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TIPZ vs. SCHP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TIPZ vs. SCHP

Last updated Jun 3, 2026

TIPZ (PIMCO Broad US TIPS Index ETF) and SCHP (Schwab U.S. TIPS ETF) are both Inflation-Protected Bonds funds - TIPZ tracks the ICE BofA US Inflation-Linked Treasury while SCHP tracks the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). Both are passively managed. Over the past 10 years, TIPZ returned 2.51%/yr vs 2.68%/yr for SCHP. Their correlation of 0.93 suggests significant overlap in exposure. TIPZ charges 0.20%/yr vs 0.05%/yr for SCHP.

Performance

TIPZ vs. SCHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Broad US TIPS Index ETF (TIPZ) and Schwab U.S. TIPS ETF (SCHP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TIPZ achieves a 2.79% return, which is significantly higher than SCHP's 1.76% return. Over the past 10 years, TIPZ has underperformed SCHP with an annualized return of 2.51%, while SCHP has yielded a comparatively higher 2.68% 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%

SCHP

1D
0.00%
1M
-0.10%
YTD
1.76%
6M
1.48%
1Y
5.19%
3Y*
4.10%
5Y*
1.25%
10Y*
2.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TIPZ vs. SCHP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SCHP
Schwab U.S. TIPS ETF		1.76%6.76%1.95%3.91%-12.02%5.87%10.86%8.52%-1.78%3.02%

Correlation

The correlation between TIPZ and SCHP is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.95

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since Aug 6, 2010

0.93

The correlation between TIPZ and SCHP has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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PIMCO Broad US TIPS Index ETF

Schwab U.S. TIPS ETF

Often compared with TIPZ:
TIPZ vs. TIPTIPZ vs. TIPXTIPZ vs. ITPS.LTIPZ vs. TDTTTIPZ vs. VTIPTIPZ vs. RINFTIPZ vs. STIP
Often compared with SCHP:
SCHP vs. VTIPSCHP vs. TIPSCHP vs. SCHZSCHP vs. FIPDXSCHP vs. STIPSCHP vs. SCHDSCHP vs. BND

Return for Risk

TIPZ vs. SCHP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TIPZ
TIPZ Risk / Return Rank: 3939
Overall Rank
TIPZ Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
TIPZ Sortino Ratio Rank: 3737
Sortino Ratio Rank
TIPZ Omega Ratio Rank: 3737
Omega Ratio Rank
TIPZ Calmar Ratio Rank: 4444
Calmar Ratio Rank
TIPZ Martin Ratio Rank: 4242
Martin Ratio Rank
SCHP
SCHP Risk / Return Rank: 4747
Overall Rank
SCHP Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
SCHP Sortino Ratio Rank: 4949
Sortino Ratio Rank
SCHP Omega Ratio Rank: 4343
Omega Ratio Rank
SCHP Calmar Ratio Rank: 5151
Calmar Ratio Rank
SCHP Martin Ratio Rank: 4747
Martin Ratio Rank
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. SCHP - Risk-Adjusted Trends Comparison

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

TIPZSCHPDifference

Sharpe ratio

Return per unit of total volatility

1.33

1.58

-0.25

Sortino ratio

Return per unit of downside risk

1.96

2.41

-0.44

Omega ratio

Gain probability vs. loss probability

1.25

1.28

-0.03

Calmar ratio

Return relative to maximum drawdown

2.21

2.55

-0.34

Martin ratio

Return relative to average drawdown

6.91

7.78

-0.87

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. SCHP - Sharpe Ratio Comparison

The current TIPZ Sharpe Ratio is 1.33, which is comparable to the SCHP Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of TIPZ and SCHP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TIPZSCHPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.33

1.58

-0.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.14

0.20

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.43

0.48

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.51

+0.02

Drawdowns

TIPZ vs. SCHP - Drawdown Comparison

The maximum TIPZ drawdown since its inception was -15.77%, which is greater than SCHP's maximum drawdown of -14.26%. Use the drawdown chart below to compare losses from any high point for TIPZ and SCHP.

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Drawdown Indicators

TIPZSCHPDifference

Max Drawdown

Largest peak-to-trough decline

-15.77%

-14.26%

-1.51%

Max Drawdown (1Y)

Largest decline over 1 year

-2.18%

-1.93%

-0.25%

Max Drawdown (3Y)

Largest decline over 3 years

-4.74%

-4.48%

-0.26%

Max Drawdown (5Y)

Largest decline over 5 years

-15.77%

-14.26%

-1.51%

Max Drawdown (10Y)

Largest decline over 10 years

-15.77%

-14.26%

-1.51%

Current Drawdown

Current decline from peak

-1.24%

-0.10%

-1.14%

Average Drawdown

Average peak-to-trough decline

-4.33%

-3.94%

-0.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.70%

0.63%

+0.07%

Volatility

TIPZ vs. SCHP - Volatility Comparison

PIMCO Broad US TIPS Index ETF (TIPZ) has a higher volatility of 0.97% compared to Schwab U.S. TIPS ETF (SCHP) at 0.91%. This indicates that TIPZ's price experiences larger fluctuations and is considered to be riskier than SCHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TIPZSCHPDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.97%

0.91%

+0.06%

Volatility (6M)

Calculated over the trailing 6-month period

2.90%

2.22%

+0.68%

Volatility (1Y)

Calculated over the trailing 1-year period

3.93%

3.31%

+0.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.37%

6.13%

+0.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.84%

5.59%

+0.25%

TIPZ vs. SCHP - Expense Ratio Comparison

TIPZ has a 0.20% expense ratio, which is higher than SCHP's 0.05% expense ratio. However, 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. SCHP - Dividend Comparison

TIPZ's dividend yield for the trailing twelve months is around 5.10%, more than SCHP's 3.98% yield.

PositionTTM20252024202320222021202020192018201720162015
SCHP
Schwab U.S. TIPS ETF		3.98%4.06%2.99%3.02%7.19%4.39%1.11%2.02%2.26%1.90%1.38%0.28%
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

With a correlation of 0.95, TIPZ and SCHP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

TIPZ has higher volatility (0.97%) compared to SCHP (0.91%). In terms of maximum drawdown, TIPZ dropped -15.77% vs SCHP's -14.26%.

On 10-year performance, SCHP leads with 2.68% vs 2.51% for TIPZ. On fees, SCHP is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SCHP has performed better with a 2.68% return vs 2.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SCHP is cheaper with a 0.05% expense ratio, compared with 0.20% for TIPZ.

TIPZ has the higher dividend yield at 5.10%, compared with 3.98% for SCHP.

TIPZ tracks ICE BofA US Inflation-Linked Treasury, while SCHP tracks Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). They also come from different issuers: PIMCO and Charles Schwab. Their fees differ too: 0.20% for TIPZ and 0.05% for SCHP.

SCHP currently has the higher Sharpe Ratio (1.58 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.

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