PAAIX vs. TIP
PAAIX (PIMCO All Asset Fund) and TIP (iShares TIPS Bond ETF) are both funds - PAAIX is a Tactical Allocation fund managed by PIMCO, while TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index. Over the past 10 years, PAAIX returned 7.08%/yr vs 2.53%/yr for TIP. At a 0.40 correlation, their price movements are largely independent. PAAIX charges 1.40%/yr vs 0.18%/yr for TIP.
Performance
PAAIX vs. TIP - Performance Comparison
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Returns By Period
In the year-to-date period, PAAIX achieves a 8.96% return, which is significantly higher than TIP's 1.40% return. Over the past 10 years, PAAIX has outperformed TIP with an annualized return of 7.08%, while TIP has yielded a comparatively lower 2.53% annualized return.
PAAIX
- 1D
- 0.64%
- 1M
- 1.72%
- YTD
- 8.96%
- 6M
- 9.68%
- 1Y
- 18.62%
- 3Y*
- 10.16%
- 5Y*
- 4.42%
- 10Y*
- 7.08%
TIP
- 1D
- 0.01%
- 1M
- 0.25%
- YTD
- 1.40%
- 6M
- 1.42%
- 1Y
- 4.76%
- 3Y*
- 4.00%
- 5Y*
- 0.91%
- 10Y*
- 2.53%
PAAIX vs. TIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAAIX PIMCO All Asset Fund | 8.96% | 13.20% | 4.12% | 8.19% | -11.52% | 15.61% | 8.38% | 12.21% | -4.97% | 13.99% |
TIP iShares TIPS Bond ETF | 1.40% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
Correlation
The correlation between PAAIX and TIP is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Dec 5, 2003 | 0.40 |
The correlation between PAAIX and TIP shifts across timeframes, from 0.40 (all time) to 0.62 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PAAIX vs. TIP — Risk / Return Rank
PAAIX
TIP
PAAIX vs. TIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO All Asset Fund (PAAIX) and iShares TIPS Bond ETF (TIP). 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.
| PAAIX | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | +2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.24 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 2.34 | +1.45 |
| Martin ratioReturn relative to average drawdown | 15.15 | 7.00 | +8.15 |
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Drawdowns
PAAIX vs. TIP - Drawdown Comparison
The maximum PAAIX drawdown since its inception was -27.59%, which is greater than TIP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for PAAIX and TIP.
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Drawdown Indicators
| PAAIX | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.59% | -14.57% | -13.02% |
Max Drawdown (1Y)Largest decline over 1 year | -4.87% | -1.98% | -2.89% |
Max Drawdown (3Y)Largest decline over 3 years | -7.59% | -4.54% | -3.05% |
Max Drawdown (5Y)Largest decline over 5 years | -19.83% | -14.51% | -5.32% |
Max Drawdown (10Y)Largest decline over 10 years | -22.64% | -14.51% | -8.13% |
Current DrawdownCurrent decline from peak | -0.41% | -0.46% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -3.77% | -3.43% | -0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 0.66% | +0.55% |
Volatility
PAAIX vs. TIP - Volatility Comparison
PIMCO All Asset Fund (PAAIX) has a higher volatility of 2.20% compared to iShares TIPS Bond ETF (TIP) at 1.03%. This indicates that PAAIX's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAAIX | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 1.03% | +1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 4.75% | 2.32% | +2.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.06% | 3.39% | +2.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.79% | 6.21% | +1.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.79% | 5.74% | +2.05% |
PAAIX vs. TIP - Expense Ratio Comparison
PAAIX has a 1.40% expense ratio, which is higher than TIP's 0.18% expense ratio.
Dividends
PAAIX vs. TIP - Dividend Comparison
PAAIX's dividend yield for the trailing twelve months is around 8.08%, more than TIP's 3.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAAIX PIMCO All Asset Fund | 8.08% | 7.12% | 5.92% | 3.20% | 7.68% | 11.90% | 3.56% | 3.33% | 5.50% | 4.48% | 3.60% | 3.93% |
TIP iShares TIPS Bond ETF | 3.76% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
PAAIX and TIP have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAAIX has higher volatility (2.20%) compared to TIP (1.03%). In terms of maximum drawdown, PAAIX dropped -27.59% vs TIP's -14.57%.
PAAIX currently has the higher Sharpe Ratio (3.05 vs 1.37), 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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