TIPZ vs. ICVT

Last updated Jun 3, 2026

TIPZ (PIMCO Broad US TIPS Index ETF) and ICVT (iShares Convertible Bond ETF) are both exchange-traded funds - TIPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury, while ICVT is a Preferred Stock/Convertible Bonds fund tracking the Barclays U.S. Convertible Cash Pay Bond > $250MM Index. Both are passively managed. Over the past 10 years, TIPZ returned 2.51%/yr vs 14.10%/yr for ICVT. At a 0.07 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

TIPZ vs. ICVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Broad US TIPS Index ETF (TIPZ) and iShares Convertible Bond ETF (ICVT). 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 lower than ICVT's 26.51% return. Over the past 10 years, TIPZ has underperformed ICVT with an annualized return of 2.51%, while ICVT has yielded a comparatively higher 14.10% 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%

ICVT

• 1D: 1.04%
• 1M: 9.19%
• YTD: 26.51%
• 6M: 26.15%
• 1Y: 44.47%
• 3Y*: 21.44%
• 5Y*: 8.16%
• 10Y*: 14.10%

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

TIPZ vs. ICVT - 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%
ICVT iShares Convertible Bond ETF	26.51%	18.10%	10.61%	15.35%	-20.66%	-0.66%	61.01%	21.76%	-0.27%	16.38%

Correlation

The correlation between TIPZ and ICVT is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jun 5, 2015	0.07

The correlation between TIPZ and ICVT shifts across timeframes, from 0.07 (all time) to 0.18 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TIPZ vs. ICVT — 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

ICVT

ICVT Risk / Return Rank: 89
ICVT Sharpe Ratio Rank: 90
ICVT Sortino Ratio Rank: 88
ICVT Omega Ratio Rank: 88
ICVT Calmar Ratio Rank: 91
ICVT Martin Ratio Rank: 91

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. ICVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Broad US TIPS Index ETF (TIPZ) and iShares Convertible Bond ETF (ICVT). 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	ICVT	Difference
Sharpe ratio Return per unit of total volatility	1.33	3.12	-1.79
Sortino ratio Return per unit of downside risk	1.96	4.03	-2.07
Omega ratio Gain probability vs. loss probability	1.25	1.55	-0.31
Calmar ratio Return relative to maximum drawdown	2.21	5.94	-3.73
Martin ratio Return relative to average drawdown	6.91	21.71	-14.80
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. ICVT - Sharpe Ratio Comparison

The current TIPZ Sharpe Ratio is 1.33, which is lower than the ICVT Sharpe Ratio of 3.12. The chart below compares the historical Sharpe Ratios of TIPZ and ICVT, 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	ICVT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	3.12	-1.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.62	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.91	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.79	-0.26

Drawdowns

TIPZ vs. ICVT - Drawdown Comparison

The maximum TIPZ drawdown since its inception was -15.77%, smaller than the maximum ICVT drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for TIPZ and ICVT.

Drawdown Indicators

	TIPZ	ICVT	Difference
Max Drawdown Largest peak-to-trough decline	-15.77%	-33.25%	+17.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-7.55%	+5.37%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	-11.22%	+6.48%
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	-29.95%	+14.18%
Max Drawdown (10Y) Largest decline over 10 years	-15.77%	-33.25%	+17.48%
Current Drawdown Current decline from peak	-1.24%	0.00%	-1.24%
Average Drawdown Average peak-to-trough decline	-4.33%	-9.50%	+5.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	2.07%	-1.37%

Volatility

TIPZ vs. ICVT - Volatility Comparison

The current volatility for PIMCO Broad US TIPS Index ETF (TIPZ) is 0.97%, while iShares Convertible Bond ETF (ICVT) has a volatility of 5.38%. This indicates that TIPZ experiences smaller price fluctuations and is considered to be less risky than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIPZ	ICVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	5.38%	-4.41%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	11.67%	-8.77%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	14.32%	-10.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.37%	13.24%	-6.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	15.50%	-9.66%

TIPZ vs. ICVT - Expense Ratio Comparison

Both TIPZ and ICVT have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TIPZ vs. ICVT - Dividend Comparison

TIPZ's dividend yield for the trailing twelve months is around 5.10%, more than ICVT's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICVT iShares Convertible Bond ETF	1.28%	1.73%	2.19%	1.85%	1.93%	7.70%	3.98%	1.86%	4.82%	2.56%	3.06%	1.57%
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 ICVT in my portfolio?

TIPZ and ICVT have a correlation of 0.11, 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 ICVT?

ICVT has higher volatility (5.38%) compared to TIPZ (0.97%). In terms of maximum drawdown, TIPZ dropped -15.77% vs ICVT's -33.25%.

Which ETF is better, TIPZ or ICVT?

On 10-year performance, ICVT leads with 14.10% vs 2.51% for TIPZ. Both ETFs have the same 0.20% expense ratio. 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 ICVT?

Over the 10-year period, ICVT has performed better with a 14.10% 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 ICVT?

TIPZ and ICVT have the same expense ratio: 0.20% per year.

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

TIPZ has the higher dividend yield at 5.10%, compared with 1.28% for ICVT.

What is the main difference between TIPZ and ICVT?

TIPZ is categorized as Inflation-Protected Bonds, while ICVT is Preferred Stock/Convertible Bonds. TIPZ tracks ICE BofA US Inflation-Linked Treasury, while ICVT tracks Barclays U.S. Convertible Cash Pay Bond > $250MM Index. They also come from different issuers: PIMCO and iShares.

Which has better risk-adjusted returns?

ICVT currently has the higher Sharpe Ratio (3.12 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.