ICPI vs. TIPZ

Last updated Jun 4, 2026

ICPI (iShares 0-1 Year TIPS Bond ETF) and TIPZ (PIMCO Broad US TIPS Index ETF) are both Inflation-Protected Bonds funds - ICPI tracks the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index while TIPZ tracks the ICE BofA US Inflation-Linked Treasury. Both are passively managed. At a correlation of -0.10, they often move in opposite directions. ICPI charges 0.09%/yr vs 0.20%/yr for TIPZ.

Performance

ICPI vs. TIPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-1 Year TIPS Bond ETF (ICPI) and PIMCO Broad US TIPS Index ETF (TIPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ICPI having a 2.70% return and TIPZ slightly lower at 2.58%.

ICPI

• 1D: 0.05%
• 1M: 0.44%
• YTD: 2.70%
• 6M: 2.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TIPZ

• 1D: -0.20%
• 1M: -0.01%
• YTD: 2.58%
• 6M: 1.00%
• 1Y: 5.12%
• 3Y*: 3.86%
• 5Y*: 0.77%
• 10Y*: 2.49%

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

ICPI vs. TIPZ - Yearly Performance Comparison

	2026 (YTD)	2025
ICPI iShares 0-1 Year TIPS Bond ETF	2.70%	0.32%
TIPZ PIMCO Broad US TIPS Index ETF	2.58%	-1.26%

Correlation

The correlation between ICPI and TIPZ is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	-0.10

Return for Risk

ICPI vs. TIPZ — Risk / Return Rank

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

TIPZ

TIPZ Risk / Return Rank: 40
TIPZ Sharpe Ratio Rank: 36
TIPZ Sortino Ratio Rank: 37
TIPZ Omega Ratio Rank: 37
TIPZ Calmar Ratio Rank: 48
TIPZ Martin Ratio Rank: 45

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.

ICPI vs. TIPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year TIPS Bond ETF (ICPI) and PIMCO Broad US TIPS Index ETF (TIPZ). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ICPI	TIPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.31	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.12	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.20	0.53	+5.68

Drawdowns

ICPI vs. TIPZ - Drawdown Comparison

The maximum ICPI drawdown since its inception was -0.22%, smaller than the maximum TIPZ drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for ICPI and TIPZ.

Drawdown Indicators

	ICPI	TIPZ	Difference
Max Drawdown Largest peak-to-trough decline	-0.22%	-15.77%	+15.55%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.18%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.77%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-15.77%	—
Current Drawdown Current decline from peak	0.00%	-1.44%	+1.44%
Average Drawdown Average peak-to-trough decline	-0.03%	-4.33%	+4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.70%	—

Volatility

Volatility by Period

	ICPI	TIPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.96%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.95%	3.92%	-2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.95%	6.37%	-5.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.95%	5.84%	-4.89%

ICPI vs. TIPZ - Expense Ratio Comparison

ICPI has a 0.09% expense ratio, which is lower than TIPZ's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ICPI vs. TIPZ - Dividend Comparison

ICPI's dividend yield for the trailing twelve months is around 1.80%, less than TIPZ's 5.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICPI iShares 0-1 Year TIPS Bond ETF	1.80%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TIPZ PIMCO Broad US TIPS Index ETF	5.11%	4.74%	4.44%	4.69%	7.14%	4.41%	1.47%	1.65%	2.23%	1.70%	1.06%	0.56%

Frequently Asked Questions

Can I hold both ICPI and TIPZ in my portfolio?

ICPI and TIPZ have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICPI or TIPZ?

On fees, ICPI is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICPI or TIPZ?

ICPI is cheaper with a 0.09% expense ratio, compared with 0.20% for TIPZ.

Which ETF pays a higher dividend yield, ICPI or TIPZ?

TIPZ has the higher dividend yield at 5.11%, compared with 1.80% for ICPI.

What is the main difference between ICPI and TIPZ?

ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index, while TIPZ tracks ICE BofA US Inflation-Linked Treasury. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.09% for ICPI and 0.20% for TIPZ.