PY vs. IBID

Last updated Jun 23, 2026

PY (Principal Value ETF) and IBID (iShares iBonds Oct 2027 Term TIPS ETF) are both exchange-traded funds - PY is a Large Cap Value Equities fund actively managed by Principal, while IBID is a Inflation-Protected Bonds fund tracking the ICE 2027 Maturity US Inflation-Linked Treasury Index. PY is actively managed, while IBID is passively managed. Over the past year, PY returned 13.31% vs 4.04% for IBID. At a 0.04 correlation, their price movements are largely independent. PY charges 0.15%/yr vs 0.10%/yr for IBID.

Performance

PY vs. IBID - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Value ETF (PY) and iShares iBonds Oct 2027 Term TIPS ETF (IBID). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PY achieves a 3.31% return, which is significantly higher than IBID's 1.99% return.

PY

• 1D: -0.03%
• 1M: -1.72%
• YTD: 3.31%
• 6M: 2.62%
• 1Y: 13.31%
• 3Y*: 12.62%
• 5Y*: 7.95%
• 10Y*: 10.80%

IBID

• 1D: 0.00%
• 1M: -0.19%
• YTD: 1.99%
• 6M: 2.08%
• 1Y: 4.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PY vs. IBID - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PY Principal Value ETF	3.31%	7.74%	16.79%	7.57%
IBID iShares iBonds Oct 2027 Term TIPS ETF	1.99%	5.66%	4.71%	2.61%

Correlation

The correlation between PY and IBID is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023	0.04

The correlation between PY and IBID shifts across timeframes, from -0.07 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PY vs. IBID — Risk / Return Rank

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

PY

PY Risk / Return Rank: 40
PY Sharpe Ratio Rank: 37
PY Sortino Ratio Rank: 37
PY Omega Ratio Rank: 35
PY Calmar Ratio Rank: 45
PY Martin Ratio Rank: 45

IBID

IBID Risk / Return Rank: 95
IBID Sharpe Ratio Rank: 93
IBID Sortino Ratio Rank: 96
IBID Omega Ratio Rank: 96
IBID Calmar Ratio Rank: 96
IBID Martin Ratio Rank: 95

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.

PY vs. IBID - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Value ETF (PY) and iShares iBonds Oct 2027 Term TIPS ETF (IBID). 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.

	PY	IBID	Difference
Sharpe ratio: Return per unit of total volatility	1.27	3.29	-2.02
Sortino ratio: Return per unit of downside risk	1.86	5.55	-3.69
Omega ratio: Gain probability vs. loss probability	1.23	1.75	-0.52
Calmar ratio: Return relative to maximum drawdown	2.16	8.22	-6.06
Martin ratio: Return relative to average drawdown	7.19	30.99	-23.81

PY vs. IBID - Sharpe Ratio Comparison

The current PY Sharpe Ratio is 1.27, which is lower than the IBID Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of PY and IBID, 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

PY vs. IBID - Drawdown Comparison

The maximum PY drawdown since its inception was -45.44%, which is greater than IBID's maximum drawdown of -1.28%. Use the drawdown chart below to compare losses from any high point for PY and IBID.

Drawdown Indicators

	PY	IBID	Difference
Max Drawdown Largest peak-to-trough decline	-45.44%	-1.28%	-44.16%
Max Drawdown (1Y) Largest decline over 1 year	-6.20%	-0.49%	-5.71%
Max Drawdown (3Y) Largest decline over 3 years	-17.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.84%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.44%	—	—
Current Drawdown Current decline from peak	-1.78%	-0.49%	-1.29%
Average Drawdown Average peak-to-trough decline	-5.03%	-0.22%	-4.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	0.13%	+1.73%

Volatility

PY vs. IBID - Volatility Comparison

Principal Value ETF (PY) has a higher volatility of 2.75% compared to iShares iBonds Oct 2027 Term TIPS ETF (IBID) at 0.35%. This indicates that PY's price experiences larger fluctuations and is considered to be riskier than IBID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PY	IBID	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	0.35%	+2.40%
Volatility (6M) Calculated over the trailing 6-month period	7.32%	0.86%	+6.46%
Volatility (1Y) Calculated over the trailing 1-year period	10.55%	1.23%	+9.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.72%	2.24%	+13.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.08%	2.24%	+17.84%

PY vs. IBID - Expense Ratio Comparison

PY has a 0.15% expense ratio, which is higher than IBID's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PY vs. IBID - Dividend Comparison

PY's dividend yield for the trailing twelve months is around 2.15%, less than IBID's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IBID iShares iBonds Oct 2027 Term TIPS ETF	3.68%	4.43%	4.24%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PY Principal Value ETF	2.15%	2.14%	2.22%	2.68%	3.02%	2.83%	2.95%	2.25%	2.34%	1.68%	1.85%

Frequently Asked Questions

Can I hold both PY and IBID in my portfolio?

PY and IBID have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PY or IBID?

PY has higher volatility (2.75%) compared to IBID (0.35%). In terms of maximum drawdown, PY dropped -45.44% vs IBID's -1.28%.

Which ETF is better, PY or IBID?

On 1-year performance, PY leads with 13.31% vs 4.04% for IBID. On fees, IBID is cheaper at 0.10% per year. On volatility, IBID has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PY or IBID?

Over the 1-year period, PY has performed better with a 13.31% return vs 4.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PY or IBID?

IBID is cheaper with a 0.10% expense ratio, compared with 0.15% for PY.

Which ETF pays a higher dividend yield, PY or IBID?

IBID has the higher dividend yield at 3.68%, compared with 2.15% for PY.

What is the main difference between PY and IBID?

PY is categorized as Large Cap Value Equities, while IBID is Inflation-Protected Bonds. They also come from different issuers: Principal and iShares. Their fees differ too: 0.15% for PY and 0.10% for IBID.

Which has better risk-adjusted returns?

IBID currently has the higher Sharpe Ratio (3.29 vs 1.27), 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.