TIPZ vs. TIP
TIPZ (PIMCO Broad US TIPS Index ETF) and TIP (iShares TIPS Bond ETF) are both Inflation-Protected Bonds funds - TIPZ tracks the ICE BofA US Inflation-Linked Treasury while TIP tracks the ICE U.S. Treasury Inflation Linked Bond Index. Both are passively managed. Over the past 10 years, TIPZ returned 2.37%/yr vs 2.43%/yr for TIP. Their correlation of 0.93 suggests significant overlap in exposure. TIPZ charges 0.20%/yr vs 0.18%/yr for TIP.
Performance
TIPZ vs. TIP - Performance Comparison
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Returns By Period
In the year-to-date period, TIPZ achieves a 1.90% return, which is significantly higher than TIP's 0.74% return. Both investments have delivered pretty close results over the past 10 years, with TIPZ having a 2.37% annualized return and TIP not far ahead at 2.43%.
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%
TIP
- 1D
- -0.04%
- 1M
- -0.19%
- YTD
- 0.74%
- 6M
- 0.81%
- 1Y
- 3.34%
- 3Y*
- 3.52%
- 5Y*
- 0.82%
- 10Y*
- 2.43%
TIPZ vs. TIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIPZ PIMCO Broad US TIPS Index ETF | 1.90% | 5.87% | 1.52% | 3.37% | -12.67% | 5.48% | 10.98% | 8.64% | -1.65% | 3.12% |
TIP iShares TIPS Bond ETF | 0.74% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
Correlation
The correlation between TIPZ and TIP 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 | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2009 | 0.93 |
The correlation between TIPZ and TIP has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
TIPZ vs. TIP — Risk / Return Rank
TIPZ
TIP
TIPZ vs. TIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Broad US TIPS Index ETF (TIPZ) and iShares TIPS Bond ETF (TIP). 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 | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 1.70 | -0.05 |
| Martin ratioReturn relative to average drawdown | 5.08 | 4.99 | +0.09 |
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Drawdowns
TIPZ vs. TIP - Drawdown Comparison
The maximum TIPZ drawdown since its inception was -15.77%, which is greater than TIP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for TIPZ and TIP.
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Drawdown Indicators
| TIPZ | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.77% | -14.57% | -1.20% |
Max Drawdown (1Y)Largest decline over 1 year | -2.18% | -1.98% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -4.74% | -4.54% | -0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -15.77% | -14.51% | -1.26% |
Max Drawdown (10Y)Largest decline over 10 years | -15.77% | -14.51% | -1.26% |
Current DrawdownCurrent decline from peak | -2.09% | -1.11% | -0.98% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -3.43% | -0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 0.67% | +0.04% |
Volatility
TIPZ vs. TIP - Volatility Comparison
PIMCO Broad US TIPS Index ETF (TIPZ) and iShares TIPS Bond ETF (TIP) have volatilities of 1.19% and 1.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TIPZ | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.22% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.00% | 2.47% | +0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.90% | 3.44% | +0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.35% | 6.20% | +0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.85% | 5.74% | +0.11% |
TIPZ vs. TIP - Expense Ratio Comparison
TIPZ has a 0.20% expense ratio, which is higher than TIP's 0.18% 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. TIP - Dividend Comparison
TIPZ's dividend yield for the trailing twelve months is around 5.14%, more than TIP's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 3.79% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
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
With a correlation of 0.95, TIPZ and TIP 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.
TIP has higher volatility (1.22%) compared to TIPZ (1.19%). In terms of maximum drawdown, TIPZ dropped -15.77% vs TIP's -14.57%.
On 10-year performance, TIP leads with 2.43% vs 2.37% for TIPZ. On fees, TIP is cheaper at 0.18% 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, TIP has performed better with a 2.43% return vs 2.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 0.20% for TIPZ.
TIPZ has the higher dividend yield at 5.14%, compared with 3.79% for TIP.
TIPZ tracks ICE BofA US Inflation-Linked Treasury, while TIP tracks ICE U.S. Treasury Inflation Linked Bond Index. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.20% for TIPZ and 0.18% for TIP.
TIP currently has the higher Sharpe Ratio (0.97 vs 0.92), 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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