TIPZ vs. HYS

Last updated Jun 3, 2026

TIPZ (PIMCO Broad US TIPS Index ETF) and HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) are both exchange-traded funds - TIPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury, 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, TIPZ returned 2.51%/yr vs 5.36%/yr for HYS. At a 0.13 correlation, their price movements are largely independent. TIPZ charges 0.20%/yr vs 0.56%/yr for HYS.

Performance

TIPZ vs. HYS - Performance Comparison

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

Returns By Period

In the year-to-date period, TIPZ achieves a 2.79% return, which is significantly higher than HYS's 1.42% return. Over the past 10 years, TIPZ has underperformed HYS with an annualized return of 2.51%, while HYS has yielded a comparatively higher 5.36% annualized return.

TIPZ

• 1D: 0.02%
• 1M: -0.03%
• YTD: 2.79%
• 6M: 1.43%
• 1Y: 5.19%
• 3Y*: 3.93%
• 5Y*: 0.92%
• 10Y*: 2.51%

HYS

• 1D: -0.03%
• 1M: 0.35%
• YTD: 1.42%
• 6M: 2.14%
• 1Y: 7.32%
• 3Y*: 8.61%
• 5Y*: 5.12%
• 10Y*: 5.36%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TIPZ vs. HYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TIPZ PIMCO Broad US TIPS Index ETF	2.79%	5.87%	1.52%	3.37%	-12.67%	5.48%	10.98%	8.64%	-1.65%	3.12%
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	1.42%	8.80%	8.42%	11.38%	-5.42%	4.77%	3.27%	10.22%	-1.05%	5.75%

Correlation

The correlation between TIPZ and HYS is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.39
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	0.13

Over the past year, TIPZ and HYS have become more correlated (0.45) than their long-term average of 0.13, meaning their price movements have been converging.

Return for Risk

TIPZ vs. HYS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TIPZ

TIPZ Risk / Return Rank: 39
TIPZ Sharpe Ratio Rank: 37
TIPZ Sortino Ratio Rank: 37
TIPZ Omega Ratio Rank: 37
TIPZ Calmar Ratio Rank: 44
TIPZ Martin Ratio Rank: 42

HYS

HYS Risk / Return Rank: 71
HYS Sharpe Ratio Rank: 63
HYS Sortino Ratio Rank: 71
HYS Omega Ratio Rank: 66
HYS Calmar Ratio Rank: 76
HYS Martin Ratio Rank: 80

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.

TIPZ vs. HYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Broad US TIPS Index ETF (TIPZ) 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.

	TIPZ	HYS	Difference
Sharpe ratio Return per unit of total volatility	1.33	2.12	-0.78
Sortino ratio Return per unit of downside risk	1.96	3.28	-1.32
Omega ratio Gain probability vs. loss probability	1.25	1.40	-0.16
Calmar ratio Return relative to maximum drawdown	2.21	3.89	-1.68
Martin ratio Return relative to average drawdown	6.91	15.89	-8.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIPZ vs. HYS - Sharpe Ratio Comparison

The current TIPZ Sharpe Ratio is 1.33, which is lower than the HYS Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of TIPZ 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.

Sharpe Ratios by Period

	TIPZ	HYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	2.12	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.82	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.79	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.82	-0.29

Drawdowns

TIPZ vs. HYS - Drawdown Comparison

The maximum TIPZ drawdown since its inception was -15.77%, smaller than the maximum HYS drawdown of -20.91%. Use the drawdown chart below to compare losses from any high point for TIPZ and HYS.

Drawdown Indicators

	TIPZ	HYS	Difference
Max Drawdown Largest peak-to-trough decline	-15.77%	-20.91%	+5.14%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-1.88%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	-4.98%	+0.24%
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	-10.61%	-5.16%
Max Drawdown (10Y) Largest decline over 10 years	-15.77%	-20.91%	+5.14%
Current Drawdown Current decline from peak	-1.24%	-0.05%	-1.19%
Average Drawdown Average peak-to-trough decline	-4.33%	-1.53%	-2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.46%	+0.24%

Volatility

TIPZ vs. HYS - Volatility Comparison

The current volatility for PIMCO Broad US TIPS Index ETF (TIPZ) is 0.97%, while PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) has a volatility of 1.25%. This indicates that TIPZ 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.

Volatility by Period

	TIPZ	HYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	1.25%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	2.75%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	3.47%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.37%	6.26%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	6.85%	-1.01%

TIPZ vs. HYS - Expense Ratio Comparison

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

Dividends

TIPZ vs. HYS - Dividend Comparison

TIPZ's dividend yield for the trailing twelve months is around 5.10%, less than HYS's 7.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	7.35%	7.20%	7.43%	6.44%	5.01%	3.74%	4.52%	4.98%	4.64%	5.01%	5.13%	5.22%
TIPZ PIMCO Broad US TIPS Index ETF	5.10%	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

Can I hold both TIPZ and HYS in my portfolio?

TIPZ and HYS have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TIPZ or HYS?

HYS has higher volatility (1.25%) compared to TIPZ (0.97%). In terms of maximum drawdown, TIPZ dropped -15.77% vs HYS's -20.91%.

Which ETF is better, TIPZ or HYS?

On 10-year performance, HYS leads with 5.36% vs 2.51% for TIPZ. On fees, TIPZ is cheaper at 0.20% per year. On volatility, TIPZ has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TIPZ or HYS?

Over the 10-year period, HYS has performed better with a 5.36% return vs 2.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIPZ or HYS?

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

Which ETF pays a higher dividend yield, TIPZ or HYS?

HYS has the higher dividend yield at 7.35%, compared with 5.10% for TIPZ.

What is the main difference between TIPZ and HYS?

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

Which has better risk-adjusted returns?

HYS currently has the higher Sharpe Ratio (2.12 vs 1.33), 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.