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STPZ vs. HYS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

STPZ vs. HYS

Last updated Jun 4, 2026

STPZ (PIMCO 1-5 Year US TIPS Index ETF) and HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) are both exchange-traded funds - STPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (1-5 Y), while HYS is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained (0-5 Y). Both are passively managed. Over the past 10 years, STPZ returned 2.89%/yr vs 5.35%/yr for HYS. At a 0.19 correlation, their price movements are largely independent. STPZ charges 0.20%/yr vs 0.56%/yr for HYS.

Performance

STPZ vs. HYS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO 1-5 Year US TIPS Index ETF (STPZ) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, STPZ achieves a 1.79% return, which is significantly higher than HYS's 1.33% return. Over the past 10 years, STPZ has underperformed HYS with an annualized return of 2.89%, while HYS has yielded a comparatively higher 5.35% annualized return.

STPZ

1D
-0.00%
1M
-0.09%
YTD
1.79%
6M
1.77%
1Y
4.51%
3Y*
5.03%
5Y*
2.90%
10Y*
2.89%

HYS

1D
-0.09%
1M
0.47%
YTD
1.33%
6M
1.83%
1Y
7.07%
3Y*
8.58%
5Y*
5.08%
10Y*
5.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

STPZ vs. HYS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
STPZ
PIMCO 1-5 Year US TIPS Index ETF		1.79%6.40%4.30%4.28%-4.49%5.64%5.44%4.83%0.04%0.51%
HYS
PIMCO 0-5 Year High Yield Corporate Bond Index ETF		1.33%8.80%8.42%11.38%-5.42%4.77%3.27%10.22%-1.05%5.75%

Correlation

The correlation between STPZ and HYS is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.24

Correlation (3Y)
Calculated over the trailing 3-year period

0.35

Correlation (5Y)
Calculated over the trailing 5-year period

0.32

Correlation (10Y)
Calculated over the trailing 10-year period

0.22

Correlation (All Time)
Calculated using the full available price history since Jun 20, 2011

0.19

The correlation between STPZ and HYS shifts across timeframes, from 0.19 (all time) to 0.35 (3 years), reflecting how their relationship changes across market environments.

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PIMCO 1-5 Year US TIPS Index ETF

PIMCO 0-5 Year High Yield Corporate Bond Index ETF

Often compared with STPZ:
STPZ vs. STIPSTPZ vs. JPSTSTPZ vs. SPIRSTPZ vs. VTIPSTPZ vs. GTIPSTPZ vs. TIPSTPZ vs. FTBFX
Often compared with HYS:
HYS vs. USHYHYS vs. SPHYHYS vs. BONDHYS vs. HYLDHYS vs. HYSZXHYS vs. HYBBHYS vs. LONZ

Return for Risk

STPZ vs. HYS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
STPZ
STPZ Risk / Return Rank: 8282
Overall Rank
STPZ Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
STPZ Sortino Ratio Rank: 8686
Sortino Ratio Rank
STPZ Omega Ratio Rank: 8080
Omega Ratio Rank
STPZ Calmar Ratio Rank: 8686
Calmar Ratio Rank
STPZ Martin Ratio Rank: 8181
Martin Ratio Rank
HYS
HYS Risk / Return Rank: 6868
Overall Rank
HYS Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
HYS Sortino Ratio Rank: 6868
Sortino Ratio Rank
HYS Omega Ratio Rank: 6363
Omega Ratio Rank
HYS Calmar Ratio Rank: 7474
Calmar Ratio Rank
HYS Martin Ratio Rank: 7878
Martin Ratio Rank
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.

STPZ vs. HYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO 1-5 Year US TIPS Index ETF (STPZ) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). 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.

STPZHYSDifference
Sharpe ratioReturn per unit of total volatility
2.49
2.04

+0.44

Sortino ratioReturn per unit of downside risk
3.94
3.17

+0.77

Omega ratioGain probability vs. loss probability

1.49

1.39

+0.10

Calmar ratioReturn relative to maximum drawdown

4.87

3.77

+1.10

Martin ratioReturn relative to average drawdown

16.28

15.35

+0.93

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STPZ vs. HYS - Sharpe Ratio Comparison

The current STPZ Sharpe Ratio is 2.49, which is comparable to the HYS Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of STPZ and HYS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

STPZHYSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.49

2.04

+0.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.89

0.82

+0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.97

0.78

+0.19

Sharpe Ratio (All Time)

Calculated using the full available price history

0.90

0.81

+0.09

Drawdowns

STPZ vs. HYS - Drawdown Comparison

The maximum STPZ drawdown since its inception was -6.77%, smaller than the maximum HYS drawdown of -20.91%. Use the drawdown chart below to compare losses from any high point for STPZ and HYS.

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Drawdown Indicators

STPZHYSDifference

Max Drawdown

Largest peak-to-trough decline

-6.77%

-20.91%

+14.14%

Max Drawdown (1Y)

Largest decline over 1 year

-0.93%

-1.88%

+0.95%

Max Drawdown (3Y)

Largest decline over 3 years

-1.35%

-4.98%

+3.63%

Max Drawdown (5Y)

Largest decline over 5 years

-6.70%

-10.61%

+3.91%

Max Drawdown (10Y)

Largest decline over 10 years

-6.77%

-20.91%

+14.14%

Current Drawdown

Current decline from peak

-0.11%

-0.14%

+0.03%

Average Drawdown

Average peak-to-trough decline

-1.31%

-1.53%

+0.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.28%

0.46%

-0.18%

Volatility

STPZ vs. HYS - Volatility Comparison

The current volatility for PIMCO 1-5 Year US TIPS Index ETF (STPZ) is 0.46%, while PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) has a volatility of 1.23%. This indicates that STPZ experiences smaller price fluctuations and is considered to be less risky than HYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

STPZHYSDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.46%

1.23%

-0.77%

Volatility (6M)

Calculated over the trailing 6-month period

1.20%

2.74%

-1.54%

Volatility (1Y)

Calculated over the trailing 1-year period

1.83%

3.47%

-1.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.29%

6.26%

-2.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.98%

6.84%

-3.86%

STPZ vs. HYS - Expense Ratio Comparison

STPZ has a 0.20% expense ratio, which is lower than HYS's 0.56% expense ratio.

Dividends

STPZ vs. HYS - Dividend Comparison

STPZ's dividend yield for the trailing twelve months is around 4.10%, less than HYS's 7.36% yield.

PositionTTM20252024202320222021202020192018201720162015
HYS
PIMCO 0-5 Year High Yield Corporate Bond Index ETF		7.36%7.20%7.43%6.44%5.01%3.74%4.52%4.98%4.64%5.01%5.13%5.22%
STPZ
PIMCO 1-5 Year US TIPS Index ETF		4.10%3.65%1.97%1.63%5.88%3.65%1.86%1.76%2.23%1.51%0.65%0.49%

Frequently Asked Questions

STPZ and HYS have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HYS has higher volatility (1.23%) compared to STPZ (0.46%). In terms of maximum drawdown, STPZ dropped -6.77% vs HYS's -20.91%.

On 10-year performance, HYS leads with 5.35% vs 2.89% for STPZ. On fees, STPZ is cheaper at 0.20% per year. On volatility, STPZ has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HYS has performed better with a 5.35% return vs 2.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

STPZ is cheaper with a 0.20% expense ratio, compared with 0.56% for HYS.

HYS has the higher dividend yield at 7.36%, compared with 4.10% for STPZ.

STPZ is categorized as Inflation-Protected Bonds, while HYS is High Yield Bonds. STPZ tracks ICE BofA US Inflation-Linked Treasury (1-5 Y), while HYS tracks ICE BofA US High Yield Constrained (0-5 Y). Their fees differ too: 0.20% for STPZ and 0.56% for HYS.

STPZ currently has the higher Sharpe Ratio (2.49 vs 2.04), 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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