TIPZ vs. PYLD
TIPZ (PIMCO Broad US TIPS Index ETF) and PYLD (PIMCO Multisector Bond Active Exchange-Traded Fund) are both exchange-traded funds - TIPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury, while PYLD is a Multisector Bonds fund actively managed by PIMCO. TIPZ is passively managed, while PYLD is actively managed. Over the past 3 years, TIPZ returned 3.64%/yr vs 7.74%/yr for PYLD. Their correlation of 0.80 means they have usually moved in the same direction. TIPZ charges 0.20%/yr vs 0.55%/yr for PYLD.
Performance
TIPZ vs. PYLD - Performance Comparison
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Returns By Period
In the year-to-date period, TIPZ achieves a 1.38% return, which is significantly higher than PYLD's 0.83% return.
TIPZ
- 1D
- -0.21%
- 1M
- -0.88%
- 6M
- -0.24%
- YTD
- 1.38%
- 1Y
- 1.62%
- 3Y*
- 3.64%
- 5Y*
- -0.12%
- 10Y*
- 2.25%
- ALL TIME*
- 2.96%
PYLD
- 1D
- -0.19%
- 1M
- -0.91%
- 6M
- 0.19%
- YTD
- 0.83%
- 1Y
- 4.78%
- 3Y*
- 7.74%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $85.99M | $101.13M | $105.82M | |
| $310.43K | $449.34K | $924.41K |
TIPZ vs. PYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TIPZ PIMCO Broad US TIPS Index ETF | 1.38% | 5.87% | 1.52% | 1.05% |
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund | 0.83% | 9.57% | 7.69% | 5.46% |
Correlation
The correlation between TIPZ and PYLD is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | 0.80 |
The correlation between TIPZ and PYLD has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.
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Return for Risk
TIPZ vs. PYLD — Risk / Return Rank
TIPZ
PYLD
TIPZ vs. PYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Broad US TIPS Index ETF (TIPZ) and PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). 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 | PYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.32 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | 1.65 | -0.59 |
| Martin ratioReturn relative to average drawdown | 2.97 | 7.13 | -4.16 |
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Drawdowns
TIPZ vs. PYLD - Drawdown Comparison
The maximum TIPZ drawdown since its inception was -15.77%, which is greater than PYLD's maximum drawdown of -4.52%. Use the drawdown chart below to compare losses from any high point for TIPZ and PYLD.
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Drawdown Indicators
| TIPZ | PYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.77% | -4.52% | -11.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.18% | -3.25% | +1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -4.05% | -3.88% | -0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -15.77% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.77% | — | — |
Current DrawdownCurrent decline from peak | -2.60% | -1.13% | -1.47% |
Average DrawdownAverage peak-to-trough decline | -4.31% | -0.64% | -3.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.75% | +0.03% |
Volatility
TIPZ vs. PYLD - Volatility Comparison
The current volatility for PIMCO Broad US TIPS Index ETF (TIPZ) is 0.74%, while PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) has a volatility of 0.88%. This indicates that TIPZ experiences smaller price fluctuations and is considered to be less risky than PYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TIPZ | PYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.88% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 2.73% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 3.11% | +0.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.34% | 3.96% | +2.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.83% | 3.96% | +1.87% |
TIPZ vs. PYLD - Expense Ratio Comparison
TIPZ has a 0.20% expense ratio, which is lower than PYLD's 0.55% expense ratio.
Dividends
TIPZ vs. PYLD - Dividend Comparison
TIPZ's dividend yield for the trailing twelve months is around 5.83%, less than PYLD's 6.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund | 5.88% | 6.21% | 6.40% | 2.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TIPZ PIMCO Broad US TIPS Index ETF | 5.48% | 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 PYLD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYLD has higher volatility (0.88%) compared to TIPZ (0.74%). In terms of maximum drawdown, TIPZ dropped -15.77% vs PYLD's -4.52%.
On 3-year performance, PYLD leads with 7.74% vs 3.64% for TIPZ. On fees, TIPZ is cheaper at 0.20% per year. On volatility, TIPZ has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PYLD has performed better with a 7.74% return vs 3.64%. 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 0.55% for PYLD.
PYLD has the higher dividend yield at 5.88%, compared with 5.48% for TIPZ.
TIPZ is categorized as Inflation-Protected Bonds, while PYLD is Multisector Bonds. Their fees differ too: 0.20% for TIPZ and 0.55% for PYLD.
PYLD currently has the higher Sharpe Ratio (1.72 vs 0.60), 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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