LTPZ vs. USHY
LTPZ (PIMCO 15+ Year U.S. TIPS Index ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both exchange-traded funds - LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y), while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, LTPZ returned -7.35%/yr vs 4.16%/yr for USHY. Their 0.24 correlation means their historical movements had little consistent relationship. LTPZ charges 0.20%/yr vs 0.15%/yr for USHY.
Performance
LTPZ vs. USHY - 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 USHY's 2.08% 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%
USHY
- 1D
- 0.31%
- 1M
- 0.01%
- 6M
- 1.32%
- YTD
- 2.08%
- 1Y
- 5.64%
- 3Y*
- 8.63%
- 5Y*
- 4.16%
- 10Y*
- —
- ALL TIME*
- 4.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.67M | $8.82M | $7.84M | |
| $552.78M | $427.44M | $406.45M |
LTPZ vs. USHY - 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% | 6.43% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 2.08% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between LTPZ and USHY is 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (3Y) Balances recent behavior with more history. | 0.51 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.24 |
Over the past year, LTPZ and USHY have become more correlated (0.47) than their long-term average of 0.24, meaning their price movements have been converging.
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Return for Risk
LTPZ vs. USHY — Risk / Return Rank
LTPZ
USHY
LTPZ vs. USHY - 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 iShares Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.58 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.29 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 2.33 | -2.59 |
| Martin ratioReturn relative to average drawdown | -0.54 | 10.25 | -10.79 |
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Drawdowns
LTPZ vs. USHY - Drawdown Comparison
The maximum LTPZ drawdown since its inception was -40.99%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for LTPZ and USHY.
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Drawdown Indicators
| LTPZ | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.99% | -22.44% | -18.55% |
Max Drawdown (1Y)Largest decline over 1 year | -8.09% | -2.43% | -5.66% |
Max Drawdown (3Y)Largest decline over 3 years | -12.64% | -4.66% | -7.98% |
Max Drawdown (5Y)Largest decline over 5 years | -40.99% | -15.56% | -25.43% |
Max Drawdown (10Y)Largest decline over 10 years | -40.99% | — | — |
Current DrawdownCurrent decline from peak | -35.26% | -0.18% | -35.08% |
Average DrawdownAverage peak-to-trough decline | -12.61% | -2.62% | -9.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 0.55% | +3.34% |
Volatility
LTPZ vs. USHY - Volatility Comparison
PIMCO 15+ Year U.S. TIPS Index ETF (LTPZ) has a higher volatility of 2.08% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 0.82%. This indicates that LTPZ's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LTPZ | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.08% | 0.82% | +1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 6.77% | 3.03% | +3.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.01% | 3.69% | +5.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.86% | 7.35% | +8.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.02% | 8.18% | +6.84% |
LTPZ vs. USHY - Expense Ratio Comparison
LTPZ has a 0.20% expense ratio, which is higher than USHY'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. USHY - Dividend Comparison
LTPZ's dividend yield for the trailing twelve months is around 7.00%, which matches USHY's 6.95% 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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.95% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
LTPZ and USHY have a correlation of 0.47, 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 USHY (0.82%). In terms of maximum drawdown, LTPZ dropped -40.99% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.16% vs -7.35% for LTPZ. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USHY has performed better with a 4.16% return vs -7.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.20% for LTPZ.
LTPZ has the higher dividend yield at 7.00%, compared with 6.95% for USHY.
LTPZ is categorized as Inflation-Protected Bonds, while USHY is High Yield Bonds. LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y), while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.20% for LTPZ and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.54 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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