FOVL vs. PBTP

Last updated Aug 6, 2026

FOVL (iShares Focused Value Factor ETF) and PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) are both exchange-traded funds - FOVL is a Mid Cap Value Equities fund tracking the MSCI USA IMI Focused Value Factor 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. Their 0.09 correlation means their historical movements had little consistent relationship. FOVL charges 0.25%/yr vs 0.07%/yr for PBTP.

Performance

FOVL vs. PBTP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Focused Value Factor ETF (FOVL) and Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FOVL

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

PBTP

• 1D: 0.00%
• 1M: -0.02%
• 6M: 1.41%
• YTD: 1.84%
• 1Y: 2.95%
• 3Y*: 4.97%
• 5Y*: 3.07%
• 10Y*: —
• ALL TIME*: 3.32%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	$1.87M	$1.40M	$1.33M

FOVL vs. PBTP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FOVL iShares Focused Value Factor ETF	0.00%	6.43%	22.87%	17.72%	-9.39%	40.14%	-13.20%	7.00%
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	1.84%	5.98%	4.72%	4.53%	-3.02%	5.51%	4.89%	3.10%

Correlation

The correlation between FOVL and PBTP is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.16
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019	0.09

The correlation between FOVL and PBTP shifts across timeframes, from -0.16 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FOVL vs. PBTP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FOVL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PBTP

PBTP Risk / Return Rank: 81
PBTP Sharpe Ratio Rank: 75
PBTP Sortino Ratio Rank: 79
PBTP Omega Ratio Rank: 83
PBTP Calmar Ratio Rank: 88
PBTP Martin Ratio Rank: 81

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FOVL vs. PBTP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Focused Value Factor ETF (FOVL) 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.

	FOVL	PBTP	Difference
Sharpe ratio: Return per unit of total volatility	—	1.93	—
Sortino ratio: Return per unit of downside risk	—	2.88	—
Omega ratio: Gain probability vs. loss probability	—	1.39	—
Calmar ratio: Return relative to maximum drawdown	—	3.89	—
Martin ratio: Return relative to average drawdown	—	11.92	—

Drawdowns

Drawdown Indicators

	FOVL	PBTP	Difference
Max Drawdown Largest peak-to-trough decline	—	-5.44%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.76%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-5.44%	—
Current Drawdown Current decline from peak	—	-0.32%	—
Average Drawdown Average peak-to-trough decline	—	-0.74%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.25%	—

Volatility

Volatility by Period

	FOVL	PBTP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.16%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.54%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	2.84%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	2.63%	—

FOVL vs. PBTP - Expense Ratio Comparison

FOVL has a 0.25% expense ratio, which is higher than PBTP's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FOVL vs. PBTP - Dividend Comparison

FOVL has not paid dividends to shareholders, while PBTP's dividend yield for the trailing twelve months is around 4.80%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FOVL iShares Focused Value Factor ETF	0.00%	1.36%	2.08%	2.59%	3.38%	2.80%	2.88%	2.09%	0.00%	0.00%
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	4.80%	3.82%	2.59%	2.36%	5.33%	3.12%	1.25%	2.12%	2.33%	0.73%

Frequently Asked Questions

Can I hold both FOVL and PBTP in my portfolio?

FOVL and PBTP have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FOVL or PBTP?

On fees, PBTP is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FOVL or PBTP?

PBTP is cheaper with a 0.07% expense ratio, compared with 0.25% for FOVL.

Which ETF pays a higher dividend yield, FOVL or PBTP?

PBTP has the higher dividend yield at 4.80%, compared with 0.00% for FOVL.

What is the main difference between FOVL and PBTP?

FOVL is categorized as Mid Cap Value Equities, while PBTP is Inflation-Protected Bonds. FOVL tracks MSCI USA IMI Focused Value Factor 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: 0.25% for FOVL and 0.07% for PBTP.