVX Sortino Ratio Rank: 1818
Sortino Ratio Rank
^FVX Omega Ratio Rank: 1818
Omega Ratio Rank
^FVX Calmar Ratio Rank: 2020
Calmar Ratio Rank
^FVX Martin Ratio Rank: 1818
Martin Ratio Rank
TIP
TIP Risk / Return Rank: 4444
Overall Rank
TIP Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
TIP Sortino Ratio Rank: 4444
Sortino Ratio Rank
TIP Omega Ratio Rank: 3939
Omega Ratio Rank
TIP Calmar Ratio Rank: 5050
Calmar Ratio Rank
TIP Martin Ratio Rank: 4545
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.

^FVX vs. TIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Treasury Yield 5 Years (^FVX) and iShares TIPS Bond ETF (TIP). 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.

^FVXTIPDifference
Sharpe ratioReturn per unit of total volatility
0.21
1.46

-1.25

Sortino ratioReturn per unit of downside risk
0.43
2.24

-1.81

Omega ratioGain probability vs. loss probability

1.05

1.26

-0.21

Calmar ratioReturn relative to maximum drawdown

0.27

2.52

-2.25

Martin ratioReturn relative to average drawdown

0.47

7.57

-7.10

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^FVX vs. TIP - Sharpe Ratio Comparison

The current ^FVX Sharpe Ratio is 0.21, which is lower than the TIP Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of ^FVX and TIP, 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

^FVXTIPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.21

1.46

-1.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.98

0.16

+0.82

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.22

0.45

-0.23

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.01

0.57

-0.58

Drawdowns

^FVX vs. TIP - Drawdown Comparison

The maximum ^FVX drawdown since its inception was -97.53%, which is greater than TIP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for ^FVX and TIP.

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Drawdown Indicators

^FVXTIPDifference

Max Drawdown

Largest peak-to-trough decline

-97.53%

-14.57%

-82.96%

Max Drawdown (1Y)

Largest decline over 1 year

-14.88%

-1.98%

-12.90%

Max Drawdown (3Y)

Largest decline over 3 years

-31.36%

-4.54%

-26.82%

Max Drawdown (5Y)

Largest decline over 5 years

-31.36%

-14.51%

-16.85%

Max Drawdown (10Y)

Largest decline over 10 years

-93.69%

-14.51%

-79.18%

Current Drawdown

Current decline from peak

-47.10%

-0.32%

-46.78%

Average Drawdown

Average peak-to-trough decline

-56.54%

-3.43%

-53.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.52%

0.66%

+7.86%

Volatility

^FVX vs. TIP - Volatility Comparison

Treasury Yield 5 Years (^FVX) has a higher volatility of 5.99% compared to iShares TIPS Bond ETF (TIP) at 0.89%. This indicates that ^FVX's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

^FVXTIPDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.99%

0.89%

+5.10%

Volatility (6M)

Calculated over the trailing 6-month period

13.21%

2.29%

+10.92%

Volatility (1Y)

Calculated over the trailing 1-year period

18.75%

3.41%

+15.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.75%

6.21%

+32.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

58.61%

5.74%

+52.87%

Frequently Asked Questions

^FVX and TIP have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

^FVX has higher volatility (5.99%) compared to TIP (0.89%). In terms of maximum drawdown, ^FVX dropped -97.53% vs TIP's -14.57%.

TIP currently has the higher Sharpe Ratio (1.46 vs 0.21), 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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