PMBS vs. LTPZ
PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) and LTPZ (PIMCO 15+ Year US TIPS Index ETF) are both exchange-traded funds - PMBS is a Mortgage Backed Securities fund actively managed by PIMCO, while LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y). PMBS is actively managed, while LTPZ is passively managed. Over the past year, PMBS returned 7.55% vs 4.72% for LTPZ. Their correlation of 0.80 suggests significant overlap in exposure. PMBS charges 0.71%/yr vs 0.20%/yr for LTPZ.
Performance
PMBS vs. LTPZ - Performance Comparison
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Returns By Period
In the year-to-date period, PMBS achieves a 0.90% return, which is significantly higher than LTPZ's 0.41% return.
PMBS
- 1D
- -0.21%
- 1M
- 0.11%
- YTD
- 0.90%
- 6M
- 1.15%
- 1Y
- 7.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LTPZ
- 1D
- -0.49%
- 1M
- 1.02%
- YTD
- 0.41%
- 6M
- -1.15%
- 1Y
- 4.72%
- 3Y*
- -0.79%
- 5Y*
- -5.24%
- 10Y*
- 0.75%
PMBS vs. LTPZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 0.90% | 8.92% | -2.75% |
LTPZ PIMCO 15+ Year US TIPS Index ETF | 0.41% | 4.00% | -9.58% |
Correlation
The correlation between PMBS and LTPZ 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 Sep 24, 2024 | 0.80 |
The correlation between PMBS and LTPZ has been stable across timeframes, ranging from 0.80 to 0.81 - a consistent structural relationship.
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Return for Risk
PMBS vs. LTPZ — Risk / Return Rank
PMBS
LTPZ
PMBS vs. LTPZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) and PIMCO 15+ Year US TIPS Index ETF (LTPZ). 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.
| PMBS | LTPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.28 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.09 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 0.68 | +1.88 |
| Martin ratioReturn relative to average drawdown | 8.70 | 1.48 | +7.22 |
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
| PMBS | LTPZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 0.51 | +1.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.33 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.05 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | 0.21 | +0.62 |
Drawdowns
PMBS vs. LTPZ - Drawdown Comparison
The maximum PMBS drawdown since its inception was -4.35%, smaller than the maximum LTPZ drawdown of -40.99%. Use the drawdown chart below to compare losses from any high point for PMBS and LTPZ.
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Drawdown Indicators
| PMBS | LTPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -40.99% | +36.64% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -7.00% | +4.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.27% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -40.99% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.99% | — |
Current DrawdownCurrent decline from peak | -1.55% | -32.74% | +31.19% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -12.41% | +11.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 3.20% | -2.33% |
Volatility
PMBS vs. LTPZ - Volatility Comparison
The current volatility for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) is 1.52%, while PIMCO 15+ Year US TIPS Index ETF (LTPZ) has a volatility of 2.32%. This indicates that PMBS experiences smaller price fluctuations and is considered to be less risky than LTPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMBS | LTPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 2.32% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 3.10% | 6.41% | -3.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.22% | 9.26% | -5.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.88% | 15.89% | -11.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.88% | 15.07% | -10.19% |
PMBS vs. LTPZ - Expense Ratio Comparison
PMBS has a 0.71% expense ratio, which is higher than LTPZ's 0.20% expense ratio.
Dividends
PMBS vs. LTPZ - Dividend Comparison
PMBS's dividend yield for the trailing twelve months is around 4.98%, less than LTPZ's 5.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year US TIPS Index ETF | 5.23% | 4.64% | 3.71% | 3.71% | 8.38% | 3.56% | 1.42% | 1.74% | 3.05% | 2.25% | 2.32% | 0.71% |
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 4.98% | 4.73% | 1.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PMBS and LTPZ 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.
LTPZ has higher volatility (2.32%) compared to PMBS (1.52%). In terms of maximum drawdown, PMBS dropped -4.35% vs LTPZ's -40.99%.
On 1-year performance, PMBS leads with 7.55% vs 4.72% for LTPZ. On fees, LTPZ is cheaper at 0.20% per year. On volatility, PMBS has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PMBS has performed better with a 7.55% return vs 4.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LTPZ is cheaper with a 0.20% expense ratio, compared with 0.71% for PMBS.
LTPZ has the higher dividend yield at 5.23%, compared with 4.98% for PMBS.
PMBS is categorized as Mortgage Backed Securities, while LTPZ is Inflation-Protected Bonds. Their fees differ too: 0.71% for PMBS and 0.20% for LTPZ.
PMBS currently has the higher Sharpe Ratio (1.80 vs 0.51), 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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