SPIP vs. IBII
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 3.45% vs 3.71% 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
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Returns By Period
In the year-to-date period, SPIP achieves a 0.72% return, which is significantly higher than IBII's 0.60% 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%
IBII
- 1D
- -0.08%
- 1M
- -0.52%
- YTD
- 0.60%
- 6M
- 0.67%
- 1Y
- 3.71%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPIP vs. IBII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 0.72% | 6.78% | 2.35% | 2.67% |
IBII iShares iBonds Oct 2032 Term TIPS ETF | 0.60% | 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 21, 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.
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Return for Risk
SPIP vs. IBII — Risk / Return Rank
SPIP
IBII
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.
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 | IBII | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.19 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.88 | -0.18 |
| Martin ratioReturn relative to average drawdown | 4.87 | 5.97 | -1.10 |
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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.
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Drawdown Indicators
| SPIP | IBII | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -1.77% | -1.66% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -4.09% | -1.12% | -2.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 0.62% | +0.09% |
Volatility
SPIP vs. IBII - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 1.19%, while iShares iBonds Oct 2032 Term TIPS ETF (IBII) has a volatility of 1.36%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than IBII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIP | IBII | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.36% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 2.53% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 3.48% | +0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.56% | 5.42% | +1.14% |
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 4.79%, more than IBII's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBII iShares iBonds Oct 2032 Term TIPS ETF | 4.09% | 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 | 4.79% | 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
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.
IBII has higher volatility (1.36%) compared to SPIP (1.19%). In terms of maximum drawdown, SPIP dropped -15.39% vs IBII's -4.65%.
On 1-year performance, IBII leads with 3.71% vs 3.45% for SPIP. On fees, IBII is cheaper at 0.10% per year. On volatility, SPIP has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBII has performed better with a 3.71% return vs 3.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBII 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 4.09% for 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.
IBII currently has the higher Sharpe Ratio (1.07 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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