ICPI vs. SPIP
ICPI (iShares 0-1 Year TIPS Bond ETF) and SPIP (SPDR Portfolio TIPS ETF) are both Inflation-Protected Bonds funds - ICPI tracks the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index while SPIP tracks the Bloomberg Barclays US Government Inflation-linked Bond Index. Both are passively managed. At a correlation of -0.07, they often move in opposite directions. ICPI charges 0.09%/yr vs 0.12%/yr for SPIP.
Performance
ICPI vs. SPIP - Performance Comparison
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Returns By Period
In the year-to-date period, ICPI achieves a 2.42% return, which is significantly higher than SPIP's 1.10% return.
ICPI
- 1D
- -0.06%
- 1M
- -0.07%
- YTD
- 2.42%
- 6M
- 2.46%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPIP
- 1D
- 0.37%
- 1M
- 0.28%
- YTD
- 1.10%
- 6M
- 1.02%
- 1Y
- 3.63%
- 3Y*
- 3.59%
- 5Y*
- 0.78%
- 10Y*
- 2.52%
ICPI vs. SPIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICPI iShares 0-1 Year TIPS Bond ETF | 2.42% | 0.32% |
SPIP SPDR Portfolio TIPS ETF | 1.10% | -0.11% |
Correlation
The correlation between ICPI and SPIP is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025 | -0.07 |
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Return for Risk
ICPI vs. SPIP — Risk / Return Rank
ICPI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPIP
ICPI vs. SPIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year TIPS Bond ETF (ICPI) 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.
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.
| ICPI | SPIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.18 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.79 | — |
| Martin ratioReturn relative to average drawdown | — | 5.13 | — |
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Drawdowns
ICPI vs. SPIP - Drawdown Comparison
The maximum ICPI drawdown since its inception was -0.34%, smaller than the maximum SPIP drawdown of -15.39%. Use the drawdown chart below to compare losses from any high point for ICPI and SPIP.
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Drawdown Indicators
| ICPI | SPIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.34% | -15.39% | +15.05% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.04% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.39% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.39% | — |
Current DrawdownCurrent decline from peak | -0.34% | -1.40% | +1.06% |
Average DrawdownAverage peak-to-trough decline | -0.04% | -4.09% | +4.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.71% | — |
Volatility
ICPI vs. SPIP - Volatility Comparison
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Volatility by Period
| ICPI | SPIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.25% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.72% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.96% | 3.63% | -2.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 6.56% | -5.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.96% | 6.01% | -5.05% |
ICPI vs. SPIP - Expense Ratio Comparison
ICPI has a 0.09% expense ratio, which is lower than SPIP's 0.12% 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
ICPI vs. SPIP - Dividend Comparison
ICPI's dividend yield for the trailing twelve months is around 1.80%, less than SPIP's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICPI iShares 0-1 Year TIPS Bond ETF | 1.80% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPIP SPDR Portfolio TIPS ETF | 4.77% | 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
ICPI and SPIP have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICPI is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICPI is cheaper with a 0.09% expense ratio, compared with 0.12% for SPIP.
SPIP has the higher dividend yield at 4.77%, compared with 1.80% for ICPI.
ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index, while SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.09% for ICPI and 0.12% for SPIP.
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