IBIK vs. PBTP

Last updated Jun 26, 2026

IBIK (iShares iBonds Oct 2034 Term TIPS ETF) and PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) are both Inflation-Protected Bonds funds - IBIK tracks the iBonds Oct 2034 Term TIPS Index while PBTP tracks the ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y). Both are passively managed. Over the past year, IBIK returned 4.56% vs 3.78% for PBTP. A 0.73 correlation means they provide meaningful diversification when combined. IBIK charges 0.10%/yr vs 0.07%/yr for PBTP.

Performance

IBIK vs. PBTP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Oct 2034 Term TIPS ETF (IBIK) and Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBIK achieves a 1.32% return, which is significantly lower than PBTP's 1.64% return.

IBIK

• 1D: 0.35%
• 1M: -0.06%
• YTD: 1.32%
• 6M: 1.18%
• 1Y: 4.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBTP

• 1D: 0.20%
• 1M: -0.18%
• YTD: 1.64%
• 6M: 1.70%
• 1Y: 3.78%
• 3Y*: 5.06%
• 5Y*: 3.27%
• 10Y*: —

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

IBIK vs. PBTP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBIK iShares iBonds Oct 2034 Term TIPS ETF	1.32%	8.78%	1.63%
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	1.64%	5.98%	3.27%

Correlation

The correlation between IBIK and PBTP is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since May 24, 2024	0.73

The correlation between IBIK and PBTP has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

IBIK vs. PBTP — Risk / Return Rank

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

IBIK

IBIK Risk / Return Rank: 34
IBIK Sharpe Ratio Rank: 32
IBIK Sortino Ratio Rank: 31
IBIK Omega Ratio Rank: 28
IBIK Calmar Ratio Rank: 40
IBIK Martin Ratio Rank: 41

PBTP

PBTP Risk / Return Rank: 88
PBTP Sharpe Ratio Rank: 83
PBTP Sortino Ratio Rank: 90
PBTP Omega Ratio Rank: 89
PBTP Calmar Ratio Rank: 91
PBTP Martin Ratio Rank: 89

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.

IBIK vs. PBTP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Oct 2034 Term TIPS ETF (IBIK) 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.

	IBIK	PBTP	Difference
Sharpe ratio: Return per unit of total volatility	1.08	2.33	-1.26
Sortino ratio: Return per unit of downside risk	1.60	3.61	-2.01
Omega ratio: Gain probability vs. loss probability	1.19	1.49	-0.30
Calmar ratio: Return relative to maximum drawdown	1.83	4.99	-3.16
Martin ratio: Return relative to average drawdown	5.97	17.34	-11.37

IBIK vs. PBTP - Sharpe Ratio Comparison

The current IBIK Sharpe Ratio is 1.08, which is lower than the PBTP Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of IBIK and PBTP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IBIK vs. PBTP - Drawdown Comparison

The maximum IBIK drawdown since its inception was -5.59%, roughly equal to the maximum PBTP drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for IBIK and PBTP.

Drawdown Indicators

	IBIK	PBTP	Difference
Max Drawdown Largest peak-to-trough decline	-5.59%	-5.44%	-0.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.50%	-0.76%	-1.74%
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	-0.79%	-0.52%	-0.27%
Average Drawdown Average peak-to-trough decline	-1.24%	-0.75%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.22%	+0.55%

Volatility

IBIK vs. PBTP - Volatility Comparison

iShares iBonds Oct 2034 Term TIPS ETF (IBIK) has a higher volatility of 1.58% compared to Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) at 0.65%. This indicates that IBIK's price experiences larger fluctuations and is considered to be riskier than PBTP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBIK	PBTP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	0.65%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	3.11%	1.19%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	4.25%	1.63%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.36%	2.85%	+2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.36%	2.64%	+2.72%

IBIK vs. PBTP - Expense Ratio Comparison

IBIK has a 0.10% 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

IBIK vs. PBTP - Dividend Comparison

IBIK's dividend yield for the trailing twelve months is around 3.74%, less than PBTP's 4.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IBIK iShares iBonds Oct 2034 Term TIPS ETF	3.74%	4.43%	2.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	4.81%	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 IBIK and PBTP in my portfolio?

IBIK and PBTP have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBIK or PBTP?

IBIK has higher volatility (1.58%) compared to PBTP (0.65%). In terms of maximum drawdown, IBIK dropped -5.59% vs PBTP's -5.44%.

Which ETF is better, IBIK or PBTP?

On 1-year performance, IBIK leads with 4.56% vs 3.78% for PBTP. On fees, PBTP is cheaper at 0.07% per year. On volatility, PBTP has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBIK or PBTP?

Over the 1-year period, IBIK has performed better with a 4.56% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBIK or PBTP?

PBTP is cheaper with a 0.07% expense ratio, compared with 0.10% for IBIK.

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

PBTP has the higher dividend yield at 4.81%, compared with 3.74% for IBIK.

What is the main difference between IBIK and PBTP?

IBIK tracks iBonds Oct 2034 Term TIPS 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: 0.10% for IBIK and 0.07% for PBTP.

Which has better risk-adjusted returns?

PBTP currently has the higher Sharpe Ratio (2.33 vs 1.08), 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.