PBTP vs. IVOL

Last updated Jun 23, 2026

PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) and IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) are both Inflation-Protected Bonds funds. PBTP is passively managed, while IVOL is actively managed. Over the past 5 years, PBTP returned 3.22%/yr vs -5.80%/yr for IVOL. A 0.54 correlation means they provide meaningful diversification when combined. PBTP charges 0.07%/yr vs 0.99%/yr for IVOL.

Performance

PBTP vs. IVOL - 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 Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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 higher than IVOL's -8.68% return.

PBTP

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

IVOL

• 1D: -0.42%
• 1M: -3.37%
• YTD: -8.68%
• 6M: -8.41%
• 1Y: -7.18%
• 3Y*: -2.75%
• 5Y*: -5.80%
• 10Y*: —

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

PBTP vs. IVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	1.42%	5.98%	4.72%	4.53%	-3.02%	5.51%	4.89%	2.47%
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	-8.68%	11.97%	-11.07%	-5.18%	-12.69%	-0.31%	14.56%	3.35%

Correlation

The correlation between PBTP and IVOL is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since May 14, 2019	0.54

The correlation between PBTP and IVOL has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.

Return for Risk

PBTP vs. IVOL — 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

IVOL

IVOL Risk / Return Rank: 2
IVOL Sharpe Ratio Rank: 1
IVOL Sortino Ratio Rank: 2
IVOL Omega Ratio Rank: 2
IVOL Calmar Ratio Rank: 4
IVOL Martin Ratio Rank: 1

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. IVOL - 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 Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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	IVOL	Difference
Sharpe ratio: Return per unit of total volatility	2.25	-1.02	+3.27
Sortino ratio: Return per unit of downside risk	3.46	-1.41	+4.87
Omega ratio: Gain probability vs. loss probability	1.47	0.84	+0.63
Calmar ratio: Return relative to maximum drawdown	4.98	-0.60	+5.58
Martin ratio: Return relative to average drawdown	17.63	-1.46	+19.08

PBTP vs. IVOL - Sharpe Ratio Comparison

The current PBTP Sharpe Ratio is 2.25, which is higher than the IVOL Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of PBTP and IVOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PBTP vs. IVOL - Drawdown Comparison

The maximum PBTP drawdown since its inception was -5.44%, smaller than the maximum IVOL drawdown of -31.16%. Use the drawdown chart below to compare losses from any high point for PBTP and IVOL.

Drawdown Indicators

	PBTP	IVOL	Difference
Max Drawdown Largest peak-to-trough decline	-5.44%	-31.16%	+25.72%
Max Drawdown (1Y) Largest decline over 1 year	-0.73%	-12.08%	+11.35%
Max Drawdown (3Y) Largest decline over 3 years	-1.03%	-14.48%	+13.45%
Max Drawdown (5Y) Largest decline over 5 years	-5.44%	-30.28%	+24.84%
Current Drawdown Current decline from peak	-0.73%	-28.19%	+27.46%
Average Drawdown Average peak-to-trough decline	-0.75%	-13.38%	+12.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	4.94%	-4.73%

Volatility

PBTP vs. IVOL - Volatility Comparison

The current volatility for Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) is 0.63%, while Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) has a volatility of 2.51%. This indicates that PBTP experiences smaller price fluctuations and is considered to be less risky than IVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBTP	IVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	2.51%	-1.88%
Volatility (6M) Calculated over the trailing 6-month period	1.17%	4.96%	-3.79%
Volatility (1Y) Calculated over the trailing 1-year period	1.62%	7.06%	-5.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.85%	12.85%	-10.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.64%	11.98%	-9.34%

PBTP vs. IVOL - Expense Ratio Comparison

PBTP has a 0.07% expense ratio, which is lower than IVOL's 0.99% expense ratio.

Dividends

PBTP vs. IVOL - Dividend Comparison

PBTP's dividend yield for the trailing twelve months is around 5.86%, more than IVOL's 4.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	4.00%	3.61%	3.83%	3.73%	3.92%	3.93%	3.44%	2.02%	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 IVOL in my portfolio?

PBTP and IVOL have a correlation of 0.53, 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 IVOL?

IVOL has higher volatility (2.51%) compared to PBTP (0.63%). In terms of maximum drawdown, PBTP dropped -5.44% vs IVOL's -31.16%.

Which ETF is better, PBTP or IVOL?

On 5-year performance, PBTP leads with 3.22% vs -5.80% for IVOL. On fees, PBTP is cheaper at 0.07% per year. On volatility, PBTP has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBTP or IVOL?

Over the 5-year period, PBTP has performed better with a 3.22% return vs -5.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBTP or IVOL?

PBTP is cheaper with a 0.07% expense ratio, compared with 0.99% for IVOL.

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

PBTP has the higher dividend yield at 5.86%, compared with 4.00% for IVOL.

What is the main difference between PBTP and IVOL?

They also come from different issuers: Invesco and CICC. Their fees differ too: 0.07% for PBTP and 0.99% for IVOL.

Which has better risk-adjusted returns?

PBTP currently has the higher Sharpe Ratio (2.25 vs -1.02), 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.