IRVH vs. PBTP

Last updated Jun 5, 2026

IRVH (Global X Interest Rate Volatility & Inflation Hedge ETF) and PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) are both Inflation-Protected Bonds funds. IRVH is actively managed, while PBTP is passively managed. Over the past 3 years, IRVH returned -0.70%/yr vs 5.18%/yr for PBTP. A 0.63 correlation means they provide meaningful diversification when combined. IRVH charges 0.50%/yr vs 0.07%/yr for PBTP.

Performance

IRVH vs. PBTP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) 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, IRVH achieves a -3.32% return, which is significantly lower than PBTP's 2.13% return.

IRVH

• 1D: -0.18%
• 1M: -1.24%
• YTD: -3.32%
• 6M: -3.31%
• 1Y: -1.82%
• 3Y*: -0.70%
• 5Y*: —
• 10Y*: —

PBTP

• 1D: -0.02%
• 1M: 0.17%
• YTD: 2.13%
• 6M: 2.12%
• 1Y: 4.56%
• 3Y*: 5.18%
• 5Y*: 3.32%
• 10Y*: —

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

IRVH vs. PBTP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	-3.32%	7.71%	-5.49%	0.83%	-6.69%
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	2.13%	5.98%	4.72%	4.53%	-1.36%

Correlation

The correlation between IRVH and PBTP is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jul 7, 2022	0.63

The correlation between IRVH and PBTP shifts across timeframes, from 0.45 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IRVH vs. PBTP — Risk / Return Rank

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

IRVH

IRVH Risk / Return Rank: 5
IRVH Sharpe Ratio Rank: 6
IRVH Sortino Ratio Rank: 5
IRVH Omega Ratio Rank: 5
IRVH Calmar Ratio Rank: 6
IRVH Martin Ratio Rank: 6

PBTP

PBTP Risk / Return Rank: 93
PBTP Sharpe Ratio Rank: 89
PBTP Sortino Ratio Rank: 94
PBTP Omega Ratio Rank: 93
PBTP Calmar Ratio Rank: 93
PBTP Martin Ratio Rank: 93

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.

IRVH vs. PBTP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) 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.

	IRVH	PBTP	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	2.98	-3.35
Sortino ratio: Return per unit of downside risk	-0.49	4.97	-5.46
Omega ratio: Gain probability vs. loss probability	0.95	1.64	-0.69
Calmar ratio: Return relative to maximum drawdown	-0.37	6.90	-7.27
Martin ratio: Return relative to average drawdown	-0.77	24.29	-25.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IRVH vs. PBTP - Sharpe Ratio Comparison

The current IRVH Sharpe Ratio is -0.37, which is lower than the PBTP Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of IRVH 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.

Sharpe Ratios by Period

	IRVH	PBTP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.37	2.98	-3.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.22	1.30	-1.52

Drawdowns

IRVH vs. PBTP - Drawdown Comparison

The maximum IRVH drawdown since its inception was -14.98%, which is greater than PBTP's maximum drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for IRVH and PBTP.

Drawdown Indicators

	IRVH	PBTP	Difference
Max Drawdown Largest peak-to-trough decline	-14.98%	-5.44%	-9.54%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-0.66%	-4.28%
Max Drawdown (3Y) Largest decline over 3 years	-8.03%	-1.03%	-7.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-5.44%	—
Current Drawdown Current decline from peak	-10.32%	-0.04%	-10.28%
Average Drawdown Average peak-to-trough decline	-9.72%	-0.75%	-8.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	0.19%	+2.16%

Volatility

IRVH vs. PBTP - Volatility Comparison

Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) has a higher volatility of 0.71% compared to Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) at 0.38%. This indicates that IRVH'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

	IRVH	PBTP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	0.38%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	3.27%	1.03%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.96%	1.54%	+3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.84%	2.85%	+5.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.84%	2.64%	+6.20%

IRVH vs. PBTP - Expense Ratio Comparison

IRVH has a 0.50% expense ratio, which is higher than PBTP's 0.07% expense ratio.

Dividends

IRVH vs. PBTP - Dividend Comparison

IRVH's dividend yield for the trailing twelve months is around 5.56%, more than PBTP's 3.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	5.56%	4.89%	3.34%	3.69%	2.73%	0.00%	0.00%	0.00%	0.00%	0.00%
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	3.10%	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 IRVH and PBTP in my portfolio?

IRVH and PBTP have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IRVH or PBTP?

IRVH has higher volatility (0.71%) compared to PBTP (0.38%). In terms of maximum drawdown, IRVH dropped -14.98% vs PBTP's -5.44%.

Which ETF is better, IRVH or PBTP?

On 3-year performance, PBTP leads with 5.18% vs -0.70% for IRVH. On fees, PBTP is cheaper at 0.07% per year. On volatility, PBTP has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IRVH or PBTP?

Over the 3-year period, PBTP has performed better with a 5.18% return vs -0.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IRVH or PBTP?

PBTP is cheaper with a 0.07% expense ratio, compared with 0.50% for IRVH.

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

IRVH has the higher dividend yield at 5.56%, compared with 3.10% for PBTP.

What is the main difference between IRVH and PBTP?

They also come from different issuers: Global X and Invesco. Their fees differ too: 0.50% for IRVH and 0.07% for PBTP.

Which has better risk-adjusted returns?

PBTP currently has the higher Sharpe Ratio (2.98 vs -0.37), 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.