IGHG vs. PBTP
IGHG (ProShares Investment Grade-Interest Rate Hedged) and PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) are both exchange-traded funds - IGHG is a Corporate Bonds fund tracking the Citi Corporate Investment Grade (Treasury Rate-Hedged) Index, while PBTP is a Inflation-Protected Bonds fund tracking the ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y). Both are passively managed. Over the past 5 years, IGHG returned 5.15%/yr vs 3.23%/yr for PBTP. At a correlation of -0.01, they often move in opposite directions. IGHG charges 0.30%/yr vs 0.07%/yr for PBTP.
Performance
IGHG vs. PBTP - Performance Comparison
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Returns By Period
In the year-to-date period, IGHG achieves a 2.12% return, which is significantly higher than PBTP's 1.39% return.
IGHG
- 1D
- 0.04%
- 1M
- 0.02%
- YTD
- 2.12%
- 6M
- 1.98%
- 1Y
- 5.86%
- 3Y*
- 8.33%
- 5Y*
- 5.15%
- 10Y*
- 4.84%
PBTP
- 1D
- -0.03%
- 1M
- -0.33%
- YTD
- 1.39%
- 6M
- 1.53%
- 1Y
- 3.50%
- 3Y*
- 4.96%
- 5Y*
- 3.23%
- 10Y*
- —
IGHG vs. PBTP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 2.12% | 5.65% | 9.20% | 11.58% | -0.90% | 0.88% | 0.61% | 12.73% | -3.96% | 2.36% |
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 1.39% | 5.98% | 4.72% | 4.53% | -3.02% | 5.51% | 4.89% | 4.72% | 0.59% | 0.04% |
Correlation
The correlation between IGHG and PBTP is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2017 | -0.01 |
The correlation between IGHG and PBTP shifts across timeframes, from -0.18 (1 year) to -0.01 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IGHG vs. PBTP — Risk / Return Rank
IGHG
PBTP
IGHG vs. PBTP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Investment Grade-Interest Rate Hedged (IGHG) 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.
| IGHG | PBTP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.45 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.36 | 4.63 | -1.27 |
| Martin ratioReturn relative to average drawdown | 11.87 | 16.62 | -4.75 |
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Drawdowns
IGHG vs. PBTP - Drawdown Comparison
The maximum IGHG drawdown since its inception was -25.16%, which is greater than PBTP's maximum drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for IGHG and PBTP.
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Drawdown Indicators
| IGHG | PBTP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.16% | -5.44% | -19.72% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -0.76% | -0.99% |
Max Drawdown (3Y)Largest decline over 3 years | -3.74% | -1.03% | -2.71% |
Max Drawdown (5Y)Largest decline over 5 years | -8.75% | -5.44% | -3.31% |
Max Drawdown (10Y)Largest decline over 10 years | -25.16% | — | — |
Current DrawdownCurrent decline from peak | -0.21% | -0.76% | +0.55% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -0.75% | -1.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 0.21% | +0.29% |
Volatility
IGHG vs. PBTP - Volatility Comparison
The current volatility for ProShares Investment Grade-Interest Rate Hedged (IGHG) is 0.58%, while Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) has a volatility of 0.63%. This indicates that IGHG experiences smaller price fluctuations and is considered to be less risky than PBTP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGHG | PBTP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.58% | 0.63% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 1.17% | +1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.40% | 1.62% | +1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.02% | 2.85% | +2.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.45% | 2.64% | +4.81% |
IGHG vs. PBTP - Expense Ratio Comparison
IGHG has a 0.30% expense ratio, which is higher than PBTP's 0.07% expense ratio.
Dividends
IGHG vs. PBTP - Dividend Comparison
IGHG's dividend yield for the trailing twelve months is around 5.12%, more than PBTP's 4.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 5.12% | 5.14% | 5.06% | 4.99% | 3.55% | 2.50% | 2.79% | 3.48% | 4.13% | 3.36% | 3.37% | 3.65% |
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 4.82% | 3.82% | 2.59% | 2.36% | 5.33% | 3.12% | 1.25% | 2.12% | 2.33% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
IGHG and PBTP have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBTP has higher volatility (0.63%) compared to IGHG (0.58%). In terms of maximum drawdown, IGHG dropped -25.16% vs PBTP's -5.44%.
On 5-year performance, IGHG leads with 5.15% vs 3.23% for PBTP. On fees, PBTP is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IGHG has performed better with a 5.15% return vs 3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBTP is cheaper with a 0.07% expense ratio, compared with 0.30% for IGHG.
IGHG has the higher dividend yield at 5.12%, compared with 4.82% for PBTP.
IGHG is categorized as Corporate Bonds, while PBTP is Inflation-Protected Bonds. IGHG tracks Citi Corporate Investment Grade (Treasury Rate-Hedged) Index, while PBTP tracks ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y). They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.30% for IGHG and 0.07% for PBTP.
PBTP currently has the higher Sharpe Ratio (2.18 vs 1.73), 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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