LTPZ vs. MFDX

Last updated Jun 4, 2026

LTPZ (PIMCO 15+ Year US TIPS Index ETF) and MFDX (PIMCO RAFI Dynamic Multi-Factor International Equity ETF) are both exchange-traded funds - LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y), while MFDX is a Foreign Large Cap Equities fund tracking the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index. Both are passively managed. Over the past 5 years, LTPZ returned -5.24%/yr vs 9.92%/yr for MFDX. At a 0.09 correlation, their price movements are largely independent. LTPZ charges 0.20%/yr vs 0.39%/yr for MFDX.

Performance

LTPZ vs. MFDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO 15+ Year US TIPS Index ETF (LTPZ) and PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX). 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 MFDX's 9.73% 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%

MFDX

• 1D: -0.55%
• 1M: 2.31%
• YTD: 9.73%
• 6M: 12.33%
• 1Y: 23.13%
• 3Y*: 18.62%
• 5Y*: 9.92%
• 10Y*: —

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

LTPZ vs. MFDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LTPZ PIMCO 15+ Year US TIPS Index ETF	0.41%	4.00%	-4.80%	0.96%	-31.71%	7.02%	24.89%	17.47%	-7.22%	3.36%
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	9.73%	34.27%	4.40%	17.54%	-10.27%	11.07%	6.90%	19.88%	-14.88%	7.02%

Correlation

The correlation between LTPZ and MFDX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017	0.09

Over the past year, LTPZ and MFDX have become more correlated (0.37) than their long-term average of 0.09, meaning their price movements have been converging.

Return for Risk

LTPZ vs. MFDX — 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

MFDX

MFDX Risk / Return Rank: 48
MFDX Sharpe Ratio Rank: 48
MFDX Sortino Ratio Rank: 48
MFDX Omega Ratio Rank: 48
MFDX Calmar Ratio Rank: 44
MFDX Martin Ratio Rank: 51

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. MFDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO 15+ Year US TIPS Index ETF (LTPZ) and PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX). 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	MFDX	Difference
Sharpe ratio Return per unit of total volatility	0.51	1.70	-1.19
Sortino ratio Return per unit of downside risk	0.78	2.38	-1.60
Omega ratio Gain probability vs. loss probability	1.09	1.31	-0.22
Calmar ratio Return relative to maximum drawdown	0.68	2.18	-1.50
Martin ratio Return relative to average drawdown	1.48	8.66	-7.18
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. MFDX - Sharpe Ratio Comparison

The current LTPZ Sharpe Ratio is 0.51, which is lower than the MFDX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of LTPZ and MFDX, 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	MFDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	1.70	-1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	0.66	-1.00
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	0.54	-0.33

Drawdowns

LTPZ vs. MFDX - Drawdown Comparison

The maximum LTPZ drawdown since its inception was -40.99%, which is greater than MFDX's maximum drawdown of -36.05%. Use the drawdown chart below to compare losses from any high point for LTPZ and MFDX.

Drawdown Indicators

	LTPZ	MFDX	Difference
Max Drawdown Largest peak-to-trough decline	-40.99%	-36.05%	-4.94%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-10.66%	+3.66%
Max Drawdown (3Y) Largest decline over 3 years	-16.27%	-11.62%	-4.65%
Max Drawdown (5Y) Largest decline over 5 years	-40.99%	-25.58%	-15.41%
Max Drawdown (10Y) Largest decline over 10 years	-40.99%	—	—
Current Drawdown Current decline from peak	-32.74%	-1.84%	-30.90%
Average Drawdown Average peak-to-trough decline	-12.41%	-6.50%	-5.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	2.68%	+0.52%

Volatility

LTPZ vs. MFDX - Volatility Comparison

The current volatility for PIMCO 15+ Year US TIPS Index ETF (LTPZ) is 2.32%, while PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) has a volatility of 4.45%. This indicates that LTPZ experiences smaller price fluctuations and is considered to be less risky than MFDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LTPZ	MFDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	4.45%	-2.13%
Volatility (6M) Calculated over the trailing 6-month period	6.41%	11.34%	-4.93%
Volatility (1Y) Calculated over the trailing 1-year period	9.26%	13.73%	-4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.89%	15.03%	+0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.07%	16.41%	-1.34%

LTPZ vs. MFDX - Expense Ratio Comparison

LTPZ has a 0.20% expense ratio, which is lower than MFDX's 0.39% expense ratio.

Dividends

LTPZ vs. MFDX - Dividend Comparison

LTPZ's dividend yield for the trailing twelve months is around 5.23%, more than MFDX's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.79%	2.97%	3.16%	3.12%	2.85%	2.99%	1.58%	2.88%	2.13%	0.71%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LTPZ and MFDX in my portfolio?

LTPZ and MFDX have a correlation of 0.37, 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 MFDX?

MFDX has higher volatility (4.45%) compared to LTPZ (2.32%). In terms of maximum drawdown, LTPZ dropped -40.99% vs MFDX's -36.05%.

Which ETF is better, LTPZ or MFDX?

On 5-year performance, MFDX leads with 9.92% vs -5.24% for LTPZ. On fees, LTPZ is cheaper at 0.20% per year. On volatility, LTPZ has been the lower-risk option at 2.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LTPZ or MFDX?

Over the 5-year period, MFDX has performed better with a 9.92% return vs -5.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LTPZ or MFDX?

LTPZ is cheaper with a 0.20% expense ratio, compared with 0.39% for MFDX.

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

LTPZ has the higher dividend yield at 5.23%, compared with 2.79% for MFDX.

What is the main difference between LTPZ and MFDX?

LTPZ is categorized as Inflation-Protected Bonds, while MFDX is Foreign Large Cap Equities. LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y), while MFDX tracks RAFI Dynamic Multi-Factor Developed Ex-U.S. Index. Their fees differ too: 0.20% for LTPZ and 0.39% for MFDX.

Which has better risk-adjusted returns?

MFDX currently has the higher Sharpe Ratio (1.70 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.