SPIP vs. IBID

Last updated Jun 4, 2026

SPIP (SPDR Portfolio TIPS ETF) and IBID (iShares iBonds Oct 2027 Term TIPS ETF) are both Inflation-Protected Bonds funds - SPIP tracks the Bloomberg Barclays US Government Inflation-linked Bond Index while IBID tracks the ICE 2027 Maturity US Inflation-Linked Treasury Index. Both are passively managed. Over the past year, SPIP returned 4.97% vs 4.83% for IBID. A 0.63 correlation means they provide meaningful diversification when combined. SPIP charges 0.12%/yr vs 0.10%/yr for IBID.

Performance

SPIP vs. IBID - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and iShares iBonds Oct 2027 Term TIPS ETF (IBID). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPIP achieves a 1.49% return, which is significantly lower than IBID's 2.46% 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%

IBID

• 1D: 0.08%
• 1M: 0.49%
• YTD: 2.46%
• 6M: 2.57%
• 1Y: 4.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPIP vs. IBID - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPIP SPDR Portfolio TIPS ETF	1.49%	6.78%	2.35%	2.47%
IBID iShares iBonds Oct 2027 Term TIPS ETF	2.46%	5.66%	4.71%	2.61%

Correlation

The correlation between SPIP and IBID is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Sep 18, 2023	0.63

Over the past year, the correlation between SPIP and IBID has dropped to 0.36 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

Return for Risk

SPIP vs. IBID — Risk / Return Rank

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

SPIP

SPIP Risk / Return Rank: 41
SPIP Sharpe Ratio Rank: 39
SPIP Sortino Ratio Rank: 39
SPIP Omega Ratio Rank: 37
SPIP Calmar Ratio Rank: 49
SPIP Martin Ratio Rank: 44

IBID

IBID Risk / Return Rank: 97
IBID Sharpe Ratio Rank: 95
IBID Sortino Ratio Rank: 97
IBID Omega Ratio Rank: 97
IBID Calmar Ratio Rank: 98
IBID Martin Ratio Rank: 96

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. IBID - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and iShares iBonds Oct 2027 Term TIPS ETF (IBID). 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	IBID	Difference
Sharpe ratio Return per unit of total volatility	1.40	3.91	-2.51
Sortino ratio Return per unit of downside risk	2.04	6.75	-4.71
Omega ratio Gain probability vs. loss probability	1.25	1.94	-0.69
Calmar ratio Return relative to maximum drawdown	2.44	13.33	-10.88
Martin ratio Return relative to average drawdown	7.15	39.52	-32.37
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. IBID - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 1.40, which is lower than the IBID Sharpe Ratio of 3.91. The chart below compares the historical Sharpe Ratios of SPIP and IBID, 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	IBID	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	3.91	-2.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	—	—
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	2.56	-2.03

Drawdowns

SPIP vs. IBID - Drawdown Comparison

The maximum SPIP drawdown since its inception was -15.39%, which is greater than IBID's maximum drawdown of -1.28%. Use the drawdown chart below to compare losses from any high point for SPIP and IBID.

Drawdown Indicators

	SPIP	IBID	Difference
Max Drawdown Largest peak-to-trough decline	-15.39%	-1.28%	-14.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-0.36%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-4.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.39%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.39%	—	—
Current Drawdown Current decline from peak	-1.02%	0.00%	-1.02%
Average Drawdown Average peak-to-trough decline	-4.10%	-0.22%	-3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.12%	+0.58%

Volatility

SPIP vs. IBID - Volatility Comparison

SPDR Portfolio TIPS ETF (SPIP) has a higher volatility of 0.95% compared to iShares iBonds Oct 2027 Term TIPS ETF (IBID) at 0.32%. This indicates that SPIP's price experiences larger fluctuations and is considered to be riskier than IBID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIP	IBID	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.32%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	0.80%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	3.57%	1.25%	+2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.57%	2.25%	+4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	2.25%	+3.76%

SPIP vs. IBID - Expense Ratio Comparison

SPIP has a 0.12% expense ratio, which is higher than IBID's 0.10% 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. IBID - Dividend Comparison

SPIP's dividend yield for the trailing twelve months is around 4.75%, more than IBID's 3.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBID iShares iBonds Oct 2027 Term TIPS ETF	3.66%	4.43%	4.24%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both SPIP and IBID in my portfolio?

SPIP and IBID have a correlation of 0.36, 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 IBID?

SPIP has higher volatility (0.95%) compared to IBID (0.32%). In terms of maximum drawdown, SPIP dropped -15.39% vs IBID's -1.28%.

Which ETF is better, SPIP or IBID?

On 1-year performance, SPIP leads with 4.97% vs 4.83% for IBID. On fees, IBID is cheaper at 0.10% per year. On volatility, IBID has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPIP or IBID?

Over the 1-year period, SPIP has performed better with a 4.97% return vs 4.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIP or IBID?

IBID is cheaper with a 0.10% expense ratio, compared with 0.12% for SPIP.

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

SPIP has the higher dividend yield at 4.75%, compared with 3.66% for IBID.

What is the main difference between SPIP and IBID?

SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while IBID tracks ICE 2027 Maturity US Inflation-Linked Treasury Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for SPIP and 0.10% for IBID.

Which has better risk-adjusted returns?

IBID currently has the higher Sharpe Ratio (3.91 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.