LTPZ vs. PMBS
LTPZ (PIMCO 15+ Year U.S. TIPS Index ETF) and PMBS (PIMCO Mortgage-Backed Securities 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 PMBS is a Mortgage Backed Securities fund actively managed by PIMCO. LTPZ is passively managed, while PMBS is actively managed. Over the past year, LTPZ returned -2.09% vs 3.73% for PMBS. Their 0.80 correlation means they have sometimes moved together and sometimes differently. LTPZ charges 0.20%/yr vs 0.71%/yr for PMBS.
Performance
LTPZ vs. PMBS - 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 PMBS's 0.07% 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%
PMBS
- 1D
- 0.23%
- 1M
- -1.24%
- 6M
- -0.59%
- YTD
- 0.07%
- 1Y
- 3.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.67M | $8.82M | $7.84M | |
| $4.24M | $3.71M | $5.44M |
LTPZ vs. PMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
LTPZ PIMCO 15+ Year U.S. TIPS Index ETF | -3.35% | 4.00% | -9.27% |
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 0.07% | 8.92% | -2.80% |
Correlation
The correlation between LTPZ and PMBS is 0.79, 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. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Sep 23, 2024 | 0.80 |
The correlation between LTPZ and PMBS has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.
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Return for Risk
LTPZ vs. PMBS — Risk / Return Rank
LTPZ
PMBS
LTPZ vs. PMBS - 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 Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS). 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 | PMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.16 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 1.26 | -1.52 |
| Martin ratioReturn relative to average drawdown | -0.54 | 3.46 | -4.00 |
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Drawdowns
LTPZ vs. PMBS - Drawdown Comparison
The maximum LTPZ drawdown since its inception was -40.99%, which is greater than PMBS's maximum drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for LTPZ and PMBS.
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Drawdown Indicators
| LTPZ | PMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.99% | -4.35% | -36.64% |
Max Drawdown (1Y)Largest decline over 1 year | -8.09% | -2.97% | -5.12% |
Max Drawdown (3Y)Largest decline over 3 years | -12.64% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -40.99% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.99% | — | — |
Current DrawdownCurrent decline from peak | -35.26% | -2.37% | -32.89% |
Average DrawdownAverage peak-to-trough decline | -12.61% | -1.18% | -11.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 1.08% | +2.81% |
Volatility
LTPZ vs. PMBS - Volatility Comparison
PIMCO 15+ Year U.S. TIPS Index ETF (LTPZ) has a higher volatility of 2.08% compared to PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) at 1.30%. This indicates that LTPZ's price experiences larger fluctuations and is considered to be riskier than PMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LTPZ | PMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.08% | 1.30% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 6.77% | 3.39% | +3.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.01% | 4.14% | +4.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.86% | 4.85% | +11.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.02% | 4.85% | +10.17% |
LTPZ vs. PMBS - Expense Ratio Comparison
LTPZ has a 0.20% expense ratio, which is lower than PMBS's 0.71% expense ratio.
Dividends
LTPZ vs. PMBS - Dividend Comparison
LTPZ's dividend yield for the trailing twelve months is around 7.00%, more than PMBS's 4.98% 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% |
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 4.98% | 4.73% | 1.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LTPZ and PMBS have a correlation of 0.79, 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 PMBS (1.30%). In terms of maximum drawdown, LTPZ dropped -40.99% vs PMBS's -4.35%.
On 1-year performance, PMBS leads with 3.73% vs -2.09% for LTPZ. On fees, LTPZ is cheaper at 0.20% per year. On volatility, PMBS has been the lower-risk option at 1.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PMBS has performed better with a 3.73% return vs -2.09%. 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 0.71% for PMBS.
LTPZ has the higher dividend yield at 7.00%, compared with 4.98% for PMBS.
LTPZ is categorized as Inflation-Protected Bonds, while PMBS is Mortgage Backed Securities. Their fees differ too: 0.20% for LTPZ and 0.71% for PMBS.
PMBS currently has the higher Sharpe Ratio (0.91 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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