IBGA vs. PIFI

Last updated Apr 1, 2026

Compare and contrast key facts about iShares iBonds Dec 2044 Term Treasury ETF (IBGA) and ClearShares Piton Intermediate Fixed Income ETF (PIFI).

IBGA and PIFI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IBGA is a passively managed fund by iShares that tracks the performance of the ICE 2044 Maturity US Treasury Index. It was launched on Jun 11, 2024. PIFI is an actively managed fund by ClearShares. It was launched on Oct 1, 2020.

Performance

IBGA vs. PIFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2044 Term Treasury ETF (IBGA) and ClearShares Piton Intermediate Fixed Income ETF (PIFI). The values are adjusted to include any dividend payments, if applicable.

IBGA vs. PIFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBGA iShares iBonds Dec 2044 Term Treasury ETF	0.07%	6.09%	-1.41%
PIFI ClearShares Piton Intermediate Fixed Income ETF	0.11%	6.29%	2.26%

Returns By Period

In the year-to-date period, IBGA achieves a 0.07% return, which is significantly lower than PIFI's 0.11% return.

IBGA

• 1D: 0.21%
• 1M: -3.65%
• YTD: 0.07%
• 6M: 0.03%
• 1Y: 1.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PIFI

• 1D: 0.24%
• 1M: -1.21%
• YTD: 0.11%
• 6M: 1.14%
• 1Y: 4.15%
• 3Y*: 3.69%
• 5Y*: 1.20%
• 10Y*: —

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

IBGA vs. PIFI - Expense Ratio Comparison

IBGA has a 0.07% expense ratio, which is lower than PIFI's 0.45% expense ratio.

PIFI

ClearShares Piton Intermediate Fixed Income ETF

IBGA

iShares iBonds Dec 2044 Term Treasury ETF

Return for Risk

IBGA vs. PIFI — Risk / Return Rank

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

IBGA

IBGA Risk / Return Rank: 15
IBGA Sharpe Ratio Rank: 15
IBGA Sortino Ratio Rank: 13
IBGA Omega Ratio Rank: 13
IBGA Calmar Ratio Rank: 17
IBGA Martin Ratio Rank: 16

PIFI

PIFI Risk / Return Rank: 77
PIFI Sharpe Ratio Rank: 77
PIFI Sortino Ratio Rank: 81
PIFI Omega Ratio Rank: 70
PIFI Calmar Ratio Rank: 81
PIFI Martin Ratio Rank: 74

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.

IBGA vs. PIFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2044 Term Treasury ETF (IBGA) 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.

	IBGA	PIFI	Difference
Sharpe ratio Return per unit of total volatility	0.15	1.44	-1.29
Sortino ratio Return per unit of downside risk	0.27	2.16	-1.89
Omega ratio Gain probability vs. loss probability	1.03	1.26	-0.23
Calmar ratio Return relative to maximum drawdown	0.27	2.28	-2.02
Martin ratio Return relative to average drawdown	0.61	8.00	-7.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBGA vs. PIFI - Sharpe Ratio Comparison

The current IBGA Sharpe Ratio is 0.15, which is lower than the PIFI Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of IBGA and PIFI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IBGA	PIFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.15	1.44	-1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.24	+0.02

Correlation

The correlation between IBGA and PIFI is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IBGA vs. PIFI - Dividend Comparison

IBGA's dividend yield for the trailing twelve months is around 4.56%, more than PIFI's 3.75% yield.

	TTM	2025	2024	2023	2022	2021
IBGA iShares iBonds Dec 2044 Term Treasury ETF	4.56%	4.49%	2.03%	0.00%	0.00%	0.00%
PIFI ClearShares Piton Intermediate Fixed Income ETF	3.75%	3.16%	2.92%	2.29%	1.22%	0.25%

Drawdowns

IBGA vs. PIFI - Drawdown Comparison

The maximum IBGA drawdown since its inception was -11.69%, which is greater than PIFI's maximum drawdown of -10.59%. Use the drawdown chart below to compare losses from any high point for IBGA and PIFI.

Drawdown Indicators

	IBGA	PIFI	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-10.59%	-1.10%
Max Drawdown (1Y) Largest decline over 1 year	-7.42%	-1.85%	-5.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.41%	—
Current Drawdown Current decline from peak	-4.24%	-1.21%	-3.03%
Average Drawdown Average peak-to-trough decline	-5.09%	-3.29%	-1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	0.53%	+2.71%

Volatility

IBGA vs. PIFI - Volatility Comparison

iShares iBonds Dec 2044 Term Treasury ETF (IBGA) has a higher volatility of 3.39% compared to ClearShares Piton Intermediate Fixed Income ETF (PIFI) at 1.11%. This indicates that IBGA'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

	IBGA	PIFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	1.11%	+2.28%
Volatility (6M) Calculated over the trailing 6-month period	5.56%	1.77%	+3.79%
Volatility (1Y) Calculated over the trailing 1-year period	9.34%	2.88%	+6.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.06%	3.64%	+6.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.06%	3.51%	+6.55%