TIPZ vs. IVOL

Last updated Jun 24, 2026

TIPZ (PIMCO Broad US TIPS Index ETF) and IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) are both Inflation-Protected Bonds funds. TIPZ is passively managed, while IVOL is actively managed. Over the past 5 years, TIPZ returned 0.62%/yr vs -5.63%/yr for IVOL. At a 0.38 correlation, their price movements are largely independent. TIPZ charges 0.20%/yr vs 0.99%/yr for IVOL.

Performance

TIPZ vs. IVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Broad US TIPS Index ETF (TIPZ) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIPZ achieves a 1.90% return, which is significantly higher than IVOL's -8.37% return.

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%

IVOL

• 1D: 0.35%
• 1M: -3.04%
• YTD: -8.37%
• 6M: -7.51%
• 1Y: -7.39%
• 3Y*: -2.64%
• 5Y*: -5.63%
• 10Y*: —

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

TIPZ vs. IVOL - 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%	4.79%
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	-8.37%	11.97%	-11.07%	-5.18%	-12.69%	-0.31%	14.56%	3.35%

Correlation

The correlation between TIPZ and IVOL is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 14, 2019	0.38

Return for Risk

TIPZ vs. IVOL — Risk / Return Rank

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

TIPZ

TIPZ Risk / Return Rank: 30
TIPZ Sharpe Ratio Rank: 27
TIPZ Sortino Ratio Rank: 26
TIPZ Omega Ratio Rank: 25
TIPZ Calmar Ratio Rank: 35
TIPZ Martin Ratio Rank: 35

IVOL

IVOL Risk / Return Rank: 2
IVOL Sharpe Ratio Rank: 1
IVOL Sortino Ratio Rank: 2
IVOL Omega Ratio Rank: 2
IVOL Calmar Ratio Rank: 4
IVOL Martin Ratio Rank: 1

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. IVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Broad US TIPS Index ETF (TIPZ) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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	IVOL	Difference
Sharpe ratio: Return per unit of total volatility	0.92	-1.05	+1.98
Sortino ratio: Return per unit of downside risk	1.35	-1.46	+2.81
Omega ratio: Gain probability vs. loss probability	1.17	0.84	+0.33
Calmar ratio: Return relative to maximum drawdown	1.65	-0.61	+2.27
Martin ratio: Return relative to average drawdown	5.08	-1.48	+6.56

TIPZ vs. IVOL - Sharpe Ratio Comparison

The current TIPZ Sharpe Ratio is 0.92, which is higher than the IVOL Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of TIPZ and IVOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TIPZ vs. IVOL - Drawdown Comparison

The maximum TIPZ drawdown since its inception was -15.77%, smaller than the maximum IVOL drawdown of -31.16%. Use the drawdown chart below to compare losses from any high point for TIPZ and IVOL.

Drawdown Indicators

	TIPZ	IVOL	Difference
Max Drawdown Largest peak-to-trough decline	-15.77%	-31.16%	+15.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-12.08%	+9.90%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	-14.48%	+9.74%
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	-30.28%	+14.51%
Max Drawdown (10Y) Largest decline over 10 years	-15.77%	—	—
Current Drawdown Current decline from peak	-2.09%	-27.94%	+25.85%
Average Drawdown Average peak-to-trough decline	-4.32%	-13.39%	+9.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	4.99%	-4.28%

Volatility

TIPZ vs. IVOL - Volatility Comparison

The current volatility for PIMCO Broad US TIPS Index ETF (TIPZ) is 1.19%, while Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) has a volatility of 2.57%. This indicates that TIPZ experiences smaller price fluctuations and is considered to be less risky than IVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIPZ	IVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	2.57%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	3.00%	4.97%	-1.97%
Volatility (1Y) Calculated over the trailing 1-year period	3.90%	7.05%	-3.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.35%	12.85%	-6.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.85%	11.98%	-6.13%

TIPZ vs. IVOL - Expense Ratio Comparison

TIPZ has a 0.20% expense ratio, which is lower than IVOL's 0.99% expense ratio.

Dividends

TIPZ vs. IVOL - Dividend Comparison

TIPZ's dividend yield for the trailing twelve months is around 5.14%, more than IVOL's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	3.98%	3.61%	3.83%	3.73%	3.92%	3.93%	3.44%	2.02%	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

Can I hold both TIPZ and IVOL in my portfolio?

TIPZ and IVOL have a correlation of 0.43, 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 IVOL?

IVOL has higher volatility (2.57%) compared to TIPZ (1.19%). In terms of maximum drawdown, TIPZ dropped -15.77% vs IVOL's -31.16%.

Which ETF is better, TIPZ or IVOL?

On 5-year performance, TIPZ leads with 0.62% vs -5.63% for IVOL. 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.

Which ETF has performed better, TIPZ or IVOL?

Over the 5-year period, TIPZ has performed better with a 0.62% return vs -5.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIPZ or IVOL?

TIPZ is cheaper with a 0.20% expense ratio, compared with 0.99% for IVOL.

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

TIPZ has the higher dividend yield at 5.14%, compared with 3.98% for IVOL.

What is the main difference between TIPZ and IVOL?

They also come from different issuers: PIMCO and CICC. Their fees differ too: 0.20% for TIPZ and 0.99% for IVOL.

Which has better risk-adjusted returns?

TIPZ currently has the higher Sharpe Ratio (0.92 vs -1.05), 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.