PIFI vs. USFI

Last updated Jul 14, 2026

PIFI (ClearShares Piton Intermediate Fixed Income ETF) and USFI (BrandywineGLOBAL - U.S. Fixed Income ETF) are both exchange-traded funds - PIFI is a Intermediate Core Bond fund actively managed by ClearShares, while USFI is a Actively Managed fund actively managed by BrandywineGLOBAL. Both are actively managed. Over the past year, PIFI returned 2.64% vs 5.25% for USFI. Their correlation of 0.89 suggests significant overlap in exposure. PIFI charges 0.45%/yr vs 0.39%/yr for USFI.

Performance

PIFI vs. USFI - Performance Comparison

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

Returns By Period

In the year-to-date period, PIFI achieves a -0.32% return, which is significantly lower than USFI's 0.95% return.

PIFI

• 1D: -0.27%
• 1M: -0.30%
• 6M: -0.30%
• YTD: -0.32%
• 1Y: 2.64%
• 3Y*: 3.66%
• 5Y*: 0.96%
• 10Y*: —

USFI

• 1D: -0.10%
• 1M: -0.23%
• 6M: 0.86%
• YTD: 0.95%
• 1Y: 5.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIFI vs. USFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PIFI ClearShares Piton Intermediate Fixed Income ETF	-0.32%	6.29%	2.52%	2.82%
USFI BrandywineGLOBAL - U.S. Fixed Income ETF	0.95%	6.96%	1.11%	2.95%

Correlation

The correlation between PIFI and USFI is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Jul 27, 2023	0.89

The correlation between PIFI and USFI has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

Return for Risk

PIFI vs. USFI — Risk / Return Rank

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

PIFI

PIFI Risk / Return Rank: 33
PIFI Sharpe Ratio Rank: 35
PIFI Sortino Ratio Rank: 35
PIFI Omega Ratio Rank: 31
PIFI Calmar Ratio Rank: 34
PIFI Martin Ratio Rank: 30

USFI

USFI Risk / Return Rank: 74
USFI Sharpe Ratio Rank: 61
USFI Sortino Ratio Rank: 73
USFI Omega Ratio Rank: 64
USFI Calmar Ratio Rank: 93
USFI Martin Ratio Rank: 79

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. USFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares Piton Intermediate Fixed Income ETF (PIFI) and BrandywineGLOBAL - U.S. Fixed Income ETF (USFI). 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	USFI	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.61	-0.60
Sortino ratio: Return per unit of downside risk	1.51	2.61	-1.09
Omega ratio: Gain probability vs. loss probability	1.18	1.31	-0.13
Calmar ratio: Return relative to maximum drawdown	1.37	4.92	-3.55
Martin ratio: Return relative to average drawdown	3.44	11.99	-8.55

PIFI vs. USFI - Sharpe Ratio Comparison

The current PIFI Sharpe Ratio is 1.01, which is lower than the USFI Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of PIFI and USFI, 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

PIFI vs. USFI - Drawdown Comparison

The maximum PIFI drawdown since its inception was -10.59%, which is greater than USFI's maximum drawdown of -8.47%. Use the drawdown chart below to compare losses from any high point for PIFI and USFI.

Drawdown Indicators

	PIFI	USFI	Difference
Max Drawdown Largest peak-to-trough decline	-10.59%	-8.47%	-2.12%
Max Drawdown (1Y) Largest decline over 1 year	-1.93%	-1.07%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-2.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.41%	—	—
Current Drawdown Current decline from peak	-1.63%	-0.62%	-1.01%
Average Drawdown Average peak-to-trough decline	-3.19%	-2.09%	-1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.44%	+0.33%

Volatility

PIFI vs. USFI - Volatility Comparison

ClearShares Piton Intermediate Fixed Income ETF (PIFI) and BrandywineGLOBAL - U.S. Fixed Income ETF (USFI) have volatilities of 0.89% and 0.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIFI	USFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	0.91%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.99%	1.60%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	3.28%	-0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.68%	6.90%	-3.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	6.90%	-3.43%

PIFI vs. USFI - Expense Ratio Comparison

PIFI has a 0.45% expense ratio, which is higher than USFI's 0.39% expense ratio.

Dividends

PIFI vs. USFI - Dividend Comparison

PIFI's dividend yield for the trailing twelve months is around 4.49%, more than USFI's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021
PIFI ClearShares Piton Intermediate Fixed Income ETF	4.49%	3.16%	2.92%	2.29%	1.22%	0.25%
USFI BrandywineGLOBAL - U.S. Fixed Income ETF	4.44%	4.42%	4.60%	1.83%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIFI and USFI in my portfolio?

PIFI and USFI have a correlation of 0.81, 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 USFI?

USFI has higher volatility (0.91%) compared to PIFI (0.89%). In terms of maximum drawdown, PIFI dropped -10.59% vs USFI's -8.47%.

Which ETF is better, PIFI or USFI?

On 1-year performance, USFI leads with 5.25% vs 2.64% for PIFI. On fees, USFI is cheaper at 0.39% per year. 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 USFI?

Over the 1-year period, USFI has performed better with a 5.25% return vs 2.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIFI or USFI?

USFI is cheaper with a 0.39% expense ratio, compared with 0.45% for PIFI.

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

PIFI has the higher dividend yield at 4.49%, compared with 4.44% for USFI.

What is the main difference between PIFI and USFI?

PIFI is categorized as Intermediate Core Bond, while USFI is Actively Managed. They also come from different issuers: ClearShares and BrandywineGLOBAL. Their fees differ too: 0.45% for PIFI and 0.39% for USFI.

Which has better risk-adjusted returns?

USFI currently has the higher Sharpe Ratio (1.61 vs 1.01), 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.