PRIPX vs. SPIP
Compare and contrast key facts about T. Rowe Price Inflation Protected Bond Fund (PRIPX) and SPDR Portfolio TIPS ETF (SPIP).
PRIPX is managed by T. Rowe Price. It was launched on Oct 30, 2002. SPIP is a passively managed fund by State Street that tracks the performance of the Bloomberg Barclays US Government Inflation-linked Bond Index. It was launched on May 25, 2007.
Performance
PRIPX vs. SPIP - Performance Comparison
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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 | 0.29% | 11.53% | -1.27% | 2.57% | -12.76% | 5.45% | 11.07% | 10.31% | -1.33% | 2.75% |
SPIP SPDR Portfolio TIPS ETF | 0.27% | 6.78% | 2.35% | 2.98% | -12.84% | 5.80% | 11.41% | 9.14% | -1.53% | 3.16% |
Returns By Period
In the year-to-date period, PRIPX achieves a 0.29% return, which is significantly higher than SPIP's 0.27% return. Both investments have delivered pretty close results over the past 10 years, with PRIPX having a 2.56% annualized return and SPIP not far behind at 2.53%.
PRIPX
- 1D
- 0.49%
- 1M
- -1.54%
- YTD
- 0.29%
- 6M
- 4.16%
- 1Y
- 7.39%
- 3Y*
- 3.22%
- 5Y*
- 1.09%
- 10Y*
- 2.56%
SPIP
- 1D
- -0.06%
- 1M
- -1.48%
- YTD
- 0.27%
- 6M
- 0.20%
- 1Y
- 2.65%
- 3Y*
- 2.91%
- 5Y*
- 1.15%
- 10Y*
- 2.53%
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PRIPX vs. SPIP - Expense Ratio Comparison
PRIPX has a 0.38% expense ratio, which is higher than SPIP's 0.12% expense ratio.
Return for Risk
PRIPX vs. SPIP — Risk / Return Rank
PRIPX
SPIP
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 ratioReturn per unit of total volatility | 1.44 | 0.61 | +0.83 |
Sortino ratioReturn per unit of downside risk | 2.64 | 0.83 | +1.81 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.11 | +0.24 |
Calmar ratioReturn relative to maximum drawdown | 3.11 | 1.05 | +2.06 |
Martin ratioReturn relative to average drawdown | 10.26 | 3.04 | +7.22 |
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
| PRIPX | SPIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 0.61 | +0.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.18 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 0.42 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.52 | +0.08 |
Correlation
The correlation between PRIPX and SPIP is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PRIPX vs. SPIP - Dividend Comparison
PRIPX's dividend yield for the trailing twelve months is around 9.67%, more than SPIP's 4.05% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRIPX T. Rowe Price Inflation Protected Bond Fund | 9.67% | 9.55% | 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 | 4.05% | 4.09% | 3.36% | 3.70% | 7.05% | 4.53% | 1.97% | 2.91% | 2.80% | 3.02% | 1.88% | 0.14% |
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.
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Drawdown Indicators
| PRIPX | SPIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.15% | -15.39% | -0.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -2.92% | +0.17% |
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 DrawdownCurrent decline from peak | -2.08% | -2.21% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -3.98% | -4.13% | +0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 1.01% | -0.18% |
Volatility
PRIPX vs. SPIP - Volatility Comparison
The current volatility for T. Rowe Price Inflation Protected Bond Fund (PRIPX) is 1.32%, while SPDR Portfolio TIPS ETF (SPIP) has a volatility of 1.75%. This indicates that PRIPX experiences smaller price fluctuations and is considered to be less risky than SPIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRIPX | SPIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 1.75% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 4.28% | 2.55% | +1.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.54% | 4.39% | +1.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.86% | 6.59% | +0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.94% | 6.03% | -0.09% |