TIPZ vs. JCPI

Last updated Jun 3, 2026

TIPZ (PIMCO Broad US TIPS Index ETF) and JCPI (JPMorgan Inflation Managed Bond ETF) are both Inflation-Protected Bonds funds. TIPZ is passively managed, while JCPI is actively managed. Over the past 3 years, TIPZ returned 3.93%/yr vs 5.32%/yr for JCPI. Their correlation of 0.82 suggests significant overlap in exposure. TIPZ charges 0.20%/yr vs 0.25%/yr for JCPI.

Performance

TIPZ vs. JCPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Broad US TIPS Index ETF (TIPZ) and JPMorgan Inflation Managed Bond ETF (JCPI). 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 JCPI's 1.72% 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%

JCPI

• 1D: -0.14%
• 1M: -0.36%
• YTD: 1.72%
• 6M: 1.48%
• 1Y: 5.36%
• 3Y*: 5.32%
• 5Y*: —
• 10Y*: —

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

TIPZ vs. JCPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TIPZ PIMCO Broad US TIPS Index ETF	2.79%	5.87%	1.52%	3.37%	-7.53%
JCPI JPMorgan Inflation Managed Bond ETF	1.72%	7.10%	4.70%	5.04%	-5.53%

Correlation

The correlation between TIPZ and JCPI is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Apr 12, 2022	0.82

The correlation between TIPZ and JCPI has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

Return for Risk

TIPZ vs. JCPI — 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

JCPI

JCPI Risk / Return Rank: 57
JCPI Sharpe Ratio Rank: 53
JCPI Sortino Ratio Rank: 59
JCPI Omega Ratio Rank: 54
JCPI Calmar Ratio Rank: 62
JCPI Martin Ratio Rank: 59

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. JCPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Broad US TIPS Index ETF (TIPZ) and JPMorgan Inflation Managed Bond ETF (JCPI). 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	JCPI	Difference
Sharpe ratio Return per unit of total volatility	1.33	1.82	-0.49
Sortino ratio Return per unit of downside risk	1.96	2.82	-0.86
Omega ratio Gain probability vs. loss probability	1.25	1.34	-0.09
Calmar ratio Return relative to maximum drawdown	2.21	3.11	-0.91
Martin ratio Return relative to average drawdown	6.91	10.76	-3.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIPZ vs. JCPI - Sharpe Ratio Comparison

The current TIPZ Sharpe Ratio is 1.33, which is comparable to the JCPI Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of TIPZ and JCPI, 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	JCPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.82	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.68	-0.15

Drawdowns

TIPZ vs. JCPI - Drawdown Comparison

The maximum TIPZ drawdown since its inception was -15.77%, which is greater than JCPI's maximum drawdown of -7.85%. Use the drawdown chart below to compare losses from any high point for TIPZ and JCPI.

Drawdown Indicators

	TIPZ	JCPI	Difference
Max Drawdown Largest peak-to-trough decline	-15.77%	-7.85%	-7.92%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-1.60%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	-2.81%	-1.93%
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.77%	—	—
Current Drawdown Current decline from peak	-1.24%	-0.36%	-0.88%
Average Drawdown Average peak-to-trough decline	-4.33%	-1.87%	-2.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.46%	+0.24%

Volatility

TIPZ vs. JCPI - Volatility Comparison

PIMCO Broad US TIPS Index ETF (TIPZ) has a higher volatility of 0.97% compared to JPMorgan Inflation Managed Bond ETF (JCPI) at 0.89%. This indicates that TIPZ's price experiences larger fluctuations and is considered to be riskier than JCPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIPZ	JCPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	0.89%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	2.13%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	2.98%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.37%	4.50%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	4.50%	+1.34%

TIPZ vs. JCPI - Expense Ratio Comparison

TIPZ has a 0.20% expense ratio, which is lower than JCPI's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TIPZ vs. JCPI - Dividend Comparison

TIPZ's dividend yield for the trailing twelve months is around 5.10%, more than JCPI's 3.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JCPI JPMorgan Inflation Managed Bond ETF	3.93%	3.93%	3.98%	3.45%	3.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 JCPI in my portfolio?

TIPZ and JCPI have a correlation of 0.77, 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 JCPI?

TIPZ has higher volatility (0.97%) compared to JCPI (0.89%). In terms of maximum drawdown, TIPZ dropped -15.77% vs JCPI's -7.85%.

Which ETF is better, TIPZ or JCPI?

On 3-year performance, JCPI leads with 5.32% vs 3.93% for TIPZ. On fees, TIPZ is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TIPZ or JCPI?

Over the 3-year period, JCPI has performed better with a 5.32% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIPZ or JCPI?

TIPZ is cheaper with a 0.20% expense ratio, compared with 0.25% for JCPI.

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

TIPZ has the higher dividend yield at 5.10%, compared with 3.93% for JCPI.

What is the main difference between TIPZ and JCPI?

They also come from different issuers: PIMCO and JPMorgan. Their fees differ too: 0.20% for TIPZ and 0.25% for JCPI.

Which has better risk-adjusted returns?

JCPI currently has the higher Sharpe Ratio (1.82 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.