PBTP vs. IRVH

Last updated Jun 4, 2026

PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) and IRVH (Global X Interest Rate Volatility & Inflation Hedge ETF) are both Inflation-Protected Bonds funds. PBTP is passively managed, while IRVH is actively managed. Over the past 3 years, PBTP returned 5.23%/yr vs -0.70%/yr for IRVH. A 0.63 correlation means they provide meaningful diversification when combined. PBTP charges 0.07%/yr vs 0.50%/yr for IRVH.

Performance

PBTP vs. IRVH - 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 Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBTP achieves a 2.15% return, which is significantly higher than IRVH's -3.15% return.

PBTP

• 1D: -0.02%
• 1M: 0.08%
• YTD: 2.15%
• 6M: 2.14%
• 1Y: 4.68%
• 3Y*: 5.23%
• 5Y*: 3.32%
• 10Y*: —

IRVH

• 1D: -0.18%
• 1M: -1.31%
• YTD: -3.15%
• 6M: -3.34%
• 1Y: -1.62%
• 3Y*: -0.70%
• 5Y*: —
• 10Y*: —

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

PBTP vs. IRVH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	2.15%	5.98%	4.72%	4.53%	-1.36%
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	-3.15%	7.71%	-5.49%	0.83%	-6.69%

Correlation

The correlation between PBTP and IRVH is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jul 7, 2022	0.63

The correlation between PBTP and IRVH shifts across timeframes, from 0.45 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PBTP vs. IRVH — Risk / Return Rank

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

PBTP

PBTP Risk / Return Rank: 93
PBTP Sharpe Ratio Rank: 89
PBTP Sortino Ratio Rank: 95
PBTP Omega Ratio Rank: 93
PBTP Calmar Ratio Rank: 94
PBTP Martin Ratio Rank: 93

IRVH

IRVH Risk / Return Rank: 5
IRVH Sharpe Ratio Rank: 6
IRVH Sortino Ratio Rank: 5
IRVH Omega Ratio Rank: 5
IRVH Calmar Ratio Rank: 6
IRVH Martin Ratio Rank: 6

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. IRVH - 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 Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH). 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.

	PBTP	IRVH	Difference
Sharpe ratio: Return per unit of total volatility	3.05	-0.33	+3.38
Sortino ratio: Return per unit of downside risk	5.10	-0.43	+5.53
Omega ratio: Gain probability vs. loss probability	1.66	0.95	+0.71
Calmar ratio: Return relative to maximum drawdown	7.08	-0.33	+7.41
Martin ratio: Return relative to average drawdown	24.51	-0.70	+25.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBTP vs. IRVH - Sharpe Ratio Comparison

The current PBTP Sharpe Ratio is 3.05, which is higher than the IRVH Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of PBTP and IRVH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PBTP	IRVH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.05	-0.33	+3.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.30	-0.22	+1.52

Drawdowns

PBTP vs. IRVH - Drawdown Comparison

The maximum PBTP drawdown since its inception was -5.44%, smaller than the maximum IRVH drawdown of -14.98%. Use the drawdown chart below to compare losses from any high point for PBTP and IRVH.

Drawdown Indicators

	PBTP	IRVH	Difference
Max Drawdown Largest peak-to-trough decline	-5.44%	-14.98%	+9.54%
Max Drawdown (1Y) Largest decline over 1 year	-0.66%	-4.89%	+4.23%
Max Drawdown (3Y) Largest decline over 3 years	-1.03%	-8.03%	+7.00%
Max Drawdown (5Y) Largest decline over 5 years	-5.44%	—	—
Current Drawdown Current decline from peak	-0.02%	-10.15%	+10.13%
Average Drawdown Average peak-to-trough decline	-0.75%	-9.72%	+8.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	2.33%	-2.14%

Volatility

PBTP vs. IRVH - Volatility Comparison

The current volatility for Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) is 0.40%, while Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) has a volatility of 0.73%. This indicates that PBTP experiences smaller price fluctuations and is considered to be less risky than IRVH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBTP	IRVH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.73%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	1.03%	3.27%	-2.24%
Volatility (1Y) Calculated over the trailing 1-year period	1.54%	4.95%	-3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.85%	8.85%	-6.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.64%	8.85%	-6.21%

PBTP vs. IRVH - Expense Ratio Comparison

PBTP has a 0.07% expense ratio, which is lower than IRVH's 0.50% expense ratio.

Dividends

PBTP vs. IRVH - Dividend Comparison

PBTP's dividend yield for the trailing twelve months is around 3.10%, less than IRVH's 5.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	5.55%	4.89%	3.34%	3.69%	2.73%	0.00%	0.00%	0.00%	0.00%	0.00%
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	3.10%	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 IRVH in my portfolio?

PBTP and IRVH have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBTP or IRVH?

IRVH has higher volatility (0.73%) compared to PBTP (0.40%). In terms of maximum drawdown, PBTP dropped -5.44% vs IRVH's -14.98%.

Which ETF is better, PBTP or IRVH?

On 3-year performance, PBTP leads with 5.23% vs -0.70% for IRVH. On fees, PBTP is cheaper at 0.07% per year. On volatility, PBTP has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBTP or IRVH?

Over the 3-year period, PBTP has performed better with a 5.23% return vs -0.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBTP or IRVH?

PBTP is cheaper with a 0.07% expense ratio, compared with 0.50% for IRVH.

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

IRVH has the higher dividend yield at 5.55%, compared with 3.10% for PBTP.

What is the main difference between PBTP and IRVH?

They also come from different issuers: Invesco and Global X. Their fees differ too: 0.07% for PBTP and 0.50% for IRVH.

Which has better risk-adjusted returns?

PBTP currently has the higher Sharpe Ratio (3.05 vs -0.33), 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.