IVOL vs. TIPZ

Last updated Jun 26, 2026

IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and TIPZ (PIMCO Broad US TIPS Index ETF) are both Inflation-Protected Bonds funds. IVOL is actively managed, while TIPZ is passively managed. Over the past 5 years, IVOL returned -5.61%/yr vs 0.70%/yr for TIPZ. At a 0.38 correlation, their price movements are largely independent. IVOL charges 0.99%/yr vs 0.20%/yr for TIPZ.

Performance

IVOL vs. TIPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and PIMCO Broad US TIPS Index ETF (TIPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVOL achieves a -8.02% return, which is significantly lower than TIPZ's 2.37% return.

IVOL

• 1D: 0.12%
• 1M: -2.62%
• YTD: -8.02%
• 6M: -7.41%
• 1Y: -7.56%
• 3Y*: -2.73%
• 5Y*: -5.61%
• 10Y*: —

TIPZ

• 1D: 0.24%
• 1M: -0.02%
• YTD: 2.37%
• 6M: 1.19%
• 1Y: 3.83%
• 3Y*: 3.64%
• 5Y*: 0.70%
• 10Y*: 2.38%

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

IVOL vs. TIPZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	-8.02%	11.97%	-11.07%	-5.18%	-12.69%	-0.31%	14.56%	3.35%
TIPZ PIMCO Broad US TIPS Index ETF	2.37%	5.87%	1.52%	3.37%	-12.67%	5.48%	10.98%	4.79%

Correlation

The correlation between IVOL and TIPZ is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 14, 2019	0.38

Return for Risk

IVOL vs. TIPZ — Risk / Return Rank

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

IVOL

IVOL Risk / Return Rank: 2
IVOL Sharpe Ratio Rank: 1
IVOL Sortino Ratio Rank: 2
IVOL Omega Ratio Rank: 2
IVOL Calmar Ratio Rank: 4
IVOL Martin Ratio Rank: 1

TIPZ

TIPZ Risk / Return Rank: 33
TIPZ Sharpe Ratio Rank: 30
TIPZ Sortino Ratio Rank: 29
TIPZ Omega Ratio Rank: 28
TIPZ Calmar Ratio Rank: 39
TIPZ Martin Ratio Rank: 38

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.

IVOL vs. TIPZ - Risk-Adjusted Trends Comparison

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

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	TIPZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.08	0.98	-2.07
Sortino ratio: Return per unit of downside risk	-1.50	1.44	-2.93
Omega ratio: Gain probability vs. loss probability	0.83	1.18	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.63	1.77	-2.40
Martin ratio: Return relative to average drawdown	-1.49	5.41	-6.90

IVOL vs. TIPZ - Sharpe Ratio Comparison

The current IVOL Sharpe Ratio is -1.08, which is lower than the TIPZ Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of IVOL and TIPZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IVOL vs. TIPZ - Drawdown Comparison

The maximum IVOL drawdown since its inception was -31.16%, which is greater than TIPZ's maximum drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for IVOL and TIPZ.

Drawdown Indicators

	IVOL	TIPZ	Difference
Max Drawdown Largest peak-to-trough decline	-31.16%	-15.77%	-15.39%
Max Drawdown (1Y) Largest decline over 1 year	-12.08%	-2.18%	-9.90%
Max Drawdown (3Y) Largest decline over 3 years	-14.48%	-4.74%	-9.74%
Max Drawdown (5Y) Largest decline over 5 years	-30.28%	-15.77%	-14.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-15.77%	—
Current Drawdown Current decline from peak	-27.66%	-1.64%	-26.02%
Average Drawdown Average peak-to-trough decline	-13.41%	-4.32%	-9.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.10%	0.71%	+4.39%

Volatility

IVOL vs. TIPZ - Volatility Comparison

Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) has a higher volatility of 2.56% compared to PIMCO Broad US TIPS Index ETF (TIPZ) at 1.14%. This indicates that IVOL's price experiences larger fluctuations and is considered to be riskier than TIPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOL	TIPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	1.14%	+1.42%
Volatility (6M) Calculated over the trailing 6-month period	4.98%	3.01%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	7.02%	3.91%	+3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.84%	6.36%	+6.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.97%	5.84%	+6.13%

IVOL vs. TIPZ - Expense Ratio Comparison

IVOL has a 0.99% expense ratio, which is higher than TIPZ's 0.20% expense ratio.

Dividends

IVOL vs. TIPZ - Dividend Comparison

IVOL's dividend yield for the trailing twelve months is around 3.97%, less than TIPZ's 5.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	3.97%	3.61%	3.83%	3.73%	3.92%	3.93%	3.44%	2.02%	0.00%	0.00%	0.00%	0.00%
TIPZ PIMCO Broad US TIPS Index ETF	5.12%	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 IVOL and TIPZ in my portfolio?

IVOL and TIPZ have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVOL or TIPZ?

IVOL has higher volatility (2.56%) compared to TIPZ (1.14%). In terms of maximum drawdown, IVOL dropped -31.16% vs TIPZ's -15.77%.

Which ETF is better, IVOL or TIPZ?

On 5-year performance, TIPZ leads with 0.70% vs -5.61% for IVOL. On fees, TIPZ is cheaper at 0.20% per year. On volatility, TIPZ has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOL or TIPZ?

Over the 5-year period, TIPZ has performed better with a 0.70% return vs -5.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOL or TIPZ?

TIPZ is cheaper with a 0.20% expense ratio, compared with 0.99% for IVOL.

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

TIPZ has the higher dividend yield at 5.12%, compared with 3.97% for IVOL.

What is the main difference between IVOL and TIPZ?

They also come from different issuers: CICC and PIMCO. Their fees differ too: 0.99% for IVOL and 0.20% for TIPZ.

Which has better risk-adjusted returns?

TIPZ currently has the higher Sharpe Ratio (0.98 vs -1.08), 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.