TDTF vs. PBTP
TDTF (FlexShares iBoxx 5-Year Target Duration TIPS Index Fund) and PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) are both Inflation-Protected Bonds funds - TDTF tracks the iBoxx 5-Year Target Duration TIPS while PBTP tracks the ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y). Both are passively managed. Over the past 5 years, TDTF returned 1.72%/yr vs 3.32%/yr for PBTP. A 0.78 correlation means they provide meaningful diversification when combined. TDTF charges 0.18%/yr vs 0.07%/yr for PBTP.
Performance
TDTF vs. PBTP - Performance Comparison
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Returns By Period
In the year-to-date period, TDTF achieves a 1.52% return, which is significantly lower than PBTP's 2.15% return.
TDTF
- 1D
- -0.13%
- 1M
- -0.44%
- YTD
- 1.52%
- 6M
- 1.18%
- 1Y
- 5.07%
- 3Y*
- 4.56%
- 5Y*
- 1.72%
- 10Y*
- 2.93%
PBTP
- 1D
- -0.02%
- 1M
- 0.08%
- YTD
- 2.15%
- 6M
- 2.14%
- 1Y
- 4.68%
- 3Y*
- 5.23%
- 5Y*
- 3.32%
- 10Y*
- —
TDTF vs. PBTP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TDTF FlexShares iBoxx 5-Year Target Duration TIPS Index Fund | 1.52% | 7.83% | 2.40% | 4.10% | -9.73% | 5.54% | 9.98% | 7.99% | -0.82% | 0.33% |
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 TDTF and PBTP is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2017 | 0.78 |
The correlation between TDTF and PBTP shifts across timeframes, from 0.78 (all time) to 0.89 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TDTF vs. PBTP — Risk / Return Rank
TDTF
PBTP
TDTF vs. PBTP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares iBoxx 5-Year Target Duration TIPS Index Fund (TDTF) 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.
| TDTF | PBTP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -2.55 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.66 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 7.08 | -3.86 |
| Martin ratioReturn relative to average drawdown | 10.66 | 24.51 | -13.85 |
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
| TDTF | PBTP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.67 | 3.05 | -1.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 1.17 | -0.87 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 1.30 | -0.83 |
Drawdowns
TDTF vs. PBTP - Drawdown Comparison
The maximum TDTF drawdown since its inception was -12.02%, which is greater than PBTP's maximum drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for TDTF and PBTP.
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Drawdown Indicators
| TDTF | PBTP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.02% | -5.44% | -6.58% |
Max Drawdown (1Y)Largest decline over 1 year | -1.58% | -0.66% | -0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -3.79% | -1.03% | -2.76% |
Max Drawdown (5Y)Largest decline over 5 years | -12.02% | -5.44% | -6.58% |
Max Drawdown (10Y)Largest decline over 10 years | -12.02% | — | — |
Current DrawdownCurrent decline from peak | -0.57% | -0.02% | -0.55% |
Average DrawdownAverage peak-to-trough decline | -2.91% | -0.75% | -2.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.19% | +0.29% |
Volatility
TDTF vs. PBTP - Volatility Comparison
FlexShares iBoxx 5-Year Target Duration TIPS Index Fund (TDTF) has a higher volatility of 0.73% compared to Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) at 0.40%. This indicates that TDTF'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
| TDTF | PBTP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 0.40% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 1.97% | 1.03% | +0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.06% | 1.54% | +1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.69% | 2.85% | +2.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.07% | 2.64% | +2.43% |
TDTF vs. PBTP - Expense Ratio Comparison
TDTF has a 0.18% 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
TDTF vs. PBTP - Dividend Comparison
TDTF's dividend yield for the trailing twelve months is around 4.71%, 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% |
TDTF FlexShares iBoxx 5-Year Target Duration TIPS Index Fund | 4.71% | 4.58% | 3.98% | 3.97% | 7.60% | 4.55% | 1.13% | 1.80% | 2.60% | 2.20% | 1.51% | 0.21% |
Frequently Asked Questions
TDTF and PBTP have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TDTF has higher volatility (0.73%) compared to PBTP (0.40%). In terms of maximum drawdown, TDTF dropped -12.02% vs PBTP's -5.44%.
On 5-year performance, PBTP leads with 3.32% vs 1.72% for TDTF. On fees, PBTP is cheaper at 0.07% per year. On volatility, PBTP has been the lower-risk option at 0.40%. 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 1.72%. 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 0.18% for TDTF.
TDTF has the higher dividend yield at 4.71%, compared with 3.10% for PBTP.
TDTF tracks iBoxx 5-Year Target Duration TIPS, while PBTP tracks ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y). They also come from different issuers: Northern Trust and Invesco. Their fees differ too: 0.18% for TDTF and 0.07% for PBTP.
PBTP currently has the higher Sharpe Ratio (3.05 vs 1.67), 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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