PBTP vs. HYGI

Last updated Jun 23, 2026

PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) and HYGI (iShares Inflation Hedged High Yield Bond ETF) are both Inflation-Protected Bonds funds - PBTP tracks the ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y) while HYGI tracks the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. Both are passively managed. At a 0.41 correlation, their price movements are largely independent. PBTP charges 0.07%/yr vs 0.52%/yr for HYGI.

Performance

PBTP vs. HYGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) and iShares Inflation Hedged High Yield Bond ETF (HYGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PBTP

• 1D: -0.18%
• 1M: -0.30%
• YTD: 1.42%
• 6M: 1.44%
• 1Y: 3.62%
• 3Y*: 4.97%
• 5Y*: 3.22%
• 10Y*: —

HYGI

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBTP vs. HYGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	1.42%	5.98%	4.72%	4.53%	-1.84%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%

Correlation

The correlation between PBTP and HYGI is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022	0.41

Over the past year, the correlation between PBTP and HYGI has dropped to 0.17 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Return for Risk

PBTP vs. HYGI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PBTP

PBTP Risk / Return Rank: 82
PBTP Sharpe Ratio Rank: 73
PBTP Sortino Ratio Rank: 82
PBTP Omega Ratio Rank: 82
PBTP Calmar Ratio Rank: 88
PBTP Martin Ratio Rank: 86

HYGI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

PBTP vs. HYGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) and iShares Inflation Hedged High Yield Bond ETF (HYGI). 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.

	PBTP	HYGI	Difference
Sharpe ratio: Return per unit of total volatility	2.25	—	—
Sortino ratio: Return per unit of downside risk	3.46	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	4.98	—	—
Martin ratio: Return relative to average drawdown	17.63	—	—

Drawdowns

Drawdown Indicators

	PBTP	HYGI	Difference
Max Drawdown Largest peak-to-trough decline	-5.44%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-0.73%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.03%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.44%	—	—
Current Drawdown Current decline from peak	-0.73%	—	—
Average Drawdown Average peak-to-trough decline	-0.75%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	—	—

Volatility

Volatility by Period

	PBTP	HYGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.17%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.62%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.85%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.64%	—	—

PBTP vs. HYGI - Expense Ratio Comparison

PBTP has a 0.07% expense ratio, which is lower than HYGI's 0.52% expense ratio.

Dividends

PBTP vs. HYGI - Dividend Comparison

PBTP's dividend yield for the trailing twelve months is around 5.86%, while HYGI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%	0.00%	0.00%	0.00%	0.00%	0.00%
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	5.86%	3.82%	2.59%	2.36%	5.33%	3.12%	1.25%	2.12%	2.33%	0.73%

Frequently Asked Questions

Can I hold both PBTP and HYGI in my portfolio?

PBTP and HYGI have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PBTP or HYGI?

On fees, PBTP is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBTP or HYGI?

PBTP is cheaper with a 0.07% expense ratio, compared with 0.52% for HYGI.

Which ETF pays a higher dividend yield, PBTP or HYGI?

PBTP has the higher dividend yield at 5.86%, compared with 0.97% for HYGI.

What is the main difference between PBTP and HYGI?

PBTP tracks ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y), while HYGI tracks BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.07% for PBTP and 0.52% for HYGI.