PIFI vs. BFIX

Last updated Jun 5, 2026

PIFI (ClearShares Piton Intermediate Fixed Income ETF) and BFIX (Build Bond Innovation ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past 3 years, PIFI returned 3.80%/yr vs 7.78%/yr for BFIX. At a 0.48 correlation, their price movements are largely independent. Both charge a 0.45% expense ratio.

Performance

PIFI vs. BFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearShares Piton Intermediate Fixed Income ETF (PIFI) and Build Bond Innovation ETF (BFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIFI achieves a 0.10% return, which is significantly lower than BFIX's 1.35% return.

PIFI

• 1D: 0.24%
• 1M: 0.12%
• YTD: 0.10%
• 6M: 0.27%
• 1Y: 3.35%
• 3Y*: 3.80%
• 5Y*: 1.07%
• 10Y*: —

BFIX

• 1D: 0.08%
• 1M: 0.25%
• YTD: 1.35%
• 6M: 1.57%
• 1Y: 4.53%
• 3Y*: 7.78%
• 5Y*: —
• 10Y*: —

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

PIFI vs. BFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PIFI ClearShares Piton Intermediate Fixed Income ETF	0.10%	6.29%	2.52%	4.61%	-4.93%
BFIX Build Bond Innovation ETF	1.35%	5.91%	12.95%	4.97%	-6.82%

Correlation

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

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Feb 11, 2022	0.48

The correlation between PIFI and BFIX shifts across timeframes, from 0.38 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PIFI vs. BFIX — Risk / Return Rank

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

PIFI

PIFI Risk / Return Rank: 36
PIFI Sharpe Ratio Rank: 36
PIFI Sortino Ratio Rank: 39
PIFI Omega Ratio Rank: 35
PIFI Calmar Ratio Rank: 36
PIFI Martin Ratio Rank: 34

BFIX

BFIX Risk / Return Rank: 59
BFIX Sharpe Ratio Rank: 46
BFIX Sortino Ratio Rank: 50
BFIX Omega Ratio Rank: 49
BFIX Calmar Ratio Rank: 87
BFIX Martin Ratio Rank: 65

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.

PIFI vs. BFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares Piton Intermediate Fixed Income ETF (PIFI) and Build Bond Innovation ETF (BFIX). 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.

	PIFI	BFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.58	-0.29
Sortino ratio: Return per unit of downside risk	1.96	2.41	-0.45
Omega ratio: Gain probability vs. loss probability	1.23	1.30	-0.07
Calmar ratio: Return relative to maximum drawdown	1.75	4.82	-3.08
Martin ratio: Return relative to average drawdown	5.03	11.68	-6.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIFI vs. BFIX - Sharpe Ratio Comparison

The current PIFI Sharpe Ratio is 1.30, which is comparable to the BFIX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of PIFI and BFIX, 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

	PIFI	BFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.58	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.85	-0.62

Drawdowns

PIFI vs. BFIX - Drawdown Comparison

The maximum PIFI drawdown since its inception was -10.59%, which is greater than BFIX's maximum drawdown of -8.03%. Use the drawdown chart below to compare losses from any high point for PIFI and BFIX.

Drawdown Indicators

	PIFI	BFIX	Difference
Max Drawdown Largest peak-to-trough decline	-10.59%	-8.03%	-2.56%
Max Drawdown (1Y) Largest decline over 1 year	-1.93%	-0.94%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-2.75%	-4.05%	+1.30%
Max Drawdown (5Y) Largest decline over 5 years	-10.41%	—	—
Current Drawdown Current decline from peak	-1.21%	-0.32%	-0.89%
Average Drawdown Average peak-to-trough decline	-3.23%	-2.75%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.39%	+0.28%

Volatility

PIFI vs. BFIX - Volatility Comparison

The current volatility for ClearShares Piton Intermediate Fixed Income ETF (PIFI) is 0.84%, while Build Bond Innovation ETF (BFIX) has a volatility of 0.89%. This indicates that PIFI experiences smaller price fluctuations and is considered to be less risky than BFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIFI	BFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.89%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.84%	1.73%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	2.89%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.66%	4.77%	-1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	4.77%	-1.29%

PIFI vs. BFIX - Expense Ratio Comparison

Both PIFI and BFIX have an expense ratio of 0.45%.

Dividends

PIFI vs. BFIX - Dividend Comparison

PIFI's dividend yield for the trailing twelve months is around 3.75%, more than BFIX's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021
BFIX Build Bond Innovation ETF	3.52%	3.73%	4.38%	4.30%	1.58%	0.00%
PIFI ClearShares Piton Intermediate Fixed Income ETF	3.75%	3.16%	2.92%	2.29%	1.22%	0.25%

Frequently Asked Questions

Can I hold both PIFI and BFIX in my portfolio?

PIFI and BFIX 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 is riskier, PIFI or BFIX?

BFIX has higher volatility (0.89%) compared to PIFI (0.84%). In terms of maximum drawdown, PIFI dropped -10.59% vs BFIX's -8.03%.

Which ETF is better, PIFI or BFIX?

On 3-year performance, BFIX leads with 7.78% vs 3.80% for PIFI. Both ETFs have the same 0.45% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIFI or BFIX?

Over the 3-year period, BFIX has performed better with a 7.78% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIFI or BFIX?

PIFI and BFIX have the same expense ratio: 0.45% per year.

Which ETF pays a higher dividend yield, PIFI or BFIX?

PIFI has the higher dividend yield at 3.75%, compared with 3.52% for BFIX.

What is the main difference between PIFI and BFIX?

They also come from different issuers: ClearShares and Build.

Which has better risk-adjusted returns?

BFIX currently has the higher Sharpe Ratio (1.58 vs 1.30), 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.