STPZ vs. PBTP
STPZ (PIMCO 1-5 Year US TIPS Index ETF) and PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) are both Inflation-Protected Bonds funds - STPZ tracks the ICE BofA US Inflation-Linked Treasury (1-5 Y) while PBTP tracks the ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y). Both are passively managed. Over the past 5 years, STPZ returned 2.90%/yr vs 3.32%/yr for PBTP. Their correlation of 0.85 suggests significant overlap in exposure. STPZ charges 0.20%/yr vs 0.07%/yr for PBTP.
Performance
STPZ vs. PBTP - Performance Comparison
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Returns By Period
In the year-to-date period, STPZ achieves a 1.79% return, which is significantly lower than PBTP's 2.15% 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%
PBTP
- 1D
- -0.02%
- 1M
- 0.08%
- YTD
- 2.15%
- 6M
- 2.14%
- 1Y
- 4.68%
- 3Y*
- 5.23%
- 5Y*
- 3.32%
- 10Y*
- —
STPZ vs. PBTP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | -0.09% |
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 2.15% | 5.98% | 4.72% | 4.53% | -3.02% | 5.51% | 4.89% | 4.72% | 0.59% | 0.04% |
Correlation
The correlation between STPZ and PBTP is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2017 | 0.85 |
The correlation between STPZ and PBTP has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.
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Return for Risk
STPZ vs. PBTP — Risk / Return Rank
STPZ
PBTP
STPZ vs. PBTP - 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 Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP). 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.
| STPZ | PBTP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.49 | 3.05 | -0.57 |
Sortino ratioReturn per unit of downside risk | 3.94 | 5.10 | -1.15 |
Omega ratioGain probability vs. loss probability | 1.49 | 1.66 | -0.17 |
Calmar ratioReturn relative to maximum drawdown | 4.87 | 7.08 | -2.21 |
Martin ratioReturn relative to average drawdown | 16.28 | 24.51 | -8.23 |
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
| STPZ | PBTP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.49 | 3.05 | -0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | 1.17 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.97 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 1.30 | -0.40 |
Drawdowns
STPZ vs. PBTP - Drawdown Comparison
The maximum STPZ drawdown since its inception was -6.77%, which is greater than PBTP's maximum drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for STPZ and PBTP.
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Drawdown Indicators
| STPZ | PBTP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.77% | -5.44% | -1.33% |
Max Drawdown (1Y)Largest decline over 1 year | -0.93% | -0.66% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -1.35% | -1.03% | -0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -6.70% | -5.44% | -1.26% |
Max Drawdown (10Y)Largest decline over 10 years | -6.77% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -0.02% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -1.31% | -0.75% | -0.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | 0.19% | +0.09% |
Volatility
STPZ vs. PBTP - Volatility Comparison
PIMCO 1-5 Year US TIPS Index ETF (STPZ) has a higher volatility of 0.46% compared to Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) at 0.40%. This indicates that STPZ's price experiences larger fluctuations and is considered to be riskier than PBTP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| STPZ | PBTP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.46% | 0.40% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.20% | 1.03% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.83% | 1.54% | +0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.29% | 2.85% | +0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.98% | 2.64% | +0.34% |
STPZ vs. PBTP - Expense Ratio Comparison
STPZ has a 0.20% expense ratio, which is higher than PBTP's 0.07% 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
STPZ vs. PBTP - Dividend Comparison
STPZ's dividend yield for the trailing twelve months is around 4.10%, more than PBTP's 3.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 3.10% | 3.82% | 2.59% | 2.36% | 5.33% | 3.12% | 1.25% | 2.12% | 2.33% | 0.73% | 0.00% | 0.00% |
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 PBTP have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
STPZ has higher volatility (0.46%) compared to PBTP (0.40%). In terms of maximum drawdown, STPZ dropped -6.77% vs PBTP's -5.44%.
On 5-year performance, PBTP leads with 3.32% vs 2.90% for STPZ. On fees, PBTP is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PBTP has performed better with a 3.32% return vs 2.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBTP is cheaper with a 0.07% expense ratio, compared with 0.20% for STPZ.
STPZ has the higher dividend yield at 4.10%, compared with 3.10% for PBTP.
STPZ tracks ICE BofA US Inflation-Linked Treasury (1-5 Y), while PBTP tracks ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y). They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.20% for STPZ and 0.07% for PBTP.
PBTP currently has the higher Sharpe Ratio (3.05 vs 2.49), 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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