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PBTP vs SPIP

Invesco 0-5 Yr US TIPS ETF

PBTPACboe

State Street SPDR Portfolio TIPS ETF

SPIPBNYSE Arca

Overlap

No data

Expense ratio

PBTP −0.05pt a year

PBTP0.07%SPIP0.12%

Avg volume · 30D

SPIP 5.8×the volume

PBTP83.7KSPIP487K

5Y return · a year

PBTP +3.0pt

PBTP+3.0%SPIP0.0%

PBTP vs SPIP Performance

Oct 29, 2021 – Oct 30, 2026

+15.8%PBTP−0.1%SPIP

Oct 29, 2021 to Oct 30, 2026. PBTP +15.8%. SPIP −0.1%. Use the arrow keys to read each point.−10%−5%5%10%Oct 2021Apr 2024Oct 2026
Expense ratio
PBTP 0.07%, better
SPIP 0.12%
Fund size
PBTP $248M
SPIP $1.07B
1Y total return
PBTP +2.7%, better
SPIP −0.1%
Yield (12M)
PBTP 3.99%
SPIP 5.40%, better
Holdings
PBTP 27
SPIP 51
Avg volume (30D)
PBTP 83.7K sh
SPIP 487K sh, better
NAV per share
PBTP $25.80
SPIP $24.93
52W range

ETF.net Grade

PBTP: Cost 90, Risk 74, Mission 57, Tradability 58, Holdings 82, Durability 64. SPIP: Cost 43, Risk 31, Mission 100, Tradability 83, Holdings 93, Durability 78.
Pillar letters and Scores for PBTP, SPIP, with each pillar’s weight
PillarPBTPSPIP
Cost30% weightA90HigherC43
Mission25% weightB57A100Higher
Risk15% weightA74HigherD31
Tradability15% weightB58A83Higher
Holdings10% weightA82A93Higher
Durability5% weightB64A78Higher

Rank among TIPS funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PBTP and SPIP are both graded against the same 40 TIPS funds, so their Grades compare head to head.

TIPS⁠

Category · 40 funds
See all 40 ›

PBTP ranks 4th and SPIP 6th of 40 funds in the TIPS Category.

  1. Rank 1ASCHPSchwab US TIPS ETFScore 85
  2. Rank 2ASTIPiShares 0-5 Year TIPS Bond ETFScore 80
  3. Rank 3AVTPVanguard Total Inflation-Protected Securities ETFScore 77
  4. Rank 4APBTPInvesco 0-5 Yr US TIPS ETFScore 72
  5. Rank 4AVTIPVanguard Short-Term Inflation-Protected Securities ETFScore 72
  6. Rank 6BSPIPState Street SPDR Portfolio TIPS ETFScore 68
  7. Rank 7BTIPBNorthern Trust 2035 Inflation-Linked Distributing Ladder ETFScore 67

Our read on each fund

ETF.net Research

PBTPAInvesco 0-5 Yr US TIPS ETF

SPIPBState Street SPDR Portfolio TIPS ETF

In short

PBTP Inflation-linked Treasuries with the long end cut off: PBTP holds only TIPS maturing inside five years, keeping the CPI adjustment while dialing down interest-rate swings.

SPIP SPIP owns the whole U.S. TIPS curve in one wrapper: government bonds built to move with inflation, roughly 60 of them, for 0.12% a year. A 2007-vintage, no-gimmick way to rent the real-yield side of Treasuries.

Stated mandate

PBTP The fund provides exposure to US Treasury Inflation-Protected Securities with remaining maturities from one month to less than five years.

SPIP The fund seeks to track the price and yield performance of the Bloomberg U.S. Government Inflation-Linked Bond Index before fees and expenses, providing exposure to U.S. Treasury inflation-protected securities.

Why people hold it

  • PBTP Costs 0.07% a year, under the 0.12% median for Treasury bond ETFs.
  • Narrow by design: only TIPS with one month to under five years remaining, which leaves out the long-dated bonds that drive most price swings in broad TIPS funds.invesco.com
  • Index-tracked and running at Invesco since 2017, with distributions paid quarterly.
  • SPIP Sticks close to its benchmark, the Bloomberg U.S. Government Inflation-Linked Bond Index, and rates as one of the tighter index fits in its broad Treasury peer group.
  • Full-curve exposure: short, intermediate and long inflation-protected Treasuries in one ticket, so you skip the maturity-picking.
  • 0.12% a year lands right at the median fee for broad Treasury ETFs, on a billion-dollar-plus fund that sees steady everyday volume.
  • Trading since 2007, giving it a long live record across both the dead-quiet inflation years and the loud ones.

Worth knowing

  • PBTP Thinly traded next to the big names in the aisle, so spreads can run wider and sizeable orders take more care.
  • Broad TIPS funds such as SCHP charge 0.03% and cover the whole maturity ladder. Here you pay a bit more to skip the long end.
  • Short maturities cut both ways: less real-yield duration means smaller moves when rates fall as well as when they rise.
  • SPIP Cheaper versions of the same broad idea exist. VTP charges 0.05%, so SPIP's 0.12% is a real premium for inflation-linked Treasuries.
  • Holding long-dated TIPS means real-rate moves push the price around. Inflation protection is not the same thing as price stability.
  • Payouts are irregular by design, because inflation accruals on TIPS arrive unevenly. Not a metronome-steady income stream.

Full PBTP profile⁠

Full SPIP profile⁠

PBTP vs SPIP Holdings

How PBTP and SPIP differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

  • Asset classFixed Income100%
  • Countryby domicile100%
  • Sector1 Sector100%

Sector

Sector weights in PBTP and SPIP, widest gap first
SectorMore in PBTPMore in SPIP
GovernmentSame weight

Country, concentration and asset class

Country by domicile

Country weights in PBTP and SPIP, widest gap first
CountryMore in PBTPMore in SPIP
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • PBTP47.4%
  • SPIP31.8%

Securities held

  • PBTP25
  • SPIP49

Asset class

PBTP
Fixed Income
SPIP
Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. PBTP holds 25 securities, SPIP 49.

All 25 PBTP holdings⁠All 61 SPIP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PBTP vs SPIP Cost

Overpaying SPIP vs PBTP

$1,040

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PBTP 0.07%

    $1,480

  • SPIP 0.12%

    $2,520

$10,000
30 years

Cost over time

  • PBTP 0.07%
  • SPIP 0.12%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K051015202530SPIP $2,520PBTP $1,480

Year by year

YearPBTPSPIPOverpaying
10$128$220$92
20$503$859$356
30$1,480$2,520$1,040

Expense ratio

  • 0.07%PBTP, cheaper
  • 0.12%SPIP
  • Middle half of TIPS funds
  • Median 0.10%

PBTP 5th cheapest of 40 funds

SPIP 23rd cheapest of 40 funds

PBTP vs SPIP Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PBTP 3.99%
SPIP 5.40%, better
Payout (12M)
PBTP $1.03
SPIP $1.35
Last payment
PBTP $0.02
SPIP $0.02
Ex-dividend
PBTP Sep 21, 2026
SPIP Oct 1, 2026
Paid on
PBTP Sep 25, 2026
SPIP Oct 6, 2026
Frequency
PBTP Quarterly
SPIP Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

PBTPQuarterly · 15 paymentsAll PBTP payments⁠
One bar per payment. 15 payments from 2023 to 2026 YTD. Mar 20, 2023 $0.0073; Jun 20, 2023 $0.29; Sep 18, 2023 $0.16; Dec 18, 2023 $0.13; Mar 18, 2024 $0.03; Jun 24, 2024 $0.43; Sep 23, 2024 $0.09; Dec 23, 2024 $0.11; Mar 24, 2025 $0.21; Jun 23, 2025 $0.27; Sep 22, 2025 $0.22; Dec 22, 2025 $0.30; Mar 23, 2026 $0.04; Jun 22, 2026 $0.68; Sep 21, 2026 $0.02. Use the arrow keys to read each point.$0$0.5020232026YTD
SPIPIrregular · 37 paymentsAll SPIP payments⁠
One bar per payment. 37 payments from 2023 to 2026 YTD. Apr 3, 2023 $0.23; May 1, 2023 $0.14; Jun 1, 2023 $0.08; Jul 3, 2023 $0.13; Aug 1, 2023 $0.06; Sep 1, 2023 $0.08; Oct 2, 2023 $0.04; Nov 1, 2023 $0.11; Dec 1, 2023 $0.07; Apr 1, 2024 $0.14; May 1, 2024 $0.17; Jun 3, 2024 $0.18; Jul 1, 2024 $0.13; Aug 1, 2024 $0.05; Sep 3, 2024 $0.02; Oct 1, 2024 $0.04; Nov 1, 2024 $0.03; Dec 2, 2024 $0.05; Dec 19, 2024 $0.04; Mar 3, 2025 $0.02; Apr 1, 2025 $0.19; May 1, 2025 $0.14; Jun 2, 2025 $0.08; Jul 1, 2025 $0.10; Aug 1, 2025 $0.08; Sep 2, 2025 $0.11; Oct 1, 2025 $0.06; Nov 3, 2025 $0.10; Dec 1, 2025 $0.09; Dec 18, 2025 $0.10; Mar 2, 2026 $0.01; Apr 1, 2026 $0.12; May 1, 2026 $0.15; Jun 1, 2026 $0.30; Jul 1, 2026 $0.26; Aug 3, 2026 $0.20; Oct 1, 2026 $0.02. Use the arrow keys to read each point.$0$0.5020232026YTD

PBTP vs SPIP Risk

Fall from peak · 5 years

  • PBTP
  • SPIP
Oct 29, 2021 to Oct 30, 2026. Worst fall: SPIP −15.4% · Oct 2023. Use the arrow keys to read each point.−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
PBTP 1.9%, betterSPIP 4.5%
Return per unit of riskSharpe ratio, 3 years
PBTP 0.28, betterSPIP 0.06
Worst fallMax drawdown, 5 years
PBTP −5.5%, betterSPIP −15.4%
Market sensitivityBeta, 5 years
PBTP 0.20SPIP 0.73

Popular comparisons

  • PBTPAvsSCHPA

    Invesco 0-5 Yr US TIPS ETF · Schwab US TIPS ETF

    Expense ratio
    0.07% · 0.03%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SPIPBvsSCHPA

    State Street SPDR Portfolio TIPS ETF · Schwab US TIPS ETF

    Expense ratio
    0.12% · 0.03%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PBTPAvsSTIPA

    Invesco 0-5 Yr US TIPS ETF · iShares 0-5 Year TIPS Bond ETF

    Expense ratio
    0.07% · 0.03%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SPIPBvsSTIPA

    State Street SPDR Portfolio TIPS ETF · iShares 0-5 Year TIPS Bond ETF

    Expense ratio
    0.12% · 0.03%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PBTPAvsVTPA

    Invesco 0-5 Yr US TIPS ETF · Vanguard Total Inflation-Protected Securities ETF

    Expense ratio
    0.07% · 0.05%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SPIPBvsVTPA

    State Street SPDR Portfolio TIPS ETF · Vanguard Total Inflation-Protected Securities ETF

    Expense ratio
    0.12% · 0.05%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.