LTPZ vs. IBIE

Last updated Jun 4, 2026

LTPZ (PIMCO 15+ Year US TIPS Index ETF) and IBIE (iShares iBonds Oct 2028 Term TIPS ETF) are both Inflation-Protected Bonds funds - LTPZ tracks the ICE BofA US Inflation-Linked Treasury (15+ Y) while IBIE tracks the ICE 2028 Maturity US Inflation-Linked Treasury Index. Both are passively managed. Over the past year, LTPZ returned 4.72% vs 4.80% for IBIE. A 0.62 correlation means they provide meaningful diversification when combined. LTPZ charges 0.20%/yr vs 0.10%/yr for IBIE.

Performance

LTPZ vs. IBIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO 15+ Year US TIPS Index ETF (LTPZ) and iShares iBonds Oct 2028 Term TIPS ETF (IBIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LTPZ achieves a 0.41% return, which is significantly lower than IBIE's 2.10% return.

LTPZ

• 1D: -0.49%
• 1M: 1.02%
• YTD: 0.41%
• 6M: -1.15%
• 1Y: 4.72%
• 3Y*: -0.79%
• 5Y*: -5.24%
• 10Y*: 0.75%

IBIE

• 1D: 0.00%
• 1M: 0.23%
• YTD: 2.10%
• 6M: 2.07%
• 1Y: 4.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LTPZ vs. IBIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LTPZ PIMCO 15+ Year US TIPS Index ETF	0.41%	4.00%	-4.80%	4.39%
IBIE iShares iBonds Oct 2028 Term TIPS ETF	2.10%	6.46%	3.95%	2.93%

Correlation

The correlation between LTPZ and IBIE is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Sep 18, 2023	0.62

Over the past year, the correlation between LTPZ and IBIE has dropped to 0.39 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

Return for Risk

LTPZ vs. IBIE — Risk / Return Rank

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

LTPZ

LTPZ Risk / Return Rank: 16
LTPZ Sharpe Ratio Rank: 16
LTPZ Sortino Ratio Rank: 15
LTPZ Omega Ratio Rank: 15
LTPZ Calmar Ratio Rank: 17
LTPZ Martin Ratio Rank: 16

IBIE

IBIE Risk / Return Rank: 94
IBIE Sharpe Ratio Rank: 90
IBIE Sortino Ratio Rank: 96
IBIE Omega Ratio Rank: 94
IBIE Calmar Ratio Rank: 96
IBIE 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.

LTPZ vs. IBIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO 15+ Year US TIPS Index ETF (LTPZ) and iShares iBonds Oct 2028 Term TIPS ETF (IBIE). 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.

	LTPZ	IBIE	Difference
Sharpe ratio Return per unit of total volatility	0.51	3.09	-2.58
Sortino ratio Return per unit of downside risk	0.78	5.59	-4.81
Omega ratio Gain probability vs. loss probability	1.09	1.69	-0.60
Calmar ratio Return relative to maximum drawdown	0.68	8.73	-8.05
Martin ratio Return relative to average drawdown	1.48	25.70	-24.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LTPZ vs. IBIE - Sharpe Ratio Comparison

The current LTPZ Sharpe Ratio is 0.51, which is lower than the IBIE Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of LTPZ and IBIE, 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

	LTPZ	IBIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	3.09	-2.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	2.02	-1.81

Drawdowns

LTPZ vs. IBIE - Drawdown Comparison

The maximum LTPZ drawdown since its inception was -40.99%, which is greater than IBIE's maximum drawdown of -1.70%. Use the drawdown chart below to compare losses from any high point for LTPZ and IBIE.

Drawdown Indicators

	LTPZ	IBIE	Difference
Max Drawdown Largest peak-to-trough decline	-40.99%	-1.70%	-39.29%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-0.55%	-6.45%
Max Drawdown (3Y) Largest decline over 3 years	-16.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-40.99%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.99%	—	—
Current Drawdown Current decline from peak	-32.74%	0.00%	-32.74%
Average Drawdown Average peak-to-trough decline	-12.41%	-0.39%	-12.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	0.19%	+3.01%

Volatility

LTPZ vs. IBIE - Volatility Comparison

PIMCO 15+ Year US TIPS Index ETF (LTPZ) has a higher volatility of 2.32% compared to iShares iBonds Oct 2028 Term TIPS ETF (IBIE) at 0.38%. This indicates that LTPZ's price experiences larger fluctuations and is considered to be riskier than IBIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LTPZ	IBIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	0.38%	+1.94%
Volatility (6M) Calculated over the trailing 6-month period	6.41%	0.97%	+5.44%
Volatility (1Y) Calculated over the trailing 1-year period	9.26%	1.56%	+7.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.89%	2.86%	+13.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.07%	2.86%	+12.21%

LTPZ vs. IBIE - Expense Ratio Comparison

LTPZ has a 0.20% expense ratio, which is higher than IBIE's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

LTPZ vs. IBIE - Dividend Comparison

LTPZ's dividend yield for the trailing twelve months is around 5.23%, more than IBIE's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBIE iShares iBonds Oct 2028 Term TIPS ETF	3.25%	4.09%	4.23%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LTPZ PIMCO 15+ Year US TIPS Index ETF	5.23%	4.64%	3.71%	3.71%	8.38%	3.56%	1.42%	1.74%	3.05%	2.25%	2.32%	0.71%

Frequently Asked Questions

Can I hold both LTPZ and IBIE in my portfolio?

LTPZ and IBIE have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LTPZ or IBIE?

LTPZ has higher volatility (2.32%) compared to IBIE (0.38%). In terms of maximum drawdown, LTPZ dropped -40.99% vs IBIE's -1.70%.

Which ETF is better, LTPZ or IBIE?

On 1-year performance, IBIE leads with 4.80% vs 4.72% for LTPZ. On fees, IBIE is cheaper at 0.10% per year. On volatility, IBIE 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, LTPZ or IBIE?

Over the 1-year period, IBIE has performed better with a 4.80% return vs 4.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LTPZ or IBIE?

IBIE is cheaper with a 0.10% expense ratio, compared with 0.20% for LTPZ.

Which ETF pays a higher dividend yield, LTPZ or IBIE?

LTPZ has the higher dividend yield at 5.23%, compared with 3.25% for IBIE.

What is the main difference between LTPZ and IBIE?

LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y), while IBIE tracks ICE 2028 Maturity US Inflation-Linked Treasury Index. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.20% for LTPZ and 0.10% for IBIE.

Which has better risk-adjusted returns?

IBIE currently has the higher Sharpe Ratio (3.09 vs 0.51), 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.