TIPZ vs. FLSP
TIPZ (PIMCO Broad US TIPS Index ETF) and FLSP (Franklin Liberty Systematic Style Premia ETF) are both exchange-traded funds - TIPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury, while FLSP is a Long-Short fund actively managed by Franklin Templeton. TIPZ is passively managed, while FLSP is actively managed. Over the past 5 years, TIPZ returned 0.62%/yr vs 8.35%/yr for FLSP. At a correlation of -0.01, they often move in opposite directions. TIPZ charges 0.20%/yr vs 0.65%/yr for FLSP.
Performance
TIPZ vs. FLSP - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with TIPZ having a 1.90% return and FLSP slightly higher at 1.97%.
TIPZ
- 1D
- -0.01%
- 1M
- -0.02%
- YTD
- 1.90%
- 6M
- 0.95%
- 1Y
- 3.58%
- 3Y*
- 3.45%
- 5Y*
- 0.62%
- 10Y*
- 2.37%
FLSP
- 1D
- -0.36%
- 1M
- 0.59%
- YTD
- 1.97%
- 6M
- 2.01%
- 1Y
- 14.58%
- 3Y*
- 10.33%
- 5Y*
- 8.35%
- 10Y*
- —
TIPZ vs. FLSP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TIPZ PIMCO Broad US TIPS Index ETF | 1.90% | 5.87% | 1.52% | 3.37% | -12.67% | 5.48% | 10.98% | 0.18% |
FLSP Franklin Liberty Systematic Style Premia ETF | 1.97% | 15.56% | 11.75% | 3.14% | 0.44% | 11.44% | -15.19% | 0.90% |
Correlation
The correlation between TIPZ and FLSP is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2019 | -0.01 |
The correlation between TIPZ and FLSP shifts across timeframes, from -0.16 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TIPZ vs. FLSP — Risk / Return Rank
TIPZ
FLSP
TIPZ vs. FLSP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Broad US TIPS Index ETF (TIPZ) and Franklin Liberty Systematic Style Premia ETF (FLSP). 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.
| TIPZ | FLSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.28 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 3.63 | -1.98 |
| Martin ratioReturn relative to average drawdown | 5.08 | 10.82 | -5.75 |
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Drawdowns
TIPZ vs. FLSP - Drawdown Comparison
The maximum TIPZ drawdown since its inception was -15.77%, smaller than the maximum FLSP drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for TIPZ and FLSP.
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Drawdown Indicators
| TIPZ | FLSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.77% | -22.75% | +6.98% |
Max Drawdown (1Y)Largest decline over 1 year | -2.18% | -4.03% | +1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -4.74% | -6.69% | +1.95% |
Max Drawdown (5Y)Largest decline over 5 years | -15.77% | -9.52% | -6.25% |
Max Drawdown (10Y)Largest decline over 10 years | -15.77% | — | — |
Current DrawdownCurrent decline from peak | -2.09% | -1.26% | -0.83% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -6.26% | +1.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 1.39% | -0.68% |
Volatility
TIPZ vs. FLSP - Volatility Comparison
The current volatility for PIMCO Broad US TIPS Index ETF (TIPZ) is 1.19%, while Franklin Liberty Systematic Style Premia ETF (FLSP) has a volatility of 1.79%. This indicates that TIPZ experiences smaller price fluctuations and is considered to be less risky than FLSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TIPZ | FLSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.79% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 3.00% | 6.78% | -3.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.90% | 9.07% | -5.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.35% | 13.35% | -7.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.85% | 13.48% | -7.63% |
TIPZ vs. FLSP - Expense Ratio Comparison
TIPZ has a 0.20% expense ratio, which is lower than FLSP's 0.65% expense ratio.
Dividends
TIPZ vs. FLSP - Dividend Comparison
TIPZ's dividend yield for the trailing twelve months is around 5.14%, more than FLSP's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLSP Franklin Liberty Systematic Style Premia ETF | 2.60% | 2.65% | 1.18% | 1.19% | 2.18% | 1.19% | 8.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TIPZ PIMCO Broad US TIPS Index ETF | 5.14% | 4.74% | 4.44% | 4.69% | 7.14% | 4.41% | 1.47% | 1.65% | 2.23% | 1.70% | 1.06% | 0.56% |
Frequently Asked Questions
TIPZ and FLSP have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLSP has higher volatility (1.79%) compared to TIPZ (1.19%). In terms of maximum drawdown, TIPZ dropped -15.77% vs FLSP's -22.75%.
On 5-year performance, FLSP leads with 8.35% vs 0.62% for TIPZ. On fees, TIPZ is cheaper at 0.20% per year. On volatility, TIPZ has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLSP has performed better with a 8.35% return vs 0.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIPZ is cheaper with a 0.20% expense ratio, compared with 0.65% for FLSP.
TIPZ has the higher dividend yield at 5.14%, compared with 2.60% for FLSP.
TIPZ is categorized as Inflation-Protected Bonds, while FLSP is Long-Short. They also come from different issuers: PIMCO and Franklin Templeton. Their fees differ too: 0.20% for TIPZ and 0.65% for FLSP.
FLSP currently has the higher Sharpe Ratio (1.62 vs 0.92), 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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