IBTM vs. PIFI
IBTM (iShares iBonds Dec 2032 Term Treasury ETF) and PIFI (ClearShares Piton Intermediate Fixed Income ETF) are both Intermediate Core Bond funds. IBTM is passively managed, while PIFI is actively managed. Over the past 3 years, IBTM returned 2.71%/yr vs 3.79%/yr for PIFI. With a 0.96 correlation, they move nearly in lockstep. IBTM charges 0.07%/yr vs 0.45%/yr for PIFI.
Performance
IBTM vs. PIFI - Performance Comparison
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Returns By Period
In the year-to-date period, IBTM achieves a -0.61% return, which is significantly lower than PIFI's -0.18% return.
IBTM
- 1D
- -0.31%
- 1M
- 0.33%
- YTD
- -0.61%
- 6M
- -0.56%
- 1Y
- 3.09%
- 3Y*
- 2.71%
- 5Y*
- —
- 10Y*
- —
PIFI
- 1D
- -0.21%
- 1M
- 0.12%
- YTD
- -0.18%
- 6M
- -0.04%
- 1Y
- 2.97%
- 3Y*
- 3.79%
- 5Y*
- 1.05%
- 10Y*
- —
IBTM vs. PIFI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBTM iShares iBonds Dec 2032 Term Treasury ETF | -0.61% | 8.06% | -0.14% | 3.48% | -5.01% |
PIFI ClearShares Piton Intermediate Fixed Income ETF | -0.18% | 6.29% | 2.52% | 4.61% | -1.75% |
Correlation
The correlation between IBTM and PIFI is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2022 | 0.96 |
The correlation between IBTM and PIFI has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
IBTM vs. PIFI — Risk / Return Rank
IBTM
PIFI
IBTM vs. PIFI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2032 Term Treasury ETF (IBTM) 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.
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.
| IBTM | PIFI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.20 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 1.55 | -0.60 |
| Martin ratioReturn relative to average drawdown | 2.51 | 4.11 | -1.60 |
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Drawdowns
IBTM vs. PIFI - Drawdown Comparison
The maximum IBTM drawdown since its inception was -13.60%, which is greater than PIFI's maximum drawdown of -10.59%. Use the drawdown chart below to compare losses from any high point for IBTM and PIFI.
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Drawdown Indicators
| IBTM | PIFI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.60% | -10.59% | -3.01% |
Max Drawdown (1Y)Largest decline over 1 year | -3.26% | -1.93% | -1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -7.86% | -2.75% | -5.11% |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.41% | — |
Current DrawdownCurrent decline from peak | -2.49% | -1.49% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -4.78% | -3.21% | -1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 0.73% | +0.50% |
Volatility
IBTM vs. PIFI - Volatility Comparison
iShares iBonds Dec 2032 Term Treasury ETF (IBTM) has a higher volatility of 1.23% compared to ClearShares Piton Intermediate Fixed Income ETF (PIFI) at 0.82%. This indicates that IBTM'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
| IBTM | PIFI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 0.82% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 1.93% | +0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.05% | 2.62% | +1.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.53% | 3.68% | +3.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.53% | 3.48% | +4.05% |
IBTM vs. PIFI - Expense Ratio Comparison
IBTM has a 0.07% expense ratio, which is lower than PIFI's 0.45% expense ratio.
Dividends
IBTM vs. PIFI - Dividend Comparison
IBTM's dividend yield for the trailing twelve months is around 3.96%, more than PIFI's 3.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
IBTM iShares iBonds Dec 2032 Term Treasury ETF | 3.96% | 3.87% | 3.96% | 3.39% | 1.38% | 0.00% |
PIFI ClearShares Piton Intermediate Fixed Income ETF | 3.76% | 3.16% | 2.92% | 2.29% | 1.22% | 0.25% |
Frequently Asked Questions
With a correlation of 0.97, IBTM 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.
IBTM has higher volatility (1.23%) compared to PIFI (0.82%). In terms of maximum drawdown, IBTM dropped -13.60% vs PIFI's -10.59%.
On 3-year performance, PIFI leads with 3.79% vs 2.71% for IBTM. On fees, IBTM is cheaper at 0.07% per year. On volatility, PIFI has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PIFI has performed better with a 3.79% return vs 2.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTM is cheaper with a 0.07% expense ratio, compared with 0.45% for PIFI.
IBTM has the higher dividend yield at 3.96%, compared with 3.76% for PIFI.
They also come from different issuers: iShares and ClearShares. Their fees differ too: 0.07% for IBTM and 0.45% for PIFI.
PIFI currently has the higher Sharpe Ratio (1.14 vs 0.77), 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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