STPZ vs. PMBS
STPZ (PIMCO 1-5 Year US TIPS Index ETF) and PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) are both exchange-traded funds - STPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (1-5 Y), while PMBS is a Mortgage Backed Securities fund actively managed by PIMCO. STPZ is passively managed, while PMBS is actively managed. Over the past year, STPZ returned 4.51% vs 7.55% for PMBS. A 0.61 correlation means they provide meaningful diversification when combined. STPZ charges 0.20%/yr vs 0.71%/yr for PMBS.
Performance
STPZ vs. PMBS - Performance Comparison
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Returns By Period
In the year-to-date period, STPZ achieves a 1.79% return, which is significantly higher than PMBS's 0.90% 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%
PMBS
- 1D
- -0.21%
- 1M
- 0.11%
- YTD
- 0.90%
- 6M
- 1.15%
- 1Y
- 7.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
STPZ vs. PMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
STPZ PIMCO 1-5 Year US TIPS Index ETF | 1.79% | 6.40% | -0.57% |
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 0.90% | 8.92% | -2.75% |
Correlation
The correlation between STPZ and PMBS is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024 | 0.61 |
The correlation between STPZ and PMBS has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.
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Return for Risk
STPZ vs. PMBS — Risk / Return Rank
STPZ
PMBS
STPZ vs. PMBS - 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 Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS). 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 | PMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.33 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 4.87 | 2.56 | +2.31 |
| Martin ratioReturn relative to average drawdown | 16.28 | 8.70 | +7.59 |
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 | PMBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.49 | 1.80 | +0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | — | — |
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 | 0.83 | +0.08 |
Drawdowns
STPZ vs. PMBS - Drawdown Comparison
The maximum STPZ drawdown since its inception was -6.77%, which is greater than PMBS's maximum drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for STPZ and PMBS.
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Drawdown Indicators
| STPZ | PMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.77% | -4.35% | -2.42% |
Max Drawdown (1Y)Largest decline over 1 year | -0.93% | -2.97% | +2.04% |
Max Drawdown (3Y)Largest decline over 3 years | -1.35% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -6.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -6.77% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -1.55% | +1.44% |
Average DrawdownAverage peak-to-trough decline | -1.31% | -1.14% | -0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | 0.87% | -0.59% |
Volatility
STPZ vs. PMBS - Volatility Comparison
The current volatility for PIMCO 1-5 Year US TIPS Index ETF (STPZ) is 0.46%, while PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) has a volatility of 1.52%. This indicates that STPZ experiences smaller price fluctuations and is considered to be less risky than PMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| STPZ | PMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.46% | 1.52% | -1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.20% | 3.10% | -1.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.83% | 4.22% | -2.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.29% | 4.88% | -1.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.98% | 4.88% | -1.90% |
STPZ vs. PMBS - Expense Ratio Comparison
STPZ has a 0.20% expense ratio, which is lower than PMBS's 0.71% expense ratio.
Dividends
STPZ vs. PMBS - Dividend Comparison
STPZ's dividend yield for the trailing twelve months is around 4.10%, less than PMBS's 4.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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 PMBS have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PMBS has higher volatility (1.52%) compared to STPZ (0.46%). In terms of maximum drawdown, STPZ dropped -6.77% vs PMBS's -4.35%.
On 1-year performance, PMBS leads with 7.55% vs 4.51% 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 1-year period, PMBS has performed better with a 7.55% return vs 4.51%. 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 0.71% for PMBS.
PMBS has the higher dividend yield at 4.98%, compared with 4.10% for STPZ.
STPZ is categorized as Inflation-Protected Bonds, while PMBS is Mortgage Backed Securities. Their fees differ too: 0.20% for STPZ and 0.71% for PMBS.
STPZ currently has the higher Sharpe Ratio (2.49 vs 1.80), 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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