LTPZ vs. JNK
LTPZ (PIMCO 15+ Year US TIPS Index ETF) and JNK (State Street SPDR Bloomberg High Yield Bond ETF) are both exchange-traded funds - LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y), while JNK is a High Yield Bonds fund tracking the Bloomberg High Yield Very Liquid Index. Both are passively managed. Over the past 10 years, LTPZ returned 0.63%/yr vs 5.05%/yr for JNK. At a 0.06 correlation, their price movements are largely independent. LTPZ charges 0.20%/yr vs 0.40%/yr for JNK.
Performance
LTPZ vs. JNK - Performance Comparison
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Returns By Period
In the year-to-date period, LTPZ achieves a 0.16% return, which is significantly lower than JNK's 1.83% return. Over the past 10 years, LTPZ has underperformed JNK with an annualized return of 0.63%, while JNK has yielded a comparatively higher 5.05% annualized return.
LTPZ
- 1D
- -1.08%
- 1M
- 0.98%
- YTD
- 0.16%
- 6M
- 0.42%
- 1Y
- 3.04%
- 3Y*
- -1.54%
- 5Y*
- -5.63%
- 10Y*
- 0.63%
JNK
- 1D
- -0.09%
- 1M
- 0.60%
- YTD
- 1.83%
- 6M
- 2.14%
- 1Y
- 6.86%
- 3Y*
- 8.93%
- 5Y*
- 3.65%
- 10Y*
- 5.05%
LTPZ vs. JNK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year US TIPS Index ETF | 0.16% | 4.00% | -4.80% | 0.96% | -31.71% | 7.02% | 24.89% | 17.47% | -7.22% | 9.07% |
JNK State Street SPDR Bloomberg High Yield Bond ETF | 1.83% | 8.76% | 7.71% | 12.42% | -12.19% | 4.00% | 4.95% | 14.88% | -3.28% | 6.49% |
Correlation
The correlation between LTPZ and JNK is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2009 | 0.06 |
Over the past year, LTPZ and JNK have become more correlated (0.49) than their long-term average of 0.06, meaning their price movements have been converging.
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Return for Risk
LTPZ vs. JNK — Risk / Return Rank
LTPZ
JNK
LTPZ vs. JNK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO 15+ Year US TIPS Index ETF (LTPZ) and State Street SPDR Bloomberg High Yield Bond ETF (JNK). 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.
| LTPZ | JNK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.34 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.44 | 2.75 | -2.31 |
| Martin ratioReturn relative to average drawdown | 0.92 | 12.05 | -11.14 |
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Drawdowns
LTPZ vs. JNK - Drawdown Comparison
The maximum LTPZ drawdown since its inception was -40.99%, which is greater than JNK's maximum drawdown of -38.48%. Use the drawdown chart below to compare losses from any high point for LTPZ and JNK.
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Drawdown Indicators
| LTPZ | JNK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.99% | -38.48% | -2.51% |
Max Drawdown (1Y)Largest decline over 1 year | -7.00% | -2.51% | -4.49% |
Max Drawdown (3Y)Largest decline over 3 years | -16.05% | -5.02% | -11.03% |
Max Drawdown (5Y)Largest decline over 5 years | -40.99% | -16.67% | -24.32% |
Max Drawdown (10Y)Largest decline over 10 years | -40.99% | -22.89% | -18.10% |
Current DrawdownCurrent decline from peak | -32.91% | -0.16% | -32.75% |
Average DrawdownAverage peak-to-trough decline | -12.46% | -3.69% | -8.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.33% | 0.57% | +2.76% |
Volatility
LTPZ vs. JNK - Volatility Comparison
PIMCO 15+ Year US TIPS Index ETF (LTPZ) has a higher volatility of 2.52% compared to State Street SPDR Bloomberg High Yield Bond ETF (JNK) at 1.07%. This indicates that LTPZ's price experiences larger fluctuations and is considered to be riskier than JNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LTPZ | JNK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 1.07% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 3.06% | +3.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.14% | 3.88% | +5.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.86% | 7.56% | +8.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 8.30% | +6.77% |
LTPZ vs. JNK - Expense Ratio Comparison
LTPZ has a 0.20% expense ratio, which is lower than JNK's 0.40% expense ratio.
Dividends
LTPZ vs. JNK - Dividend Comparison
LTPZ's dividend yield for the trailing twelve months is around 5.24%, less than JNK's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JNK State Street SPDR Bloomberg High Yield Bond ETF | 6.60% | 6.54% | 6.63% | 6.38% | 6.06% | 4.27% | 5.11% | 5.44% | 5.90% | 5.60% | 6.06% | 6.59% |
LTPZ PIMCO 15+ Year US TIPS Index ETF | 5.24% | 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
LTPZ and JNK have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LTPZ has higher volatility (2.52%) compared to JNK (1.07%). In terms of maximum drawdown, LTPZ dropped -40.99% vs JNK's -38.48%.
On 10-year performance, JNK leads with 5.05% vs 0.63% for LTPZ. On fees, LTPZ is cheaper at 0.20% per year. On volatility, JNK has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JNK has performed better with a 5.05% return vs 0.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LTPZ is cheaper with a 0.20% expense ratio, compared with 0.40% for JNK.
JNK has the higher dividend yield at 6.60%, compared with 5.24% for LTPZ.
LTPZ is categorized as Inflation-Protected Bonds, while JNK is High Yield Bonds. LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y), while JNK tracks Bloomberg High Yield Very Liquid Index. They also come from different issuers: PIMCO and State Street. Their fees differ too: 0.20% for LTPZ and 0.40% for JNK.
JNK currently has the higher Sharpe Ratio (1.78 vs 0.33), 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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