IVOL vs. TIPZ
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 -5.77%/yr vs 0.77%/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
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Returns By Period
In the year-to-date period, IVOL achieves a -6.33% return, which is significantly lower than TIPZ's 2.58% return.
IVOL
- 1D
- -0.34%
- 1M
- -3.62%
- YTD
- -6.33%
- 6M
- -7.21%
- 1Y
- -5.59%
- 3Y*
- -3.54%
- 5Y*
- -5.77%
- 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%
IVOL vs. TIPZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -6.33% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.23% |
TIPZ PIMCO Broad US TIPS Index ETF | 2.58% | 5.87% | 1.52% | 3.37% | -12.67% | 5.48% | 10.98% | 4.81% |
Correlation
The correlation between IVOL and TIPZ is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since May 15, 2019 | 0.38 |
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Return for Risk
IVOL vs. TIPZ — Risk / Return Rank
IVOL
TIPZ
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.
| IVOL | TIPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.24 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | 2.36 | -2.94 |
| Martin ratioReturn relative to average drawdown | -1.28 | 7.37 | -8.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IVOL | TIPZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.81 | 1.31 | -2.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 0.12 | -0.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | 0.53 | -0.64 |
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.
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Drawdown Indicators
| IVOL | TIPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -15.77% | -15.39% |
Max Drawdown (1Y)Largest decline over 1 year | -9.81% | -2.18% | -7.63% |
Max Drawdown (3Y)Largest decline over 3 years | -16.63% | -4.74% | -11.89% |
Max Drawdown (5Y)Largest decline over 5 years | -30.62% | -15.77% | -14.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.77% | — |
Current DrawdownCurrent decline from peak | -26.33% | -1.44% | -24.89% |
Average DrawdownAverage peak-to-trough decline | -13.30% | -4.33% | -8.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | 0.70% | +3.68% |
Volatility
IVOL vs. TIPZ - Volatility Comparison
Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) has a higher volatility of 1.07% compared to PIMCO Broad US TIPS Index ETF (TIPZ) at 0.96%. 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.
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Volatility by Period
| IVOL | TIPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.96% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 4.44% | 2.88% | +1.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.89% | 3.92% | +2.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.84% | 6.37% | +6.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.99% | 5.84% | +6.15% |
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 3.89%, less than TIPZ's 5.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.89% | 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 | 5.11% | 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
IVOL and TIPZ have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVOL has higher volatility (1.07%) compared to TIPZ (0.96%). In terms of maximum drawdown, IVOL dropped -31.16% vs TIPZ's -15.77%.
On 5-year performance, TIPZ leads with 0.77% vs -5.77% for IVOL. On fees, TIPZ is cheaper at 0.20% per year. On volatility, TIPZ has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TIPZ has performed better with a 0.77% return vs -5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIPZ is cheaper with a 0.20% expense ratio, compared with 0.99% for IVOL.
TIPZ has the higher dividend yield at 5.11%, compared with 3.89% for IVOL.
They also come from different issuers: CICC and PIMCO. Their fees differ too: 0.99% for IVOL and 0.20% for TIPZ.
TIPZ currently has the higher Sharpe Ratio (1.31 vs -0.81), 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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