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SPIP vs. BIV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPIP vs. BIV

Last updated Jun 4, 2026

SPIP (SPDR Portfolio TIPS ETF) and BIV (Vanguard Intermediate-Term Bond Index ETF) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while BIV is a Intermediate Core Bond fund tracking the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. Both are passively managed. Over the past 10 years, SPIP returned 2.61%/yr vs 1.91%/yr for BIV. A 0.75 correlation means they provide meaningful diversification when combined. SPIP charges 0.12%/yr vs 0.03%/yr for BIV.

Performance

SPIP vs. BIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and Vanguard Intermediate-Term Bond Index ETF (BIV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPIP achieves a 1.49% return, which is significantly higher than BIV's -0.24% return. Over the past 10 years, SPIP has outperformed BIV with an annualized return of 2.61%, while BIV has yielded a comparatively lower 1.91% annualized return.

SPIP

1D
-0.16%
1M
0.02%
YTD
1.49%
6M
1.02%
1Y
4.97%
3Y*
3.85%
5Y*
0.87%
10Y*
2.61%

BIV

1D
-0.22%
1M
0.04%
YTD
-0.24%
6M
-0.48%
1Y
4.80%
3Y*
4.27%
5Y*
0.25%
10Y*
1.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPIP vs. BIV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPIP
SPDR Portfolio TIPS ETF		1.49%6.78%2.35%2.98%-12.84%5.80%11.41%9.14%-1.53%3.16%
BIV
Vanguard Intermediate-Term Bond Index ETF		-0.24%8.52%1.57%6.07%-13.21%-2.40%9.67%10.34%-0.19%3.65%

Correlation

The correlation between SPIP and BIV is 0.87, 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

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.83

Correlation (5Y)
Calculated over the trailing 5-year period

0.77

Correlation (10Y)
Calculated over the trailing 10-year period

0.77

Correlation (All Time)
Calculated using the full available price history since May 31, 2007

0.75

The correlation between SPIP and BIV shifts across timeframes, from 0.75 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.

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SPDR Portfolio TIPS ETF

Vanguard Intermediate-Term Bond Index ETF

Often compared with SPIP:
SPIP vs. TIPSPIP vs. VTIPSPIP vs. SCHPSPIP vs. TIPXSPIP vs. FIPDXSPIP vs. TDTTSPIP vs. BKLN
Often compared with BIV:
BIV vs. BNDBIV vs. BLVBIV vs. VFICXBIV vs. SCHPBIV vs. BNDXBIV vs. VGSHBIV vs. AGG

Return for Risk

SPIP vs. BIV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPIP
SPIP Risk / Return Rank: 4141
Overall Rank
SPIP Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
SPIP Sortino Ratio Rank: 3939
Sortino Ratio Rank
SPIP Omega Ratio Rank: 3737
Omega Ratio Rank
SPIP Calmar Ratio Rank: 4949
Calmar Ratio Rank
SPIP Martin Ratio Rank: 4444
Martin Ratio Rank
BIV
BIV Risk / Return Rank: 3131
Overall Rank
BIV Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
BIV Sortino Ratio Rank: 3232
Sortino Ratio Rank
BIV Omega Ratio Rank: 3030
Omega Ratio Rank
BIV Calmar Ratio Rank: 3030
Calmar Ratio Rank
BIV Martin Ratio Rank: 3131
Martin Ratio Rank
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.

SPIP vs. BIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Vanguard Intermediate-Term Bond Index ETF (BIV). 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.

SPIPBIVDifference

Sharpe ratio

Return per unit of total volatility

1.40

1.19

+0.21

Sortino ratio

Return per unit of downside risk

2.04

1.77

+0.27

Omega ratio

Gain probability vs. loss probability

1.25

1.21

+0.05

Calmar ratio

Return relative to maximum drawdown

2.44

1.52

+0.92

Martin ratio

Return relative to average drawdown

7.15

4.60

+2.55

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPIP vs. BIV - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 1.40, which is comparable to the BIV Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of SPIP and BIV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SPIPBIVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.40

1.19

+0.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.13

0.04

+0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.35

+0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.65

-0.12

Drawdowns

SPIP vs. BIV - Drawdown Comparison

The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum BIV drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for SPIP and BIV.

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Drawdown Indicators

SPIPBIVDifference

Max Drawdown

Largest peak-to-trough decline

-15.39%

-18.95%

+3.56%

Max Drawdown (1Y)

Largest decline over 1 year

-2.04%

-3.18%

+1.14%

Max Drawdown (3Y)

Largest decline over 3 years

-4.76%

-6.07%

+1.31%

Max Drawdown (5Y)

Largest decline over 5 years

-15.39%

-18.74%

+3.35%

Max Drawdown (10Y)

Largest decline over 10 years

-15.39%

-18.95%

+3.56%

Current Drawdown

Current decline from peak

-1.02%

-2.04%

+1.02%

Average Drawdown

Average peak-to-trough decline

-4.10%

-3.39%

-0.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.70%

1.05%

-0.35%

Volatility

SPIP vs. BIV - Volatility Comparison

The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 0.95%, while Vanguard Intermediate-Term Bond Index ETF (BIV) has a volatility of 1.36%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than BIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPIPBIVDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.95%

1.36%

-0.41%

Volatility (6M)

Calculated over the trailing 6-month period

2.54%

2.90%

-0.36%

Volatility (1Y)

Calculated over the trailing 1-year period

3.57%

4.06%

-0.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.57%

6.40%

+0.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.01%

5.50%

+0.51%

SPIP vs. BIV - Expense Ratio Comparison

SPIP has a 0.12% expense ratio, which is higher than BIV's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPIP vs. BIV - Dividend Comparison

SPIP's dividend yield for the trailing twelve months is around 4.75%, more than BIV's 4.22% yield.

PositionTTM20252024202320222021202020192018201720162015
BIV
Vanguard Intermediate-Term Bond Index ETF		4.22%4.01%3.79%3.09%2.41%3.42%2.95%2.75%2.88%2.69%3.01%3.02%
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

SPIP and BIV have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BIV has higher volatility (1.36%) compared to SPIP (0.95%). In terms of maximum drawdown, SPIP dropped -15.39% vs BIV's -18.95%.

On 10-year performance, SPIP leads with 2.61% vs 1.91% for BIV. On fees, BIV is cheaper at 0.03% per year. On volatility, SPIP has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPIP has performed better with a 2.61% return vs 1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BIV is cheaper with a 0.03% expense ratio, compared with 0.12% for SPIP.

SPIP has the higher dividend yield at 4.75%, compared with 4.22% for BIV.

SPIP is categorized as Inflation-Protected Bonds, while BIV is Intermediate Core Bond. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.12% for SPIP and 0.03% for BIV.

SPIP currently has the higher Sharpe Ratio (1.40 vs 1.19), 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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