IBCA vs. PIFI

Last updated Jun 4, 2026

IBCA (iShares iBonds Dec 2035 Term Corporate ETF) and PIFI (ClearShares Piton Intermediate Fixed Income ETF) are both Intermediate Core Bond funds. IBCA is passively managed, while PIFI is actively managed. Over the past year, IBCA returned 6.55% vs 3.48% for PIFI. Their correlation of 0.85 suggests significant overlap in exposure. IBCA charges 0.10%/yr vs 0.45%/yr for PIFI.

Performance

IBCA vs. PIFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2035 Term Corporate ETF (IBCA) and ClearShares Piton Intermediate Fixed Income ETF (PIFI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBCA achieves a 0.20% return, which is significantly higher than PIFI's -0.13% return.

IBCA

• 1D: -0.27%
• 1M: 0.37%
• YTD: 0.20%
• 6M: 0.04%
• 1Y: 6.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PIFI

• 1D: -0.15%
• 1M: -0.05%
• YTD: -0.13%
• 6M: -0.14%
• 1Y: 3.48%
• 3Y*: 3.73%
• 5Y*: 1.02%
• 10Y*: —

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

IBCA vs. PIFI - Yearly Performance Comparison

	2026 (YTD)	2025
IBCA iShares iBonds Dec 2035 Term Corporate ETF	0.20%	7.15%
PIFI ClearShares Piton Intermediate Fixed Income ETF	-0.13%	4.52%

Correlation

The correlation between IBCA and PIFI is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.85

The correlation between IBCA and PIFI has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

Return for Risk

IBCA vs. PIFI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IBCA

IBCA Risk / Return Rank: 39
IBCA Sharpe Ratio Rank: 38
IBCA Sortino Ratio Rank: 39
IBCA Omega Ratio Rank: 36
IBCA Calmar Ratio Rank: 43
IBCA Martin Ratio Rank: 42

PIFI

PIFI Risk / Return Rank: 37
PIFI Sharpe Ratio Rank: 38
PIFI Sortino Ratio Rank: 41
PIFI Omega Ratio Rank: 37
PIFI Calmar Ratio Rank: 37
PIFI Martin Ratio Rank: 35

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.

IBCA vs. PIFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2035 Term Corporate ETF (IBCA) 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.

	IBCA	PIFI	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.34	-0.01
Sortino ratio: Return per unit of downside risk	1.97	2.03	-0.06
Omega ratio: Gain probability vs. loss probability	1.23	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	2.07	1.81	+0.25
Martin ratio: Return relative to average drawdown	6.57	5.24	+1.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBCA vs. PIFI - Sharpe Ratio Comparison

The current IBCA Sharpe Ratio is 1.33, which is comparable to the PIFI Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of IBCA and PIFI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IBCA	PIFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.34	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.22	+0.86

Drawdowns

IBCA vs. PIFI - Drawdown Comparison

The maximum IBCA drawdown since its inception was -3.48%, smaller than the maximum PIFI drawdown of -10.59%. Use the drawdown chart below to compare losses from any high point for IBCA and PIFI.

Drawdown Indicators

	IBCA	PIFI	Difference
Max Drawdown Largest peak-to-trough decline	-3.48%	-10.59%	+7.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-1.93%	-1.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.41%	—
Current Drawdown Current decline from peak	-1.42%	-1.45%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.81%	-3.23%	+2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	0.66%	+0.34%

Volatility

IBCA vs. PIFI - Volatility Comparison

iShares iBonds Dec 2035 Term Corporate ETF (IBCA) has a higher volatility of 1.62% compared to ClearShares Piton Intermediate Fixed Income ETF (PIFI) at 0.81%. This indicates that IBCA'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.

Volatility by Period

	IBCA	PIFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	0.81%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	3.62%	1.83%	+1.79%
Volatility (1Y) Calculated over the trailing 1-year period	4.96%	2.61%	+2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.76%	3.66%	+2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.76%	3.48%	+2.28%

IBCA vs. PIFI - Expense Ratio Comparison

IBCA has a 0.10% expense ratio, which is lower than PIFI's 0.45% expense ratio.

Dividends

IBCA vs. PIFI - Dividend Comparison

IBCA's dividend yield for the trailing twelve months is around 4.67%, more than PIFI's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021
IBCA iShares iBonds Dec 2035 Term Corporate ETF	4.67%	3.19%	0.00%	0.00%	0.00%	0.00%
PIFI ClearShares Piton Intermediate Fixed Income ETF	3.76%	3.16%	2.92%	2.29%	1.22%	0.25%

Frequently Asked Questions

Can I hold both IBCA and PIFI in my portfolio?

IBCA and PIFI have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBCA or PIFI?

IBCA has higher volatility (1.62%) compared to PIFI (0.81%). In terms of maximum drawdown, IBCA dropped -3.48% vs PIFI's -10.59%.

Which ETF is better, IBCA or PIFI?

On 1-year performance, IBCA leads with 6.55% vs 3.48% for PIFI. On fees, IBCA is cheaper at 0.10% per year. On volatility, PIFI has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBCA or PIFI?

Over the 1-year period, IBCA has performed better with a 6.55% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBCA or PIFI?

IBCA is cheaper with a 0.10% expense ratio, compared with 0.45% for PIFI.

Which ETF pays a higher dividend yield, IBCA or PIFI?

IBCA has the higher dividend yield at 4.67%, compared with 3.76% for PIFI.

What is the main difference between IBCA and PIFI?

They also come from different issuers: iShares and ClearShares. Their fees differ too: 0.10% for IBCA and 0.45% for PIFI.

Which has better risk-adjusted returns?

PIFI currently has the higher Sharpe Ratio (1.34 vs 1.33), 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.