LTPZ vs. MUNI

Last updated Jun 4, 2026

LTPZ (PIMCO 15+ Year US TIPS Index ETF) and MUNI (PIMCO Intermediate Municipal Bond Active ETF) 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 0.75%/yr vs 2.16%/yr for MUNI. At a 0.44 correlation, their price movements are largely independent. LTPZ charges 0.20%/yr vs 0.35%/yr for MUNI.

Performance

LTPZ vs. MUNI - 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 Intermediate Municipal Bond Active ETF (MUNI). 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 MUNI's 1.24% return. Over the past 10 years, LTPZ has underperformed MUNI with an annualized return of 0.75%, while MUNI has yielded a comparatively higher 2.16% annualized 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%

MUNI

• 1D: -0.04%
• 1M: 0.42%
• YTD: 1.24%
• 6M: 1.44%
• 1Y: 6.52%
• 3Y*: 3.96%
• 5Y*: 1.27%
• 10Y*: 2.16%

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

LTPZ vs. MUNI - 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%	9.07%
MUNI PIMCO Intermediate Municipal Bond Active ETF	1.24%	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 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 16, 2009	0.44

The correlation between LTPZ and MUNI shifts across timeframes, from 0.44 (all time) to 0.68 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

LTPZ vs. MUNI — 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

MUNI

MUNI Risk / Return Rank: 76
MUNI Sharpe Ratio Rank: 86
MUNI Sortino Ratio Rank: 91
MUNI Omega Ratio Rank: 93
MUNI Calmar Ratio Rank: 57
MUNI Martin Ratio Rank: 54

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. MUNI - 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 Intermediate Municipal Bond Active ETF (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.

	LTPZ	MUNI	Difference
Sharpe ratio Return per unit of total volatility	0.51	2.89	-2.38
Sortino ratio Return per unit of downside risk	0.78	4.33	-3.55
Omega ratio Gain probability vs. loss probability	1.09	1.65	-0.56
Calmar ratio Return relative to maximum drawdown	0.68	2.86	-2.18
Martin ratio Return relative to average drawdown	1.48	9.39	-7.91
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. MUNI - Sharpe Ratio Comparison

The current LTPZ Sharpe Ratio is 0.51, which is lower than the MUNI Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of LTPZ and MUNI, 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	MUNI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	2.89	-2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	0.38	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	0.56	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.78	-0.57

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.

Drawdown Indicators

	LTPZ	MUNI	Difference
Max Drawdown Largest peak-to-trough decline	-40.99%	-11.15%	-29.84%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-2.29%	-4.71%
Max Drawdown (3Y) Largest decline over 3 years	-16.27%	-4.09%	-12.18%
Max Drawdown (5Y) Largest decline over 5 years	-40.99%	-11.15%	-29.84%
Max Drawdown (10Y) Largest decline over 10 years	-40.99%	-11.15%	-29.84%
Current Drawdown Current decline from peak	-32.74%	-0.79%	-31.95%
Average Drawdown Average peak-to-trough decline	-12.41%	-1.73%	-10.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	0.70%	+2.50%

Volatility

LTPZ vs. MUNI - Volatility Comparison

PIMCO 15+ Year US TIPS Index ETF (LTPZ) has a higher volatility of 2.32% compared to PIMCO Intermediate Municipal Bond Active ETF (MUNI) at 0.77%. 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.

Volatility by Period

	LTPZ	MUNI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	0.77%	+1.55%
Volatility (6M) Calculated over the trailing 6-month period	6.41%	1.60%	+4.81%
Volatility (1Y) Calculated over the trailing 1-year period	9.26%	2.27%	+6.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.89%	3.31%	+12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.07%	3.85%	+11.22%

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 5.23%, more than MUNI's 3.29% 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%
MUNI PIMCO Intermediate Municipal Bond Active ETF	3.29%	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

Can I hold both LTPZ and MUNI in my portfolio?

LTPZ and MUNI have a correlation of 0.64, 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 MUNI?

LTPZ has higher volatility (2.32%) compared to MUNI (0.77%). In terms of maximum drawdown, LTPZ dropped -40.99% vs MUNI's -11.15%.

Which ETF is better, LTPZ or MUNI?

On 10-year performance, MUNI leads with 2.16% vs 0.75% for LTPZ. On fees, LTPZ is cheaper at 0.20% per year. On volatility, MUNI has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LTPZ or MUNI?

Over the 10-year period, MUNI has performed better with a 2.16% return vs 0.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LTPZ or MUNI?

LTPZ is cheaper with a 0.20% expense ratio, compared with 0.35% for MUNI.

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

LTPZ has the higher dividend yield at 5.23%, compared with 3.29% for MUNI.

What is the main difference between LTPZ and 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.

Which has better risk-adjusted returns?

MUNI currently has the higher Sharpe Ratio (2.89 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.