PIFI vs. TAGG

Last updated Jun 5, 2026

PIFI (ClearShares Piton Intermediate Fixed Income ETF) and TAGG (T. Rowe Price QM U.S. Bond ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past 3 years, PIFI returned 3.80%/yr vs 4.06%/yr for TAGG. Their correlation of 0.91 suggests significant overlap in exposure. PIFI charges 0.45%/yr vs 0.08%/yr for TAGG.

Performance

PIFI vs. TAGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearShares Piton Intermediate Fixed Income ETF (PIFI) and T. Rowe Price QM U.S. Bond ETF (TAGG). 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 TAGG's 0.29% return.

PIFI

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

TAGG

• 1D: 0.12%
• 1M: 0.15%
• YTD: 0.29%
• 6M: 0.50%
• 1Y: 4.52%
• 3Y*: 4.06%
• 5Y*: —
• 10Y*: —

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

PIFI vs. TAGG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PIFI ClearShares Piton Intermediate Fixed Income ETF	0.10%	6.29%	2.52%	4.61%	-7.15%	-0.33%
TAGG T. Rowe Price QM U.S. Bond ETF	0.29%	7.40%	1.73%	5.72%	-12.63%	0.01%

Correlation

The correlation between PIFI and TAGG is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.91

The correlation between PIFI and TAGG has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

PIFI vs. TAGG — 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

TAGG

TAGG Risk / Return Rank: 32
TAGG Sharpe Ratio Rank: 34
TAGG Sortino Ratio Rank: 34
TAGG Omega Ratio Rank: 33
TAGG Calmar Ratio Rank: 30
TAGG Martin Ratio Rank: 29

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. TAGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares Piton Intermediate Fixed Income ETF (PIFI) and T. Rowe Price QM U.S. Bond ETF (TAGG). 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	TAGG	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.21	+0.09
Sortino ratio: Return per unit of downside risk	1.96	1.77	+0.19
Omega ratio: Gain probability vs. loss probability	1.23	1.22	+0.01
Calmar ratio: Return relative to maximum drawdown	1.75	1.42	+0.32
Martin ratio: Return relative to average drawdown	5.03	4.20	+0.83
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. TAGG - Sharpe Ratio Comparison

The current PIFI Sharpe Ratio is 1.30, which is comparable to the TAGG Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of PIFI and TAGG, 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	TAGG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.21	+0.09
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	0.04	+0.19

Drawdowns

PIFI vs. TAGG - Drawdown Comparison

The maximum PIFI drawdown since its inception was -10.59%, smaller than the maximum TAGG drawdown of -17.26%. Use the drawdown chart below to compare losses from any high point for PIFI and TAGG.

Drawdown Indicators

	PIFI	TAGG	Difference
Max Drawdown Largest peak-to-trough decline	-10.59%	-17.26%	+6.67%
Max Drawdown (1Y) Largest decline over 1 year	-1.93%	-3.19%	+1.26%
Max Drawdown (3Y) Largest decline over 3 years	-2.75%	-6.40%	+3.65%
Max Drawdown (5Y) Largest decline over 5 years	-10.41%	—	—
Current Drawdown Current decline from peak	-1.21%	-1.92%	+0.71%
Average Drawdown Average peak-to-trough decline	-3.23%	-6.86%	+3.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	1.08%	-0.41%

Volatility

PIFI vs. TAGG - Volatility Comparison

The current volatility for ClearShares Piton Intermediate Fixed Income ETF (PIFI) is 0.84%, while T. Rowe Price QM U.S. Bond ETF (TAGG) has a volatility of 1.19%. This indicates that PIFI experiences smaller price fluctuations and is considered to be less risky than TAGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIFI	TAGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	1.19%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	1.84%	2.69%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	3.83%	-1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.66%	6.53%	-2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	6.53%	-3.05%

PIFI vs. TAGG - Expense Ratio Comparison

PIFI has a 0.45% expense ratio, which is higher than TAGG's 0.08% expense ratio.

Dividends

PIFI vs. TAGG - Dividend Comparison

PIFI's dividend yield for the trailing twelve months is around 3.75%, less than TAGG's 4.58% yield.

Position	TTM	2025	2024	2023	2022	2021
PIFI ClearShares Piton Intermediate Fixed Income ETF	3.75%	3.16%	2.92%	2.29%	1.22%	0.25%
TAGG T. Rowe Price QM U.S. Bond ETF	4.58%	4.36%	4.36%	3.48%	3.67%	0.33%

Frequently Asked Questions

Can I hold both PIFI and TAGG in my portfolio?

PIFI and TAGG have a correlation of 0.89, 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 TAGG?

TAGG has higher volatility (1.19%) compared to PIFI (0.84%). In terms of maximum drawdown, PIFI dropped -10.59% vs TAGG's -17.26%.

Which ETF is better, PIFI or TAGG?

On 3-year performance, TAGG leads with 4.06% vs 3.80% for PIFI. On fees, TAGG is cheaper at 0.08% per year. On volatility, PIFI has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIFI or TAGG?

Over the 3-year period, TAGG has performed better with a 4.06% 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 TAGG?

TAGG is cheaper with a 0.08% expense ratio, compared with 0.45% for PIFI.

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

TAGG has the higher dividend yield at 4.58%, compared with 3.75% for PIFI.

What is the main difference between PIFI and TAGG?

They also come from different issuers: ClearShares and T. Rowe Price. Their fees differ too: 0.45% for PIFI and 0.08% for TAGG.

Which has better risk-adjusted returns?

PIFI currently has the higher Sharpe Ratio (1.30 vs 1.21), 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.