PBTP vs. ICPI

Last updated Jun 23, 2026

PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) and ICPI (iShares 0-1 Year TIPS Bond ETF) are both Inflation-Protected Bonds funds - PBTP tracks the ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y) while ICPI tracks the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index. Both are passively managed. At a 0.38 correlation, their price movements are largely independent. PBTP charges 0.07%/yr vs 0.09%/yr for ICPI.

Performance

PBTP vs. ICPI - 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 0-1 Year TIPS Bond ETF (ICPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBTP achieves a 1.42% return, which is significantly lower than ICPI's 2.44% return.

PBTP

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

ICPI

• 1D: -0.09%
• 1M: -0.05%
• YTD: 2.44%
• 6M: 2.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBTP vs. ICPI - Yearly Performance Comparison

	2026 (YTD)	2025
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	1.42%	0.24%
ICPI iShares 0-1 Year TIPS Bond ETF	2.44%	0.32%

Correlation

The correlation between PBTP and ICPI is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.38

Return for Risk

PBTP vs. ICPI — 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

ICPI

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. ICPI - 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 0-1 Year TIPS Bond ETF (ICPI). 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	ICPI	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

PBTP vs. ICPI - Drawdown Comparison

The maximum PBTP drawdown since its inception was -5.44%, which is greater than ICPI's maximum drawdown of -0.32%. Use the drawdown chart below to compare losses from any high point for PBTP and ICPI.

Drawdown Indicators

	PBTP	ICPI	Difference
Max Drawdown Largest peak-to-trough decline	-5.44%	-0.32%	-5.12%
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%	-0.32%	-0.41%
Average Drawdown Average peak-to-trough decline	-0.75%	-0.04%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	—	—

Volatility

Volatility by Period

	PBTP	ICPI	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%	0.96%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.85%	0.96%	+1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.64%	0.96%	+1.68%

PBTP vs. ICPI - Expense Ratio Comparison

PBTP has a 0.07% expense ratio, which is lower than ICPI's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PBTP vs. ICPI - Dividend Comparison

PBTP's dividend yield for the trailing twelve months is around 5.86%, more than ICPI's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICPI iShares 0-1 Year TIPS Bond ETF	1.80%	0.54%	0.00%	0.00%	0.00%	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 ICPI in my portfolio?

PBTP and ICPI have a correlation of 0.38, 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 ICPI?

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 ICPI?

PBTP is cheaper with a 0.07% expense ratio, compared with 0.09% for ICPI.

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

PBTP has the higher dividend yield at 5.86%, compared with 1.80% for ICPI.

What is the main difference between PBTP and ICPI?

PBTP tracks ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y), while ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.07% for PBTP and 0.09% for ICPI.