ZVOL vs. PBTP
ZVOL (Volatility Premium Plus ETF) and PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) are both exchange-traded funds - ZVOL is a Volatility fund tracking the S&P 500 VIX Mid Term Futures Inverse Daily Index, while PBTP is a Inflation-Protected Bonds fund tracking the ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y). Both are passively managed. Over the past 3 years, ZVOL returned 8.01%/yr vs 4.96%/yr for PBTP. At a correlation of -0.01, they often move in opposite directions. ZVOL charges 1.35%/yr vs 0.07%/yr for PBTP.
Performance
ZVOL vs. PBTP - Performance Comparison
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Returns By Period
In the year-to-date period, ZVOL achieves a 1.12% return, which is significantly lower than PBTP's 1.39% return.
ZVOL
- 1D
- -0.37%
- 1M
- 4.65%
- YTD
- 1.12%
- 6M
- -0.71%
- 1Y
- 14.77%
- 3Y*
- 8.01%
- 5Y*
- —
- 10Y*
- —
PBTP
- 1D
- -0.03%
- 1M
- -0.33%
- YTD
- 1.39%
- 6M
- 1.53%
- 1Y
- 3.50%
- 3Y*
- 4.96%
- 5Y*
- 3.23%
- 10Y*
- —
ZVOL vs. PBTP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZVOL Volatility Premium Plus ETF | 1.12% | -10.71% | 9.27% | 51.85% |
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 1.39% | 5.98% | 4.72% | 2.44% |
Correlation
The correlation between ZVOL and PBTP is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2023 | -0.01 |
The correlation between ZVOL and PBTP shifts across timeframes, from -0.14 (1 year) to 0.02 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZVOL vs. PBTP — Risk / Return Rank
ZVOL
PBTP
ZVOL vs. PBTP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) and Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP). 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.
| ZVOL | PBTP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.45 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 4.63 | -3.73 |
| Martin ratioReturn relative to average drawdown | 2.87 | 16.62 | -13.75 |
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Drawdowns
ZVOL vs. PBTP - Drawdown Comparison
The maximum ZVOL drawdown since its inception was -37.25%, which is greater than PBTP's maximum drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for ZVOL and PBTP.
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Drawdown Indicators
| ZVOL | PBTP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.25% | -5.44% | -31.81% |
Max Drawdown (1Y)Largest decline over 1 year | -16.46% | -0.76% | -15.70% |
Max Drawdown (3Y)Largest decline over 3 years | -37.25% | -1.03% | -36.22% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.44% | — |
Current DrawdownCurrent decline from peak | -19.46% | -0.76% | -18.70% |
Average DrawdownAverage peak-to-trough decline | -13.53% | -0.75% | -12.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.15% | 0.21% | +4.94% |
Volatility
ZVOL vs. PBTP - Volatility Comparison
Volatility Premium Plus ETF (ZVOL) has a higher volatility of 4.20% compared to Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) at 0.63%. This indicates that ZVOL's price experiences larger fluctuations and is considered to be riskier than PBTP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZVOL | PBTP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.20% | 0.63% | +3.57% |
Volatility (6M)Calculated over the trailing 6-month period | 13.59% | 1.17% | +12.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.66% | 1.62% | +17.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.08% | 2.85% | +26.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.08% | 2.64% | +26.44% |
ZVOL vs. PBTP - Expense Ratio Comparison
ZVOL has a 1.35% expense ratio, which is higher than PBTP's 0.07% expense ratio.
Dividends
ZVOL vs. PBTP - Dividend Comparison
ZVOL's dividend yield for the trailing twelve months is around 79.01%, more than PBTP's 4.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 4.82% | 3.82% | 2.59% | 2.36% | 5.33% | 3.12% | 1.25% | 2.12% | 2.33% | 0.73% |
ZVOL Volatility Premium Plus ETF | 79.01% | 53.44% | 30.68% | 0.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZVOL and PBTP have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZVOL has higher volatility (4.20%) compared to PBTP (0.63%). In terms of maximum drawdown, ZVOL dropped -37.25% vs PBTP's -5.44%.
On 3-year performance, ZVOL leads with 8.01% vs 4.96% for PBTP. On fees, PBTP is cheaper at 0.07% per year. On volatility, PBTP has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ZVOL has performed better with a 8.01% return vs 4.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBTP is cheaper with a 0.07% expense ratio, compared with 1.35% for ZVOL.
ZVOL has the higher dividend yield at 79.01%, compared with 4.82% for PBTP.
ZVOL is categorized as Volatility, while PBTP is Inflation-Protected Bonds. ZVOL tracks S&P 500 VIX Mid Term Futures Inverse Daily Index, while PBTP tracks ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y). They also come from different issuers: Volatility Shares and Invesco. Their fees differ too: 1.35% for ZVOL and 0.07% for PBTP.
PBTP currently has the higher Sharpe Ratio (2.18 vs 0.79), 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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