GBF vs. PIFI
GBF (iShares Government/Credit Bond ETF) and PIFI (ClearShares Piton Intermediate Fixed Income ETF) are both Intermediate Core Bond funds. GBF is passively managed, while PIFI is actively managed. Over the past 5 years, GBF returned -0.19%/yr vs 1.07%/yr for PIFI. Their correlation of 0.92 suggests significant overlap in exposure. GBF charges 0.20%/yr vs 0.45%/yr for PIFI.
Performance
GBF vs. PIFI - Performance Comparison
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Returns By Period
In the year-to-date period, GBF achieves a 0.35% return, which is significantly higher than PIFI's 0.10% return.
GBF
- 1D
- 0.13%
- 1M
- 0.21%
- YTD
- 0.35%
- 6M
- 0.18%
- 1Y
- 4.02%
- 3Y*
- 3.64%
- 5Y*
- -0.19%
- 10Y*
- 1.51%
PIFI
- 1D
- 0.24%
- 1M
- 0.12%
- YTD
- 0.10%
- 6M
- 0.27%
- 1Y
- 3.35%
- 3Y*
- 3.80%
- 5Y*
- 1.07%
- 10Y*
- —
GBF vs. PIFI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GBF iShares Government/Credit Bond ETF | 0.35% | 6.41% | 0.99% | 5.79% | -13.85% | -2.30% | 0.90% |
PIFI ClearShares Piton Intermediate Fixed Income ETF | 0.10% | 6.29% | 2.52% | 4.61% | -7.15% | -1.33% | 0.10% |
Correlation
The correlation between GBF and PIFI is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2020 | 0.92 |
The correlation between GBF and PIFI has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.
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Return for Risk
GBF vs. PIFI — Risk / Return Rank
GBF
PIFI
GBF vs. PIFI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Government/Credit Bond ETF (GBF) and ClearShares Piton Intermediate Fixed Income ETF (PIFI). 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.
| GBF | PIFI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.23 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 1.75 | -0.27 |
| Martin ratioReturn relative to average drawdown | 4.37 | 5.03 | -0.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBF | PIFI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.09 | 1.30 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | 0.29 | -0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.23 | +0.35 |
Drawdowns
GBF vs. PIFI - Drawdown Comparison
The maximum GBF drawdown since its inception was -19.67%, which is greater than PIFI's maximum drawdown of -10.59%. Use the drawdown chart below to compare losses from any high point for GBF and PIFI.
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Drawdown Indicators
| GBF | PIFI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.67% | -10.59% | -9.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -1.93% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -5.78% | -2.75% | -3.03% |
Max Drawdown (5Y)Largest decline over 5 years | -18.45% | -10.41% | -8.04% |
Max Drawdown (10Y)Largest decline over 10 years | -19.67% | — | — |
Current DrawdownCurrent decline from peak | -4.71% | -1.21% | -3.50% |
Average DrawdownAverage peak-to-trough decline | -3.67% | -3.23% | -0.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.67% | +0.25% |
Volatility
GBF vs. PIFI - Volatility Comparison
iShares Government/Credit Bond ETF (GBF) has a higher volatility of 1.21% compared to ClearShares Piton Intermediate Fixed Income ETF (PIFI) at 0.84%. This indicates that GBF's price experiences larger fluctuations and is considered to be riskier than PIFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBF | PIFI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 0.84% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 2.64% | 1.84% | +0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.75% | 2.62% | +1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 3.66% | +2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.28% | 3.48% | +1.80% |
GBF vs. PIFI - Expense Ratio Comparison
GBF has a 0.20% expense ratio, which is lower than PIFI's 0.45% expense ratio.
Dividends
GBF vs. PIFI - Dividend Comparison
GBF's dividend yield for the trailing twelve months is around 3.78%, which matches PIFI's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBF iShares Government/Credit Bond ETF | 3.78% | 3.81% | 3.94% | 3.03% | 2.13% | 1.22% | 1.64% | 2.64% | 2.59% | 2.31% | 2.09% | 2.04% |
PIFI ClearShares Piton Intermediate Fixed Income ETF | 3.75% | 3.16% | 2.92% | 2.29% | 1.22% | 0.25% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, GBF and PIFI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GBF has higher volatility (1.21%) compared to PIFI (0.84%). In terms of maximum drawdown, GBF dropped -19.67% vs PIFI's -10.59%.
On 5-year performance, PIFI leads with 1.07% vs -0.19% for GBF. On fees, GBF is cheaper at 0.20% per year. On volatility, PIFI has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PIFI has performed better with a 1.07% return vs -0.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBF is cheaper with a 0.20% expense ratio, compared with 0.45% for PIFI.
GBF has the higher dividend yield at 3.78%, compared with 3.75% for PIFI.
They also come from different issuers: iShares and ClearShares. Their fees differ too: 0.20% for GBF and 0.45% for PIFI.
PIFI currently has the higher Sharpe Ratio (1.30 vs 1.09), 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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