BCLO vs. PBTP
BCLO (iShares BBB-B CLO Active ETF) and PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) are both exchange-traded funds - BCLO is a CLO fund tracking the JP Morgan CLOIE High Quality Mezzanine Index, while PBTP is a Inflation-Protected Bonds fund tracking the ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y). Both are passively managed. Over the past year, BCLO returned 6.85% vs 3.50% for PBTP. At a correlation of -0.05, they often move in opposite directions. BCLO charges 0.45%/yr vs 0.07%/yr for PBTP.
Performance
BCLO vs. PBTP - Performance Comparison
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Returns By Period
In the year-to-date period, BCLO achieves a 3.08% return, which is significantly higher than PBTP's 1.39% return.
BCLO
- 1D
- 0.12%
- 1M
- 0.53%
- YTD
- 3.08%
- 6M
- 3.11%
- 1Y
- 6.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PBTP
- 1D
- -0.03%
- 1M
- -0.33%
- YTD
- 1.39%
- 6M
- 1.53%
- 1Y
- 3.50%
- 3Y*
- 4.96%
- 5Y*
- 3.23%
- 10Y*
- —
BCLO vs. PBTP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BCLO iShares BBB-B CLO Active ETF | 3.08% | 5.41% |
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 1.39% | 5.19% |
Correlation
The correlation between BCLO and PBTP is -0.15, 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 | -0.15 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | -0.05 |
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Return for Risk
BCLO vs. PBTP — Risk / Return Rank
BCLO
PBTP
BCLO vs. PBTP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares BBB-B CLO Active ETF (BCLO) and Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BCLO | PBTP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.25 | ||
| Sortino ratioReturn per unit of downside risk | +2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.91 | 1.45 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 3.59 | 4.63 | -1.04 |
| Martin ratioReturn relative to average drawdown | 13.26 | 16.62 | -3.36 |
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Drawdowns
BCLO vs. PBTP - Drawdown Comparison
The maximum BCLO drawdown since its inception was -4.45%, smaller than the maximum PBTP drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for BCLO and PBTP.
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Drawdown Indicators
| BCLO | PBTP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.45% | -5.44% | +0.99% |
Max Drawdown (1Y)Largest decline over 1 year | -1.92% | -0.76% | -1.16% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.03% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.44% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.76% | +0.76% |
Average DrawdownAverage peak-to-trough decline | -0.39% | -0.75% | +0.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 0.21% | +0.31% |
Volatility
BCLO vs. PBTP - Volatility Comparison
The current volatility for iShares BBB-B CLO Active ETF (BCLO) is 0.23%, while Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) has a volatility of 0.63%. This indicates that BCLO experiences smaller price fluctuations and is considered to be less risky than PBTP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BCLO | PBTP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.23% | 0.63% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 1.63% | 1.17% | +0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.01% | 1.62% | +0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 2.85% | +1.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.31% | 2.64% | +1.67% |
BCLO vs. PBTP - Expense Ratio Comparison
BCLO has a 0.45% expense ratio, which is higher than PBTP's 0.07% expense ratio.
Dividends
BCLO vs. PBTP - Dividend Comparison
BCLO's dividend yield for the trailing twelve months is around 6.57%, more than PBTP's 4.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BCLO iShares BBB-B CLO Active ETF | 6.57% | 6.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 4.82% | 3.82% | 2.59% | 2.36% | 5.33% | 3.12% | 1.25% | 2.12% | 2.33% | 0.73% |
Frequently Asked Questions
BCLO and PBTP have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBTP has higher volatility (0.63%) compared to BCLO (0.23%). In terms of maximum drawdown, BCLO dropped -4.45% vs PBTP's -5.44%.
On 1-year performance, BCLO leads with 6.85% vs 3.50% for PBTP. On fees, PBTP is cheaper at 0.07% per year. On volatility, BCLO has been the lower-risk option at 0.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BCLO has performed better with a 6.85% return vs 3.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBTP is cheaper with a 0.07% expense ratio, compared with 0.45% for BCLO.
BCLO has the higher dividend yield at 6.57%, compared with 4.82% for PBTP.
BCLO is categorized as CLO, while PBTP is Inflation-Protected Bonds. BCLO tracks JP Morgan CLOIE High Quality Mezzanine Index, while PBTP tracks ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y). They also come from different issuers: iShares and Invesco. Their fees differ too: 0.45% for BCLO and 0.07% for PBTP.
BCLO currently has the higher Sharpe Ratio (3.43 vs 2.18), 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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