SPIP vs. GTIP
SPIP (SPDR Portfolio TIPS ETF) and GTIP (Goldman Sachs Access Inflation Protected USD Bond ETF) are both Inflation-Protected Bonds funds - SPIP tracks the Bloomberg Barclays US Government Inflation-linked Bond Index while GTIP tracks the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index. Both are passively managed. Over the past 5 years, SPIP returned 0.87%/yr vs 1.09%/yr for GTIP. Their correlation of 0.95 suggests significant overlap in exposure. Both charge a 0.12% expense ratio.
Performance
SPIP vs. GTIP - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 1.49% return, which is significantly lower than GTIP's 1.70% 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%
GTIP
- 1D
- -0.08%
- 1M
- 0.04%
- YTD
- 1.70%
- 6M
- 1.11%
- 1Y
- 5.10%
- 3Y*
- 4.01%
- 5Y*
- 1.09%
- 10Y*
- —
SPIP vs. GTIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 1.49% | 6.78% | 2.35% | 2.98% | -12.84% | 5.80% | 11.41% | 9.14% | 0.36% |
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF | 1.70% | 6.63% | 2.04% | 3.88% | -12.14% | 5.86% | 10.83% | 8.33% | 0.24% |
Correlation
The correlation between SPIP and GTIP is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2018 | 0.95 |
The correlation between SPIP and GTIP has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
SPIP vs. GTIP — Risk / Return Rank
SPIP
GTIP
SPIP vs. GTIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP). 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 | GTIP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.40 | 1.53 | -0.14 |
Sortino ratioReturn per unit of downside risk | 2.04 | 2.33 | -0.29 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.28 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 2.44 | 2.54 | -0.10 |
Martin ratioReturn relative to average drawdown | 7.15 | 8.00 | -0.86 |
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
| SPIP | GTIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 1.53 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.18 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.56 | -0.03 |
Drawdowns
SPIP vs. GTIP - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, which is greater than GTIP's maximum drawdown of -14.31%. Use the drawdown chart below to compare losses from any high point for SPIP and GTIP.
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Drawdown Indicators
| SPIP | GTIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -14.31% | -1.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -2.02% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -4.47% | -0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | -14.31% | -1.08% |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | — | — |
Current DrawdownCurrent decline from peak | -1.02% | -0.17% | -0.85% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -4.24% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.64% | +0.06% |
Volatility
SPIP vs. GTIP - Volatility Comparison
SPDR Portfolio TIPS ETF (SPIP) and Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) have volatilities of 0.95% and 0.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIP | GTIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 0.97% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 2.32% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 3.34% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.57% | 6.07% | +0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 6.01% | 0.00% |
SPIP vs. GTIP - Expense Ratio Comparison
Both SPIP and GTIP have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPIP vs. GTIP - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.75%, more than GTIP's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF | 4.69% | 4.58% | 3.52% | 2.77% | 6.47% | 3.82% | 1.04% | 2.34% | 0.66% | 0.00% | 0.00% | 0.00% |
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
With a correlation of 0.95, SPIP and GTIP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GTIP has higher volatility (0.97%) compared to SPIP (0.95%). In terms of maximum drawdown, SPIP dropped -15.39% vs GTIP's -14.31%.
On 5-year performance, GTIP leads with 1.09% vs 0.87% for SPIP. Both ETFs have the same 0.12% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GTIP has performed better with a 1.09% return vs 0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPIP and GTIP have the same expense ratio: 0.12% per year.
SPIP has the higher dividend yield at 4.75%, compared with 4.69% for GTIP.
SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while GTIP tracks FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index. They also come from different issuers: State Street and Goldman Sachs.
GTIP currently has the higher Sharpe Ratio (1.53 vs 1.40), 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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