SPIP vs. IBID
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 3.45% vs 3.92% for IBID. A 0.61 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
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Returns By Period
In the year-to-date period, SPIP achieves a 0.72% return, which is significantly lower than IBID's 1.94% return.
SPIP
- 1D
- -0.06%
- 1M
- -0.09%
- YTD
- 0.72%
- 6M
- 0.80%
- 1Y
- 3.45%
- 3Y*
- 3.46%
- 5Y*
- 0.72%
- 10Y*
- 2.49%
IBID
- 1D
- -0.05%
- 1M
- -0.25%
- YTD
- 1.94%
- 6M
- 2.03%
- 1Y
- 3.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPIP vs. IBID - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 0.72% | 6.78% | 2.35% | 2.14% |
IBID iShares iBonds Oct 2027 Term TIPS ETF | 1.94% | 5.66% | 4.71% | 2.61% |
Correlation
The correlation between SPIP and IBID is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023 | 0.61 |
Over the past year, the correlation between SPIP and IBID has dropped to 0.28 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.
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Return for Risk
SPIP vs. IBID — Risk / Return Rank
SPIP
IBID
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.
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 | IBID | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -4.00 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.72 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 7.20 | -5.51 |
| Martin ratioReturn relative to average drawdown | 4.87 | 29.14 | -24.26 |
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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.
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Drawdown Indicators
| SPIP | IBID | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -1.28% | -14.11% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -0.55% | -1.49% |
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 DrawdownCurrent decline from peak | -1.77% | -0.55% | -1.22% |
Average DrawdownAverage peak-to-trough decline | -4.09% | -0.22% | -3.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 0.13% | +0.58% |
Volatility
SPIP vs. IBID - Volatility Comparison
SPDR Portfolio TIPS ETF (SPIP) has a higher volatility of 1.19% compared to iShares iBonds Oct 2027 Term TIPS ETF (IBID) at 0.35%. 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.
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Volatility by Period
| SPIP | IBID | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 0.35% | +0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 0.86% | +1.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 1.23% | +2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.56% | 2.24% | +4.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 2.24% | +3.77% |
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 4.79%, more than IBID's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBID iShares iBonds Oct 2027 Term TIPS ETF | 3.68% | 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 | 4.79% | 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 IBID have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPIP has higher volatility (1.19%) compared to IBID (0.35%). In terms of maximum drawdown, SPIP dropped -15.39% vs IBID's -1.28%.
On 1-year performance, IBID leads with 3.92% vs 3.45% for SPIP. On fees, IBID is cheaper at 0.10% per year. On volatility, IBID has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBID has performed better with a 3.92% return vs 3.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBID is cheaper with a 0.10% expense ratio, compared with 0.12% for SPIP.
SPIP has the higher dividend yield at 4.79%, compared with 3.68% for 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.
IBID currently has the higher Sharpe Ratio (3.19 vs 0.96), 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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