SPIP vs. FNDC
SPIP (SPDR Portfolio TIPS ETF) and FNDC (Schwab Fundamental International 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 FNDC is a Foreign Small & Mid Cap Equities fund tracking the Russell RAFI Small Company Developed x US. Both are passively managed. Over the past 10 years, SPIP returned 2.57%/yr vs 9.15%/yr for FNDC. At a 0.06 correlation, their price movements are largely independent. SPIP charges 0.12%/yr vs 0.39%/yr for FNDC.
Performance
SPIP vs. FNDC - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 1.26% return, which is significantly lower than FNDC's 11.54% return. Over the past 10 years, SPIP has underperformed FNDC with an annualized return of 2.57%, while FNDC has yielded a comparatively higher 9.15% 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%
FNDC
- 1D
- 0.34%
- 1M
- 0.77%
- YTD
- 11.54%
- 6M
- 12.98%
- 1Y
- 26.36%
- 3Y*
- 17.46%
- 5Y*
- 7.25%
- 10Y*
- 9.15%
SPIP vs. FNDC - 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% |
FNDC Schwab Fundamental International Small Co. Index ETF | 11.54% | 35.65% | 1.38% | 14.92% | -14.71% | 10.26% | 6.58% | 20.58% | -19.10% | 29.22% |
Correlation
The correlation between SPIP and FNDC is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013 | 0.06 |
Over the past year, SPIP and FNDC have become more correlated (0.35) than their long-term average of 0.06, meaning their price movements have been converging.
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Return for Risk
SPIP vs. FNDC — Risk / Return Rank
SPIP
FNDC
SPIP vs. FNDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Schwab Fundamental International Small Co. Index ETF (FNDC). 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 | FNDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.31 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 2.23 | -0.01 |
| Martin ratioReturn relative to average drawdown | 6.47 | 8.23 | -1.76 |
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Drawdowns
SPIP vs. FNDC - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum FNDC drawdown of -43.22%. Use the drawdown chart below to compare losses from any high point for SPIP and FNDC.
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Drawdown Indicators
| SPIP | FNDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -43.22% | +27.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -11.20% | +9.16% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -12.98% | +8.22% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | -32.13% | +16.74% |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | -43.22% | +27.83% |
Current DrawdownCurrent decline from peak | -1.25% | -1.93% | +0.68% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -8.44% | +4.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 3.04% | -2.34% |
Volatility
SPIP vs. FNDC - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 1.02%, while Schwab Fundamental International Small Co. Index ETF (FNDC) has a volatility of 5.51%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than FNDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIP | FNDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 5.51% | -4.49% |
Volatility (6M)Calculated over the trailing 6-month period | 2.58% | 12.47% | -9.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 14.81% | -11.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.57% | 16.08% | -9.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 16.82% | -10.81% |
SPIP vs. FNDC - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is lower than FNDC's 0.39% expense ratio.
Dividends
SPIP vs. FNDC - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.76%, more than FNDC's 3.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNDC Schwab Fundamental International Small Co. Index ETF | 3.46% | 3.86% | 3.59% | 2.86% | 1.98% | 2.58% | 1.77% | 2.71% | 2.68% | 1.94% | 1.95% | 1.30% |
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 FNDC have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNDC has higher volatility (5.51%) compared to SPIP (1.02%). In terms of maximum drawdown, SPIP dropped -15.39% vs FNDC's -43.22%.
On 10-year performance, FNDC leads with 9.15% vs 2.57% for SPIP. 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, FNDC has performed better with a 9.15% return vs 2.57%. 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 0.39% for FNDC.
SPIP has the higher dividend yield at 4.76%, compared with 3.46% for FNDC.
SPIP is categorized as Inflation-Protected Bonds, while FNDC is Foreign Small & Mid Cap Equities. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while FNDC tracks Russell RAFI Small Company Developed x US. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.12% for SPIP and 0.39% for FNDC.
FNDC currently has the higher Sharpe Ratio (1.69 vs 1.27), 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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