IBII vs. TIP
IBII (iShares iBonds Oct 2032 Term TIPS ETF) and TIP (iShares TIPS Bond ETF) are both Inflation-Protected Bonds funds from iShares - IBII tracks the ICE 2032 Maturity US Inflation-Linked Treasury Index while TIP tracks the ICE U.S. Treasury Inflation Linked Bond Index. Both are passively managed. Over the past year, IBII returned 2.15% vs 1.69% for TIP. Their 0.97 correlation means they have historically moved very closely together. IBII charges 0.10%/yr vs 0.18%/yr for TIP.
Performance
IBII vs. TIP - Performance Comparison
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Returns By Period
In the year-to-date period, IBII achieves a 1.09% return, which is significantly higher than TIP's 0.73% return.
IBII
- 1D
- 0.12%
- 1M
- -0.24%
- 6M
- 0.47%
- YTD
- 1.09%
- 1Y
- 2.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.48%
TIP
- 1D
- 0.18%
- 1M
- -0.46%
- 6M
- 0.31%
- YTD
- 0.73%
- 1Y
- 1.69%
- 3Y*
- 3.74%
- 5Y*
- 0.28%
- 10Y*
- 2.35%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $367.88K | $334.54K | $357.95K | |
| $236.68M | $186.36M | $220.38M |
IBII vs. TIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBII iShares iBonds Oct 2032 Term TIPS ETF | 1.09% | 8.65% | 1.21% | 4.85% |
TIP iShares TIPS Bond ETF | 0.73% | 6.77% | 1.65% | 3.43% |
Correlation
The correlation between IBII and TIP is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2023 | 0.97 |
The correlation between IBII and TIP has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
IBII vs. TIP — Risk / Return Rank
IBII
TIP
IBII vs. TIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Oct 2032 Term TIPS ETF (IBII) 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.
| IBII | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.09 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 0.86 | +0.23 |
| Martin ratioReturn relative to average drawdown | 2.96 | 2.27 | +0.69 |
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Drawdowns
IBII vs. TIP - Drawdown Comparison
The maximum IBII drawdown since its inception was -4.65%, smaller than the maximum TIP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for IBII and TIP.
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Drawdown Indicators
| IBII | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.65% | -14.57% | +9.92% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -1.98% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.71% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.51% | — |
Current DrawdownCurrent decline from peak | -1.17% | -1.12% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -1.12% | -3.41% | +2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.75% | -0.02% |
Volatility
IBII vs. TIP - Volatility Comparison
iShares iBonds Oct 2032 Term TIPS ETF (IBII) has a higher volatility of 0.76% compared to iShares TIPS Bond ETF (TIP) at 0.72%. This indicates that IBII's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBII | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.72% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 2.51% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.32% | 3.32% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 6.20% | -0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.34% | 5.72% | -0.38% |
IBII vs. TIP - Expense Ratio Comparison
IBII has a 0.10% expense ratio, which is lower than TIP's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IBII vs. TIP - Dividend Comparison
IBII's dividend yield for the trailing twelve months is around 5.20%, more than TIP's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBII iShares iBonds Oct 2032 Term TIPS ETF | 5.20% | 4.80% | 4.76% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TIP iShares TIPS Bond ETF | 4.97% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
With a correlation of 0.94, IBII 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.
IBII has higher volatility (0.76%) compared to TIP (0.72%). In terms of maximum drawdown, IBII dropped -4.65% vs TIP's -14.57%.
On 1-year performance, IBII leads with 2.15% vs 1.69% for TIP. On fees, IBII is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBII has performed better with a 2.15% return vs 1.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBII is cheaper with a 0.10% expense ratio, compared with 0.18% for TIP.
IBII has the higher dividend yield at 5.20%, compared with 4.97% for TIP.
IBII tracks ICE 2032 Maturity US Inflation-Linked Treasury Index, while TIP tracks ICE U.S. Treasury Inflation Linked Bond Index. Their fees differ too: 0.10% for IBII and 0.18% for TIP.
IBII currently has the higher Sharpe Ratio (0.65 vs 0.51), 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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