IVOL vs. PBTP
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) are both Inflation-Protected Bonds funds. IVOL is actively managed, while PBTP is passively managed. Over the past 5 years, IVOL returned -5.87%/yr vs 3.00%/yr for PBTP. Their 0.54 correlation means they have sometimes moved together and sometimes differently. IVOL charges 0.99%/yr vs 0.07%/yr for PBTP.
Performance
IVOL vs. PBTP - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -7.33% return, which is significantly lower than PBTP's 1.86% return.
IVOL
- 1D
- 0.17%
- 1M
- 0.36%
- 6M
- -6.64%
- YTD
- -7.33%
- 1Y
- -7.62%
- 3Y*
- -1.90%
- 5Y*
- -5.87%
- 10Y*
- —
- ALL TIME*
- -1.42%
PBTP
- 1D
- -0.04%
- 1M
- 0.08%
- 6M
- 1.21%
- YTD
- 1.86%
- 1Y
- 3.00%
- 3Y*
- 5.11%
- 5Y*
- 3.00%
- 10Y*
- —
- ALL TIME*
- 3.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.46M | $1.22M | $2.07M | |
| $1.49M | $1.29M | $1.24M |
IVOL vs. PBTP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -7.33% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 1.86% | 5.98% | 4.72% | 4.53% | -3.02% | 5.51% | 4.89% | 2.47% |
Correlation
The correlation between IVOL and PBTP is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.59 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | 0.54 |
The correlation between IVOL and PBTP has been stable across timeframes, ranging from 0.54 to 0.59 - a consistent structural relationship.
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Return for Risk
IVOL vs. PBTP — Risk / Return Rank
IVOL
PBTP
IVOL vs. PBTP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) 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.
| IVOL | PBTP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.09 | ||
| Sortino ratioReturn per unit of downside risk | -4.62 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.45 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 4.57 | -5.07 |
| Martin ratioReturn relative to average drawdown | -0.99 | 14.12 | -15.11 |
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Drawdowns
IVOL vs. PBTP - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, which is greater than PBTP's maximum drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for IVOL and PBTP.
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Drawdown Indicators
| IVOL | PBTP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -5.44% | -25.72% |
Max Drawdown (1Y)Largest decline over 1 year | -12.17% | -0.76% | -11.41% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -1.03% | -13.45% |
Max Drawdown (5Y)Largest decline over 5 years | -30.07% | -5.44% | -24.63% |
Current DrawdownCurrent decline from peak | -27.12% | -0.30% | -26.82% |
Average DrawdownAverage peak-to-trough decline | -13.60% | -0.74% | -12.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.22% | 0.25% | +5.97% |
Volatility
IVOL vs. PBTP - Volatility Comparison
Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) has a higher volatility of 1.74% compared to Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) at 0.38%. This indicates that IVOL'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.
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Volatility by Period
| IVOL | PBTP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 0.38% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 1.18% | +3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.74% | 1.60% | +5.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 2.84% | +10.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.91% | 2.63% | +9.28% |
IVOL vs. PBTP - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than PBTP's 0.07% expense ratio.
Dividends
IVOL vs. PBTP - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.88%, less than PBTP's 4.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.88% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% | 0.00% |
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 4.80% | 3.82% | 2.59% | 2.36% | 5.33% | 3.12% | 1.25% | 2.12% | 2.33% | 0.73% |
Frequently Asked Questions
IVOL and PBTP have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVOL has higher volatility (1.74%) compared to PBTP (0.38%). In terms of maximum drawdown, IVOL dropped -31.16% vs PBTP's -5.44%.
On 5-year performance, PBTP leads with 3.00% vs -5.87% for IVOL. 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.
Over the 5-year period, PBTP has performed better with a 3.00% return vs -5.87%. 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 0.99% for IVOL.
PBTP has the higher dividend yield at 4.80%, compared with 3.88% for IVOL.
They also come from different issuers: CICC and Invesco. Their fees differ too: 0.99% for IVOL and 0.07% for PBTP.
PBTP currently has the higher Sharpe Ratio (2.18 vs -0.92), 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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