LTPZ vs. TIPX
LTPZ (PIMCO 15+ Year US TIPS Index ETF) and TIPX (SPDR Bloomberg Barclays 1-10 Year TIPS ETF) are both Inflation-Protected Bonds funds - LTPZ tracks the ICE BofA US Inflation-Linked Treasury (15+ Y) while TIPX tracks the Bloomberg US Govt Inflation-Linked (1-10 Y). Both are passively managed. Over the past 10 years, LTPZ returned 0.66%/yr vs 2.86%/yr for TIPX. A 0.63 correlation means they provide meaningful diversification when combined. LTPZ charges 0.20%/yr vs 0.15%/yr for TIPX.
Performance
LTPZ vs. TIPX - Performance Comparison
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Returns By Period
In the year-to-date period, LTPZ achieves a 0.42% return, which is significantly lower than TIPX's 1.45% return. Over the past 10 years, LTPZ has underperformed TIPX with an annualized return of 0.66%, while TIPX has yielded a comparatively higher 2.86% annualized return.
LTPZ
- 1D
- 1.05%
- 1M
- 1.11%
- YTD
- 0.42%
- 6M
- -0.15%
- 1Y
- 4.41%
- 3Y*
- -1.03%
- 5Y*
- -5.52%
- 10Y*
- 0.66%
TIPX
- 1D
- 0.16%
- 1M
- -0.38%
- YTD
- 1.45%
- 6M
- 1.46%
- 1Y
- 4.82%
- 3Y*
- 4.73%
- 5Y*
- 2.24%
- 10Y*
- 2.86%
LTPZ vs. TIPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year US TIPS Index ETF | 0.42% | 4.00% | -4.80% | 0.96% | -31.71% | 7.02% | 24.89% | 17.47% | -7.22% | 9.07% |
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF | 1.45% | 7.15% | 3.08% | 4.43% | -7.58% | 5.42% | 8.51% | 6.60% | -0.32% | 2.54% |
Correlation
The correlation between LTPZ and TIPX is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since May 30, 2013 | 0.63 |
The correlation between LTPZ and TIPX shifts across timeframes, from 0.63 (all time) to 0.76 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
LTPZ vs. TIPX — Risk / Return Rank
LTPZ
TIPX
LTPZ vs. TIPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO 15+ Year US TIPS Index ETF (LTPZ) and SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX). 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 | TIPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.41 | ||
| Sortino ratioReturn per unit of downside risk | -2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.35 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 3.75 | -3.11 |
| Martin ratioReturn relative to average drawdown | 1.35 | 12.48 | -11.13 |
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Drawdowns
LTPZ vs. TIPX - Drawdown Comparison
The maximum LTPZ drawdown since its inception was -40.99%, which is greater than TIPX's maximum drawdown of -10.06%. Use the drawdown chart below to compare losses from any high point for LTPZ and TIPX.
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Drawdown Indicators
| LTPZ | TIPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.99% | -10.06% | -30.93% |
Max Drawdown (1Y)Largest decline over 1 year | -7.00% | -1.29% | -5.71% |
Max Drawdown (3Y)Largest decline over 3 years | -16.27% | -2.45% | -13.82% |
Max Drawdown (5Y)Largest decline over 5 years | -40.99% | -10.06% | -30.93% |
Max Drawdown (10Y)Largest decline over 10 years | -40.99% | -10.06% | -30.93% |
Current DrawdownCurrent decline from peak | -32.73% | -0.56% | -32.17% |
Average DrawdownAverage peak-to-trough decline | -12.43% | -2.28% | -10.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 0.39% | +2.88% |
Volatility
LTPZ vs. TIPX - Volatility Comparison
PIMCO 15+ Year US TIPS Index ETF (LTPZ) has a higher volatility of 2.55% compared to SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) at 0.79%. This indicates that LTPZ's price experiences larger fluctuations and is considered to be riskier than TIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LTPZ | TIPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 0.79% | +1.76% |
Volatility (6M)Calculated over the trailing 6-month period | 6.55% | 1.80% | +4.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 2.57% | +6.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.88% | 4.63% | +11.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 4.37% | +10.70% |
LTPZ vs. TIPX - Expense Ratio Comparison
LTPZ has a 0.20% expense ratio, which is higher than TIPX's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
LTPZ vs. TIPX - Dividend Comparison
LTPZ's dividend yield for the trailing twelve months is around 5.23%, more than TIPX's 4.55% 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% |
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF | 4.55% | 3.78% | 3.57% | 3.57% | 6.08% | 4.26% | 1.73% | 2.53% | 1.90% | 2.84% | 1.04% | 0.06% |
Frequently Asked Questions
LTPZ and TIPX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LTPZ has higher volatility (2.55%) compared to TIPX (0.79%). In terms of maximum drawdown, LTPZ dropped -40.99% vs TIPX's -10.06%.
On 10-year performance, TIPX leads with 2.86% vs 0.66% for LTPZ. On fees, TIPX is cheaper at 0.15% per year. On volatility, TIPX has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TIPX has performed better with a 2.86% return vs 0.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIPX is cheaper with a 0.15% expense ratio, compared with 0.20% for LTPZ.
LTPZ has the higher dividend yield at 5.23%, compared with 4.55% for TIPX.
LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y), while TIPX tracks Bloomberg US Govt Inflation-Linked (1-10 Y). They also come from different issuers: PIMCO and State Street. Their fees differ too: 0.20% for LTPZ and 0.15% for TIPX.
TIPX currently has the higher Sharpe Ratio (1.89 vs 0.48), 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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