SPIP vs. FNDA

Last updated Jun 9, 2026

SPIP (SPDR Portfolio TIPS ETF) and FNDA (Schwab Fundamental US Small Co. 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 FNDA is a Small Cap Blend Equities fund tracking the Russell RAFI Small Company US. Both are passively managed. Over the past 10 years, SPIP returned 2.50%/yr vs 10.81%/yr for FNDA. At a correlation of -0.02, they often move in opposite directions. SPIP charges 0.12%/yr vs 0.25%/yr for FNDA.

Performance

SPIP vs. FNDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and Schwab Fundamental US Small Co. Index ETF (FNDA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPIP achieves a 0.90% return, which is significantly lower than FNDA's 14.40% return. Over the past 10 years, SPIP has underperformed FNDA with an annualized return of 2.50%, while FNDA has yielded a comparatively higher 10.81% annualized return.

SPIP

• 1D: -0.16%
• 1M: -0.83%
• YTD: 0.90%
• 6M: 0.92%
• 1Y: 4.77%
• 3Y*: 3.64%
• 5Y*: 0.78%
• 10Y*: 2.50%

FNDA

• 1D: 0.64%
• 1M: -0.11%
• YTD: 14.40%
• 6M: 14.29%
• 1Y: 29.17%
• 3Y*: 14.87%
• 5Y*: 6.73%
• 10Y*: 10.81%

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

SPIP vs. FNDA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPIP SPDR Portfolio TIPS ETF	0.90%	6.78%	2.35%	2.98%	-12.84%	5.80%	11.41%	9.14%	-1.53%	3.16%
FNDA Schwab Fundamental US Small Co. Index ETF	14.40%	7.44%	9.00%	20.29%	-14.83%	31.12%	8.44%	24.34%	-12.12%	12.68%

Correlation

The correlation between SPIP and FNDA is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Aug 16, 2013	-0.02

The correlation between SPIP and FNDA shifts across timeframes, from -0.02 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPIP vs. FNDA — Risk / Return Rank

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

SPIP

SPIP Risk / Return Rank: 45
SPIP Sharpe Ratio Rank: 42
SPIP Sortino Ratio Rank: 43
SPIP Omega Ratio Rank: 42
SPIP Calmar Ratio Rank: 52
SPIP Martin Ratio Rank: 46

FNDA

FNDA Risk / Return Rank: 59
FNDA Sharpe Ratio Rank: 55
FNDA Sortino Ratio Rank: 58
FNDA Omega Ratio Rank: 52
FNDA Calmar Ratio Rank: 69
FNDA Martin Ratio Rank: 62

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. FNDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Schwab Fundamental US Small Co. Index ETF (FNDA). 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.

	SPIP	FNDA	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.70	-0.35
Sortino ratio: Return per unit of downside risk	1.98	2.47	-0.49
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	2.34	3.13	-0.79
Martin ratio: Return relative to average drawdown	6.86	10.09	-3.23
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. FNDA - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 1.35, which is comparable to the FNDA Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of SPIP and FNDA, 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

	SPIP	FNDA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	1.70	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.32	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.48	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.49	+0.04

Drawdowns

SPIP vs. FNDA - Drawdown Comparison

The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum FNDA drawdown of -44.64%. Use the drawdown chart below to compare losses from any high point for SPIP and FNDA.

Drawdown Indicators

	SPIP	FNDA	Difference
Max Drawdown Largest peak-to-trough decline	-15.39%	-44.64%	+29.25%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-9.36%	+7.32%
Max Drawdown (3Y) Largest decline over 3 years	-4.76%	-25.92%	+21.16%
Max Drawdown (5Y) Largest decline over 5 years	-15.39%	-25.92%	+10.53%
Max Drawdown (10Y) Largest decline over 10 years	-15.39%	-44.64%	+29.25%
Current Drawdown Current decline from peak	-1.60%	-1.42%	-0.18%
Average Drawdown Average peak-to-trough decline	-4.10%	-6.69%	+2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	2.90%	-2.20%

Volatility

SPIP vs. FNDA - Volatility Comparison

The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 1.00%, while Schwab Fundamental US Small Co. Index ETF (FNDA) has a volatility of 4.61%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than FNDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIP	FNDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	4.61%	-3.61%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	11.98%	-9.41%
Volatility (1Y) Calculated over the trailing 1-year period	3.56%	17.24%	-13.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.57%	20.91%	-14.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	22.39%	-16.38%

SPIP vs. FNDA - Expense Ratio Comparison

SPIP has a 0.12% expense ratio, which is lower than FNDA's 0.25% expense ratio. Despite the difference, 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. FNDA - Dividend Comparison

SPIP's dividend yield for the trailing twelve months is around 4.78%, more than FNDA's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDA Schwab Fundamental US Small Co. Index ETF	1.09%	1.22%	1.53%	1.37%	1.38%	1.15%	1.31%	1.38%	1.64%	1.30%	1.18%	1.33%
SPIP SPDR Portfolio TIPS ETF	4.78%	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 SPIP and FNDA in my portfolio?

SPIP and FNDA have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPIP or FNDA?

FNDA has higher volatility (4.61%) compared to SPIP (1.00%). In terms of maximum drawdown, SPIP dropped -15.39% vs FNDA's -44.64%.

Which ETF is better, SPIP or FNDA?

On 10-year performance, FNDA leads with 10.81% vs 2.50% for SPIP. On fees, SPIP is cheaper at 0.12% per year. On volatility, SPIP has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPIP or FNDA?

Over the 10-year period, FNDA has performed better with a 10.81% return vs 2.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIP or FNDA?

SPIP is cheaper with a 0.12% expense ratio, compared with 0.25% for FNDA.

Which ETF pays a higher dividend yield, SPIP or FNDA?

SPIP has the higher dividend yield at 4.78%, compared with 1.09% for FNDA.

What is the main difference between SPIP and FNDA?

SPIP is categorized as Inflation-Protected Bonds, while FNDA is Small Cap Blend Equities. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while FNDA tracks Russell RAFI Small Company US. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.12% for SPIP and 0.25% for FNDA.

Which has better risk-adjusted returns?

FNDA currently has the higher Sharpe Ratio (1.70 vs 1.35), 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.