PIFI vs. IBTM
PIFI (ClearShares Piton Intermediate Fixed Income ETF) and IBTM (iShares iBonds Dec 2032 Term Treasury ETF) are both Intermediate Core Bond funds. PIFI is actively managed, while IBTM is passively managed. Over the past 3 years, PIFI returned 3.83%/yr vs 2.76%/yr for IBTM. With a 0.96 correlation, they move nearly in lockstep. PIFI charges 0.45%/yr vs 0.07%/yr for IBTM.
Performance
PIFI vs. IBTM - Performance Comparison
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Returns By Period
In the year-to-date period, PIFI achieves a -0.09% return, which is significantly higher than IBTM's -0.45% return.
PIFI
- 1D
- 0.09%
- 1M
- 0.21%
- YTD
- -0.09%
- 6M
- 0.07%
- 1Y
- 2.85%
- 3Y*
- 3.83%
- 5Y*
- 1.06%
- 10Y*
- —
IBTM
- 1D
- 0.16%
- 1M
- 0.49%
- YTD
- -0.45%
- 6M
- -0.32%
- 1Y
- 2.87%
- 3Y*
- 2.76%
- 5Y*
- —
- 10Y*
- —
PIFI vs. IBTM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PIFI ClearShares Piton Intermediate Fixed Income ETF | -0.09% | 6.29% | 2.52% | 4.61% | -1.75% |
IBTM iShares iBonds Dec 2032 Term Treasury ETF | -0.45% | 8.06% | -0.14% | 3.48% | -5.01% |
Correlation
The correlation between PIFI and IBTM is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2022 | 0.96 |
The correlation between PIFI and IBTM has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
PIFI vs. IBTM — Risk / Return Rank
PIFI
IBTM
PIFI vs. IBTM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ClearShares Piton Intermediate Fixed Income ETF (PIFI) and iShares iBonds Dec 2032 Term Treasury ETF (IBTM). 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.
| PIFI | IBTM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.12 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 0.88 | +0.60 |
| Martin ratioReturn relative to average drawdown | 3.91 | 2.32 | +1.59 |
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Drawdowns
PIFI vs. IBTM - Drawdown Comparison
The maximum PIFI drawdown since its inception was -10.59%, smaller than the maximum IBTM drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for PIFI and IBTM.
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Drawdown Indicators
| PIFI | IBTM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.59% | -13.60% | +3.01% |
Max Drawdown (1Y)Largest decline over 1 year | -1.93% | -3.26% | +1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -2.75% | -7.86% | +5.11% |
Max Drawdown (5Y)Largest decline over 5 years | -10.41% | — | — |
Current DrawdownCurrent decline from peak | -1.40% | -2.34% | +0.94% |
Average DrawdownAverage peak-to-trough decline | -3.21% | -4.78% | +1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 1.24% | -0.51% |
Volatility
PIFI vs. IBTM - Volatility Comparison
The current volatility for ClearShares Piton Intermediate Fixed Income ETF (PIFI) is 0.83%, while iShares iBonds Dec 2032 Term Treasury ETF (IBTM) has a volatility of 1.24%. This indicates that PIFI experiences smaller price fluctuations and is considered to be less risky than IBTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIFI | IBTM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 1.24% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 2.88% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.62% | 4.04% | -1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.68% | 7.52% | -3.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.48% | 7.52% | -4.04% |
PIFI vs. IBTM - Expense Ratio Comparison
PIFI has a 0.45% expense ratio, which is higher than IBTM's 0.07% expense ratio.
Dividends
PIFI vs. IBTM - Dividend Comparison
PIFI's dividend yield for the trailing twelve months is around 3.75%, less than IBTM's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
IBTM iShares iBonds Dec 2032 Term Treasury ETF | 3.95% | 3.87% | 3.96% | 3.39% | 1.38% | 0.00% |
PIFI ClearShares Piton Intermediate Fixed Income ETF | 3.75% | 3.16% | 2.92% | 2.29% | 1.22% | 0.25% |
Frequently Asked Questions
With a correlation of 0.97, PIFI and IBTM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IBTM has higher volatility (1.24%) compared to PIFI (0.83%). In terms of maximum drawdown, PIFI dropped -10.59% vs IBTM's -13.60%.
On 3-year performance, PIFI leads with 3.83% vs 2.76% for IBTM. On fees, IBTM is cheaper at 0.07% per year. On volatility, PIFI has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PIFI has performed better with a 3.83% return vs 2.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTM is cheaper with a 0.07% expense ratio, compared with 0.45% for PIFI.
IBTM has the higher dividend yield at 3.95%, compared with 3.75% for PIFI.
They also come from different issuers: ClearShares and iShares. Their fees differ too: 0.45% for PIFI and 0.07% for IBTM.
PIFI currently has the higher Sharpe Ratio (1.10 vs 0.72), 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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