PRIPX vs. SCHP
PRIPX (T. Rowe Price Inflation Protected Bond Fund) and SCHP (Schwab U.S. TIPS ETF) are both Inflation-Protected Bonds funds. Over the past 10 years, PRIPX returned 1.99%/yr vs 2.44%/yr for SCHP. Their 0.95 correlation means they have historically moved very closely together. PRIPX charges 0.38%/yr vs 0.03%/yr for SCHP.
Performance
PRIPX vs. SCHP - Performance Comparison
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Returns By Period
In the year-to-date period, PRIPX achieves a 0.38% return, which is significantly lower than SCHP's 0.54% return. Over the past 10 years, PRIPX has underperformed SCHP with an annualized return of 1.99%, while SCHP has yielded a comparatively higher 2.44% annualized return.
PRIPX
- 1D
- 0.00%
- 1M
- -0.58%
- 6M
- 0.05%
- YTD
- 0.38%
- 1Y
- 2.05%
- 3Y*
- 2.56%
- 5Y*
- -0.78%
- 10Y*
- 1.99%
- ALL TIME*
- 3.40%
SCHP
- 1D
- -0.11%
- 1M
- -0.76%
- 6M
- -0.03%
- YTD
- 0.54%
- 1Y
- 1.89%
- 3Y*
- 3.86%
- 5Y*
- 0.30%
- 10Y*
- 2.44%
- ALL TIME*
- 2.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $93.70M | $94.28M | $106.00M |
PRIPX vs. SCHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRIPX T. Rowe Price Inflation Protected Bond Fund | 0.38% | 7.34% | -1.27% | 2.57% | -12.76% | 5.45% | 11.07% | 10.31% | -1.33% | 2.75% |
SCHP Schwab U.S. TIPS ETF | 0.54% | 6.76% | 1.95% | 3.91% | -12.02% | 5.87% | 10.86% | 8.52% | -1.78% | 3.02% |
Correlation
The correlation between PRIPX and SCHP is 0.92, 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. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2010 | 0.95 |
The correlation between PRIPX and SCHP has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
PRIPX vs. SCHP — Risk / Return Rank
PRIPX
SCHP
PRIPX vs. SCHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Inflation Protected Bond Fund (PRIPX) and Schwab U.S. TIPS ETF (SCHP). 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.
| PRIPX | SCHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | 1.30 | -0.66 |
| Martin ratioReturn relative to average drawdown | 1.03 | 3.52 | -2.50 |
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Drawdowns
PRIPX vs. SCHP - Drawdown Comparison
The maximum PRIPX drawdown since its inception was -16.15%, which is greater than SCHP's maximum drawdown of -14.26%. Use the drawdown chart below to compare losses from any high point for PRIPX and SCHP.
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Drawdown Indicators
| PRIPX | SCHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.15% | -14.26% | -1.89% |
Max Drawdown (1Y)Largest decline over 1 year | -4.21% | -1.93% | -2.28% |
Max Drawdown (3Y)Largest decline over 3 years | -6.90% | -3.70% | -3.20% |
Max Drawdown (5Y)Largest decline over 5 years | -16.15% | -14.26% | -1.89% |
Max Drawdown (10Y)Largest decline over 10 years | -16.15% | -14.26% | -1.89% |
Current DrawdownCurrent decline from peak | -5.68% | -1.30% | -4.38% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -3.90% | -0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 0.71% | +1.90% |
Volatility
PRIPX vs. SCHP - Volatility Comparison
T. Rowe Price Inflation Protected Bond Fund (PRIPX) has a higher volatility of 0.82% compared to Schwab U.S. TIPS ETF (SCHP) at 0.70%. This indicates that PRIPX's price experiences larger fluctuations and is considered to be riskier than SCHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRIPX | SCHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 0.70% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 2.45% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.06% | 3.26% | +2.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.01% | 6.11% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.02% | 5.58% | +0.44% |
PRIPX vs. SCHP - Expense Ratio Comparison
PRIPX has a 0.38% expense ratio, which is higher than SCHP's 0.03% expense ratio.
Dividends
PRIPX vs. SCHP - Dividend Comparison
PRIPX's dividend yield for the trailing twelve months is around 5.34%, more than SCHP's 4.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRIPX T. Rowe Price Inflation Protected Bond Fund | 5.34% | 5.63% | 1.49% | 5.02% | 7.37% | 5.30% | 1.97% | 3.81% | 3.02% | 1.87% | 1.32% | 1.76% |
SCHP Schwab U.S. TIPS ETF | 4.17% | 4.06% | 2.99% | 3.02% | 7.19% | 4.39% | 1.11% | 2.02% | 2.26% | 1.90% | 1.38% | 0.28% |
Frequently Asked Questions
With a correlation of 0.92, PRIPX and SCHP 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.
PRIPX has higher volatility (0.82%) compared to SCHP (0.70%). In terms of maximum drawdown, PRIPX dropped -16.15% vs SCHP's -14.26%.
SCHP currently has the higher Sharpe Ratio (0.77 vs 0.44), 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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