PRIPX vs. SPIP

Last updated Jun 3, 2026

PRIPX (T. Rowe Price Inflation Protected Bond Fund) and SPIP (SPDR Portfolio TIPS ETF) are both Inflation-Protected Bonds funds. Over the past 10 years, PRIPX returned 2.26%/yr vs 2.63%/yr for SPIP. Their correlation of 0.93 suggests significant overlap in exposure. PRIPX charges 0.38%/yr vs 0.12%/yr for SPIP.

Performance

PRIPX vs. SPIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Inflation Protected Bond Fund (PRIPX) and SPDR Portfolio TIPS ETF (SPIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRIPX achieves a 1.50% return, which is significantly lower than SPIP's 1.65% return. Over the past 10 years, PRIPX has underperformed SPIP with an annualized return of 2.26%, while SPIP has yielded a comparatively higher 2.63% annualized return.

PRIPX

• 1D: 0.00%
• 1M: -0.16%
• YTD: 1.50%
• 6M: 1.47%
• 1Y: 5.39%
• 3Y*: 2.88%
• 5Y*: 0.05%
• 10Y*: 2.26%

SPIP

• 1D: -0.02%
• 1M: -0.02%
• YTD: 1.65%
• 6M: 1.38%
• 1Y: 5.09%
• 3Y*: 3.91%
• 5Y*: 1.01%
• 10Y*: 2.63%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PRIPX vs. SPIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRIPX T. Rowe Price Inflation Protected Bond Fund	1.50%	7.34%	-1.27%	2.57%	-12.76%	5.45%	11.07%	10.31%	-1.33%	2.75%
SPIP SPDR Portfolio TIPS ETF	1.65%	6.78%	2.35%	2.98%	-12.84%	5.80%	11.41%	9.14%	-1.53%	3.16%

Correlation

The correlation between PRIPX and SPIP is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 31, 2007	0.93

The correlation between PRIPX and SPIP has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

Return for Risk

PRIPX vs. SPIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PRIPX

PRIPX Risk / Return Rank: 13
PRIPX Sharpe Ratio Rank: 10
PRIPX Sortino Ratio Rank: 10
PRIPX Omega Ratio Rank: 21
PRIPX Calmar Ratio Rank: 13
PRIPX Martin Ratio Rank: 8

SPIP

SPIP Risk / Return Rank: 41
SPIP Sharpe Ratio Rank: 40
SPIP Sortino Ratio Rank: 40
SPIP Omega Ratio Rank: 39
SPIP Calmar Ratio Rank: 46
SPIP Martin Ratio Rank: 42

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PRIPX vs. SPIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Inflation Protected Bond Fund (PRIPX) 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.

	PRIPX	SPIP	Difference
Sharpe ratio Return per unit of total volatility	0.84	1.43	-0.59
Sortino ratio Return per unit of downside risk	1.27	2.09	-0.83
Omega ratio Gain probability vs. loss probability	1.24	1.26	-0.02
Calmar ratio Return relative to maximum drawdown	1.28	2.32	-1.03
Martin ratio Return relative to average drawdown	2.31	6.79	-4.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRIPX vs. SPIP - Sharpe Ratio Comparison

The current PRIPX Sharpe Ratio is 0.84, which is lower than the SPIP Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of PRIPX and SPIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PRIPX	SPIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	1.43	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.15	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.44	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.53	+0.04

Drawdowns

PRIPX vs. SPIP - Drawdown Comparison

The maximum PRIPX drawdown since its inception was -16.15%, roughly equal to the maximum SPIP drawdown of -15.39%. Use the drawdown chart below to compare losses from any high point for PRIPX and SPIP.

Drawdown Indicators

	PRIPX	SPIP	Difference
Max Drawdown Largest peak-to-trough decline	-16.15%	-15.39%	-0.76%
Max Drawdown (1Y) Largest decline over 1 year	-4.21%	-2.04%	-2.17%
Max Drawdown (3Y) Largest decline over 3 years	-6.90%	-4.76%	-2.14%
Max Drawdown (5Y) Largest decline over 5 years	-16.15%	-15.39%	-0.76%
Max Drawdown (10Y) Largest decline over 10 years	-16.15%	-15.39%	-0.76%
Current Drawdown Current decline from peak	-4.63%	-0.87%	-3.76%
Average Drawdown Average peak-to-trough decline	-4.05%	-4.10%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	0.70%	+1.63%

Volatility

PRIPX vs. SPIP - Volatility Comparison

T. Rowe Price Inflation Protected Bond Fund (PRIPX) and SPDR Portfolio TIPS ETF (SPIP) have volatilities of 0.99% 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.

Volatility by Period

	PRIPX	SPIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	0.95%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	4.21%	2.57%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	6.08%	3.59%	+2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.02%	6.58%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.03%	6.01%	+0.02%

PRIPX vs. SPIP - Expense Ratio Comparison

PRIPX has a 0.38% expense ratio, which is higher than SPIP's 0.12% expense ratio.

Dividends

PRIPX vs. SPIP - Dividend Comparison

PRIPX's dividend yield for the trailing twelve months is around 5.41%, more than SPIP's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRIPX T. Rowe Price Inflation Protected Bond Fund	5.41%	5.63%	1.49%	5.02%	7.37%	5.30%	1.97%	3.81%	3.02%	1.87%	1.32%	1.76%
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

Can I hold both PRIPX and SPIP in my portfolio?

With a correlation of 0.91, PRIPX 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.

Which is riskier, PRIPX or SPIP?

PRIPX has higher volatility (0.99%) compared to SPIP (0.95%). In terms of maximum drawdown, PRIPX dropped -16.15% vs SPIP's -15.39%.

Which has better risk-adjusted returns?

SPIP currently has the higher Sharpe Ratio (1.43 vs 0.84), 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.