PBTP vs. TIPZ
PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) and TIPZ (PIMCO Broad US TIPS Index ETF) are both Inflation-Protected Bonds funds - PBTP tracks the ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y) while TIPZ tracks the ICE BofA US Inflation-Linked Treasury. Both are passively managed. Over the past 5 years, PBTP returned 3.32%/yr vs 0.77%/yr for TIPZ. A 0.70 correlation means they provide meaningful diversification when combined. PBTP charges 0.07%/yr vs 0.20%/yr for TIPZ.
Performance
PBTP vs. TIPZ - Performance Comparison
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Returns By Period
In the year-to-date period, PBTP achieves a 2.15% return, which is significantly lower than TIPZ's 2.58% return.
PBTP
- 1D
- -0.02%
- 1M
- 0.08%
- YTD
- 2.15%
- 6M
- 2.14%
- 1Y
- 4.68%
- 3Y*
- 5.23%
- 5Y*
- 3.32%
- 10Y*
- —
TIPZ
- 1D
- -0.20%
- 1M
- -0.01%
- YTD
- 2.58%
- 6M
- 1.00%
- 1Y
- 5.12%
- 3Y*
- 3.86%
- 5Y*
- 0.77%
- 10Y*
- 2.49%
PBTP vs. TIPZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 2.15% | 5.98% | 4.72% | 4.53% | -3.02% | 5.51% | 4.89% | 4.72% | 0.59% | 0.04% |
TIPZ PIMCO Broad US TIPS Index ETF | 2.58% | 5.87% | 1.52% | 3.37% | -12.67% | 5.48% | 10.98% | 8.64% | -1.65% | 0.84% |
Correlation
The correlation between PBTP and TIPZ is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2017 | 0.70 |
The correlation between PBTP and TIPZ has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.
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Return for Risk
PBTP vs. TIPZ — Risk / Return Rank
PBTP
TIPZ
PBTP vs. TIPZ - 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 PIMCO Broad US TIPS Index ETF (TIPZ). 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 | TIPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +3.16 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.24 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 7.08 | 2.36 | +4.71 |
| Martin ratioReturn relative to average drawdown | 24.51 | 7.37 | +17.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PBTP | TIPZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.05 | 1.31 | +1.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.17 | 0.12 | +1.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.30 | 0.53 | +0.78 |
Drawdowns
PBTP vs. TIPZ - Drawdown Comparison
The maximum PBTP drawdown since its inception was -5.44%, smaller than the maximum TIPZ drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for PBTP and TIPZ.
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Drawdown Indicators
| PBTP | TIPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.44% | -15.77% | +10.33% |
Max Drawdown (1Y)Largest decline over 1 year | -0.66% | -2.18% | +1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -1.03% | -4.74% | +3.71% |
Max Drawdown (5Y)Largest decline over 5 years | -5.44% | -15.77% | +10.33% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.77% | — |
Current DrawdownCurrent decline from peak | -0.02% | -1.44% | +1.42% |
Average DrawdownAverage peak-to-trough decline | -0.75% | -4.33% | +3.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 0.70% | -0.51% |
Volatility
PBTP vs. TIPZ - Volatility Comparison
The current volatility for Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) is 0.40%, while PIMCO Broad US TIPS Index ETF (TIPZ) has a volatility of 0.96%. This indicates that PBTP experiences smaller price fluctuations and is considered to be less risky than TIPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBTP | TIPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 0.96% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 1.03% | 2.88% | -1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.54% | 3.92% | -2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.85% | 6.37% | -3.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.64% | 5.84% | -3.20% |
PBTP vs. TIPZ - Expense Ratio Comparison
PBTP has a 0.07% expense ratio, which is lower than TIPZ's 0.20% 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. TIPZ - Dividend Comparison
PBTP's dividend yield for the trailing twelve months is around 3.10%, less than TIPZ's 5.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
TIPZ PIMCO Broad US TIPS Index ETF | 5.11% | 4.74% | 4.44% | 4.69% | 7.14% | 4.41% | 1.47% | 1.65% | 2.23% | 1.70% | 1.06% | 0.56% |
Frequently Asked Questions
PBTP and TIPZ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TIPZ has higher volatility (0.96%) compared to PBTP (0.40%). In terms of maximum drawdown, PBTP dropped -5.44% vs TIPZ's -15.77%.
On 5-year performance, PBTP leads with 3.32% vs 0.77% for TIPZ. 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.
Over the 5-year period, PBTP has performed better with a 3.32% return vs 0.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBTP is cheaper with a 0.07% expense ratio, compared with 0.20% for TIPZ.
TIPZ has the higher dividend yield at 5.11%, compared with 3.10% for PBTP.
PBTP tracks ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y), while TIPZ tracks ICE BofA US Inflation-Linked Treasury. They also come from different issuers: Invesco and PIMCO. Their fees differ too: 0.07% for PBTP and 0.20% for TIPZ.
PBTP currently has the higher Sharpe Ratio (3.05 vs 1.31), 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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