SPIP vs. EBND
SPIP (SPDR Portfolio TIPS ETF) and EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while EBND is a Emerging Markets Bonds fund tracking the Bloomberg Emerging Market Local Currency Government Diversified. Both are passively managed. Over the past 10 years, SPIP returned 2.57%/yr vs 1.82%/yr for EBND. At a 0.21 correlation, their price movements are largely independent. SPIP charges 0.12%/yr vs 0.30%/yr for EBND.
Performance
SPIP vs. EBND - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 1.26% return, which is significantly higher than EBND's 0.44% return. Over the past 10 years, SPIP has outperformed EBND with an annualized return of 2.57%, while EBND has yielded a comparatively lower 1.82% annualized return.
SPIP
- 1D
- -0.08%
- 1M
- 0.28%
- YTD
- 1.26%
- 6M
- 1.35%
- 1Y
- 4.68%
- 3Y*
- 3.94%
- 5Y*
- 0.79%
- 10Y*
- 2.57%
EBND
- 1D
- 0.34%
- 1M
- 1.76%
- YTD
- 0.44%
- 6M
- 1.64%
- 1Y
- 6.09%
- 3Y*
- 5.36%
- 5Y*
- 0.21%
- 10Y*
- 1.82%
SPIP vs. EBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 1.26% | 6.78% | 2.35% | 2.98% | -12.84% | 5.80% | 11.41% | 9.14% | -1.53% | 3.16% |
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 0.44% | 15.83% | -2.70% | 9.02% | -11.84% | -9.66% | 4.49% | 10.40% | -6.52% | 13.93% |
Correlation
The correlation between SPIP and EBND is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2011 | 0.21 |
Over the past year, SPIP and EBND have become more correlated (0.46) than their long-term average of 0.21, meaning their price movements have been converging.
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Return for Risk
SPIP vs. EBND — Risk / Return Rank
SPIP
EBND
SPIP vs. EBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND). 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.
| SPIP | EBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.15 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 0.82 | +1.40 |
| Martin ratioReturn relative to average drawdown | 6.47 | 2.63 | +3.84 |
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Drawdowns
SPIP vs. EBND - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum EBND drawdown of -29.51%. Use the drawdown chart below to compare losses from any high point for SPIP and EBND.
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Drawdown Indicators
| SPIP | EBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -29.51% | +14.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -6.63% | +4.59% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -9.25% | +4.49% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | -26.18% | +10.79% |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | -29.50% | +14.11% |
Current DrawdownCurrent decline from peak | -1.25% | -2.59% | +1.34% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -10.85% | +6.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 2.07% | -1.37% |
Volatility
SPIP vs. EBND - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 1.02%, while SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) has a volatility of 2.61%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than EBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIP | EBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 2.61% | -1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 2.58% | 6.19% | -3.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 7.11% | -3.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.57% | 9.00% | -2.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 9.19% | -3.18% |
SPIP vs. EBND - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is lower than EBND's 0.30% expense ratio.
Dividends
SPIP vs. EBND - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.76%, less than EBND's 5.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 5.79% | 5.54% | 5.89% | 5.26% | 4.75% | 3.83% | 3.67% | 4.68% | 4.70% | 2.00% | 0.00% | 0.00% |
SPIP SPDR Portfolio TIPS ETF | 4.76% | 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 EBND have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EBND has higher volatility (2.61%) compared to SPIP (1.02%). In terms of maximum drawdown, SPIP dropped -15.39% vs EBND's -29.51%.
On 10-year performance, SPIP leads with 2.57% vs 1.82% for EBND. On fees, SPIP is cheaper at 0.12% per year. On volatility, SPIP has been the lower-risk option at 1.02%. 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 2.57% return vs 1.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPIP is cheaper with a 0.12% expense ratio, compared with 0.30% for EBND.
EBND has the higher dividend yield at 5.79%, compared with 4.76% for SPIP.
SPIP is categorized as Inflation-Protected Bonds, while EBND is Emerging Markets Bonds. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while EBND tracks Bloomberg Emerging Market Local Currency Government Diversified. Their fees differ too: 0.12% for SPIP and 0.30% for EBND.
SPIP currently has the higher Sharpe Ratio (1.27 vs 0.77), 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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