LTPZ vs. MUNI
LTPZ (PIMCO 15+ Year U.S. TIPS Index ETF) and MUNI (PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund) are both exchange-traded funds - LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y), while MUNI is a Municipal Bonds fund actively managed by PIMCO. LTPZ is passively managed, while MUNI is actively managed. Over the past 10 years, LTPZ returned -0.17%/yr vs 1.97%/yr for MUNI. Their 0.45 correlation means their historical movements had little consistent relationship. LTPZ charges 0.20%/yr vs 0.35%/yr for MUNI.
Performance
LTPZ vs. MUNI - Performance Comparison
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Returns By Period
In the year-to-date period, LTPZ achieves a -3.35% return, which is significantly lower than MUNI's 0.45% return. Over the past 10 years, LTPZ has underperformed MUNI with an annualized return of -0.17%, while MUNI has yielded a comparatively higher 1.97% annualized return.
LTPZ
- 1D
- 0.42%
- 1M
- -3.33%
- 6M
- -2.92%
- YTD
- -3.35%
- 1Y
- -2.09%
- 3Y*
- -1.08%
- 5Y*
- -7.35%
- 10Y*
- -0.17%
- ALL TIME*
- 2.81%
MUNI
- 1D
- 0.08%
- 1M
- -1.31%
- 6M
- -0.37%
- YTD
- 0.45%
- 1Y
- 4.21%
- 3Y*
- 3.59%
- 5Y*
- 0.97%
- 10Y*
- 1.97%
- ALL TIME*
- 2.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.67M | $8.82M | $7.84M | |
| $17.68M | $16.13M | $16.68M |
LTPZ vs. MUNI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year U.S. TIPS Index ETF | -3.35% | 4.00% | -4.80% | 0.96% | -31.71% | 7.02% | 24.89% | 17.47% | -7.22% | 9.07% |
MUNI PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 0.45% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
Correlation
The correlation between LTPZ and MUNI is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.55 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.48 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2009 | 0.45 |
Over the past year, LTPZ and MUNI have become more correlated (0.66) than their long-term average of 0.45, meaning their price movements have been converging.
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Return for Risk
LTPZ vs. MUNI — Risk / Return Rank
LTPZ
MUNI
LTPZ vs. MUNI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO 15+ Year U.S. TIPS Index ETF (LTPZ) and PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (MUNI). 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 | MUNI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.83 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.38 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 1.84 | -2.10 |
| Martin ratioReturn relative to average drawdown | -0.54 | 5.37 | -5.91 |
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Drawdowns
LTPZ vs. MUNI - Drawdown Comparison
The maximum LTPZ drawdown since its inception was -40.99%, which is greater than MUNI's maximum drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for LTPZ and MUNI.
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Drawdown Indicators
| LTPZ | MUNI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.99% | -11.15% | -29.84% |
Max Drawdown (1Y)Largest decline over 1 year | -8.09% | -2.29% | -5.80% |
Max Drawdown (3Y)Largest decline over 3 years | -12.64% | -3.67% | -8.97% |
Max Drawdown (5Y)Largest decline over 5 years | -40.99% | -11.02% | -29.97% |
Max Drawdown (10Y)Largest decline over 10 years | -40.99% | -11.15% | -29.84% |
Current DrawdownCurrent decline from peak | -35.26% | -1.57% | -33.69% |
Average DrawdownAverage peak-to-trough decline | -12.61% | -1.72% | -10.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 0.78% | +3.11% |
Volatility
LTPZ vs. MUNI - Volatility Comparison
PIMCO 15+ Year U.S. TIPS Index ETF (LTPZ) has a higher volatility of 2.08% compared to PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (MUNI) at 0.86%. This indicates that LTPZ's price experiences larger fluctuations and is considered to be riskier than MUNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LTPZ | MUNI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.08% | 0.86% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 6.77% | 1.83% | +4.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.01% | 2.31% | +6.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.86% | 3.33% | +12.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.02% | 3.85% | +11.17% |
LTPZ vs. MUNI - Expense Ratio Comparison
LTPZ has a 0.20% expense ratio, which is lower than MUNI's 0.35% expense ratio.
Dividends
LTPZ vs. MUNI - Dividend Comparison
LTPZ's dividend yield for the trailing twelve months is around 7.00%, more than MUNI's 3.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year U.S. TIPS Index ETF | 7.00% | 4.64% | 3.71% | 3.71% | 8.38% | 3.56% | 1.42% | 1.74% | 3.05% | 2.25% | 2.32% | 0.71% |
MUNI PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 3.37% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
Frequently Asked Questions
LTPZ and MUNI have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LTPZ has higher volatility (2.08%) compared to MUNI (0.86%). In terms of maximum drawdown, LTPZ dropped -40.99% vs MUNI's -11.15%.
On 10-year performance, MUNI leads with 1.97% vs -0.17% for LTPZ. On fees, LTPZ is cheaper at 0.20% per year. On volatility, MUNI has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MUNI has performed better with a 1.97% return vs -0.17%. 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 0.35% for MUNI.
LTPZ has the higher dividend yield at 7.00%, compared with 3.37% for MUNI.
LTPZ is categorized as Inflation-Protected Bonds, while MUNI is Municipal Bonds. Their fees differ too: 0.20% for LTPZ and 0.35% for MUNI.
MUNI currently has the higher Sharpe Ratio (1.83 vs -0.23), 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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