GTIP vs. SPIP
GTIP (Goldman Sachs Access Inflation Protected USD Bond ETF) and SPIP (SPDR Portfolio TIPS ETF) are both Inflation-Protected Bonds funds - GTIP tracks the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index while SPIP tracks the Bloomberg Barclays US Government Inflation-linked Bond Index. Both are passively managed. Over the past 5 years, GTIP returned 1.09%/yr vs 0.87%/yr for SPIP. Their correlation of 0.95 suggests significant overlap in exposure. Both charge a 0.12% expense ratio.
Performance
GTIP vs. SPIP - Performance Comparison
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Returns By Period
In the year-to-date period, GTIP achieves a 1.70% return, which is significantly higher than SPIP's 1.49% return.
GTIP
- 1D
- -0.08%
- 1M
- 0.04%
- YTD
- 1.70%
- 6M
- 1.11%
- 1Y
- 5.10%
- 3Y*
- 4.01%
- 5Y*
- 1.09%
- 10Y*
- —
SPIP
- 1D
- -0.16%
- 1M
- 0.02%
- YTD
- 1.49%
- 6M
- 1.02%
- 1Y
- 4.97%
- 3Y*
- 3.85%
- 5Y*
- 0.87%
- 10Y*
- 2.61%
GTIP vs. SPIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF | 1.70% | 6.63% | 2.04% | 3.88% | -12.14% | 5.86% | 10.83% | 8.33% | 0.24% |
SPIP SPDR Portfolio TIPS ETF | 1.49% | 6.78% | 2.35% | 2.98% | -12.84% | 5.80% | 11.41% | 9.14% | 0.36% |
Correlation
The correlation between GTIP and SPIP is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2018 | 0.95 |
The correlation between GTIP and SPIP has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
GTIP vs. SPIP — Risk / Return Rank
GTIP
SPIP
GTIP vs. SPIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) and SPDR Portfolio TIPS ETF (SPIP). 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.
| GTIP | SPIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.25 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 2.44 | +0.10 |
| Martin ratioReturn relative to average drawdown | 8.00 | 7.15 | +0.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GTIP | SPIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.53 | 1.40 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.13 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.44 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.53 | +0.03 |
Drawdowns
GTIP vs. SPIP - Drawdown Comparison
The maximum GTIP drawdown since its inception was -14.31%, smaller than the maximum SPIP drawdown of -15.39%. Use the drawdown chart below to compare losses from any high point for GTIP and SPIP.
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Drawdown Indicators
| GTIP | SPIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.31% | -15.39% | +1.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -2.04% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -4.47% | -4.76% | +0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -14.31% | -15.39% | +1.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.39% | — |
Current DrawdownCurrent decline from peak | -0.17% | -1.02% | +0.85% |
Average DrawdownAverage peak-to-trough decline | -4.24% | -4.10% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.70% | -0.06% |
Volatility
GTIP vs. SPIP - Volatility Comparison
Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) and SPDR Portfolio TIPS ETF (SPIP) have volatilities of 0.97% and 0.95%, 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
| GTIP | SPIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 0.95% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 2.54% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.34% | 3.57% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.07% | 6.57% | -0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 6.01% | 0.00% |
GTIP vs. SPIP - Expense Ratio Comparison
Both GTIP and SPIP have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
GTIP vs. SPIP - Dividend Comparison
GTIP's dividend yield for the trailing twelve months is around 4.69%, less than SPIP's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF | 4.69% | 4.58% | 3.52% | 2.77% | 6.47% | 3.82% | 1.04% | 2.34% | 0.66% | 0.00% | 0.00% | 0.00% |
SPIP SPDR Portfolio TIPS ETF | 4.75% | 4.09% | 3.36% | 3.70% | 7.05% | 4.53% | 1.97% | 2.91% | 2.80% | 3.02% | 1.88% | 0.14% |
Frequently Asked Questions
With a correlation of 0.95, GTIP and SPIP 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.
GTIP has higher volatility (0.97%) compared to SPIP (0.95%). In terms of maximum drawdown, GTIP dropped -14.31% vs SPIP's -15.39%.
On 5-year performance, GTIP leads with 1.09% vs 0.87% for SPIP. Both ETFs have the same 0.12% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GTIP has performed better with a 1.09% return vs 0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTIP and SPIP have the same expense ratio: 0.12% per year.
SPIP has the higher dividend yield at 4.75%, compared with 4.69% for GTIP.
GTIP tracks FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index, while SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index. They also come from different issuers: Goldman Sachs and State Street.
GTIP currently has the higher Sharpe Ratio (1.53 vs 1.40), 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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