SPIP vs. IBII

Last updated Jun 4, 2026

SPIP (SPDR Portfolio TIPS ETF) and IBII (iShares iBonds Oct 2032 Term TIPS ETF) are both Inflation-Protected Bonds funds - SPIP tracks the Bloomberg Barclays US Government Inflation-linked Bond Index while IBII tracks the ICE 2032 Maturity US Inflation-Linked Treasury Index. Both are passively managed. Over the past year, SPIP returned 4.97% vs 5.78% for IBII. Their correlation of 0.89 suggests significant overlap in exposure. SPIP charges 0.12%/yr vs 0.10%/yr for IBII.

Performance

SPIP vs. IBII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and iShares iBonds Oct 2032 Term TIPS ETF (IBII). 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 IBII's 1.82% 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%

IBII

• 1D: -0.02%
• 1M: -0.42%
• YTD: 1.82%
• 6M: 1.48%
• 1Y: 5.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPIP vs. IBII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPIP SPDR Portfolio TIPS ETF	1.49%	6.78%	2.35%	3.29%
IBII iShares iBonds Oct 2032 Term TIPS ETF	1.82%	8.65%	1.21%	4.85%

Correlation

The correlation between SPIP and IBII is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.89

The correlation between SPIP and IBII has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

SPIP vs. IBII — 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

IBII

IBII Risk / Return Rank: 52
IBII Sharpe Ratio Rank: 48
IBII Sortino Ratio Rank: 53
IBII Omega Ratio Rank: 48
IBII Calmar Ratio Rank: 55
IBII Martin Ratio Rank: 54

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. IBII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and iShares iBonds Oct 2032 Term TIPS ETF (IBII). 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	IBII	Difference
Sharpe ratio Return per unit of total volatility	1.40	1.70	-0.30
Sortino ratio Return per unit of downside risk	2.04	2.60	-0.56
Omega ratio Gain probability vs. loss probability	1.25	1.31	-0.06
Calmar ratio Return relative to maximum drawdown	2.44	2.78	-0.33
Martin ratio Return relative to average drawdown	7.15	9.60	-2.45
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. IBII - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 1.40, which is comparable to the IBII Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of SPIP and IBII, 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	IBII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	1.70	-0.30
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	1.14	-0.61

Drawdowns

SPIP vs. IBII - Drawdown Comparison

The maximum SPIP drawdown since its inception was -15.39%, which is greater than IBII's maximum drawdown of -4.65%. Use the drawdown chart below to compare losses from any high point for SPIP and IBII.

Drawdown Indicators

	SPIP	IBII	Difference
Max Drawdown Largest peak-to-trough decline	-15.39%	-4.65%	-10.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-1.98%	-0.06%
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%	-0.46%	-0.56%
Average Drawdown Average peak-to-trough decline	-4.10%	-1.12%	-2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.57%	+0.13%

Volatility

SPIP vs. IBII - Volatility Comparison

SPDR Portfolio TIPS ETF (SPIP) has a higher volatility of 0.95% compared to iShares iBonds Oct 2032 Term TIPS ETF (IBII) at 0.87%. This indicates that SPIP's price experiences larger fluctuations and is considered to be riskier than IBII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIP	IBII	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.87%	+0.08%
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%	3.43%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.57%	5.42%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	5.42%	+0.59%

SPIP vs. IBII - Expense Ratio Comparison

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

SPIP's dividend yield for the trailing twelve months is around 4.75%, more than IBII's 4.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBII iShares iBonds Oct 2032 Term TIPS ETF	4.04%	4.80%	4.76%	1.10%	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 IBII in my portfolio?

With a correlation of 0.91, SPIP and IBII 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.

Which is riskier, SPIP or IBII?

SPIP has higher volatility (0.95%) compared to IBII (0.87%). In terms of maximum drawdown, SPIP dropped -15.39% vs IBII's -4.65%.

Which ETF is better, SPIP or IBII?

On 1-year performance, IBII leads with 5.78% vs 4.97% for SPIP. On fees, IBII is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPIP or IBII?

Over the 1-year period, IBII has performed better with a 5.78% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIP or IBII?

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

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

SPIP has the higher dividend yield at 4.75%, compared with 4.04% for IBII.

What is the main difference between SPIP and IBII?

SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while IBII tracks ICE 2032 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 IBII.

Which has better risk-adjusted returns?

IBII currently has the higher Sharpe Ratio (1.70 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.