SPIP vs. IEF
SPIP (SPDR Portfolio TIPS ETF) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, SPIP returned 2.61%/yr vs 0.63%/yr for IEF. A 0.77 correlation means they provide meaningful diversification when combined. SPIP charges 0.12%/yr vs 0.15%/yr for IEF.
Performance
SPIP vs. IEF - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 1.49% return, which is significantly higher than IEF's -0.66% return. Over the past 10 years, SPIP has outperformed IEF with an annualized return of 2.61%, while IEF has yielded a comparatively lower 0.63% annualized 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%
IEF
- 1D
- -0.25%
- 1M
- -0.08%
- YTD
- -0.66%
- 6M
- -1.17%
- 1Y
- 4.06%
- 3Y*
- 2.47%
- 5Y*
- -1.14%
- 10Y*
- 0.63%
SPIP vs. IEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 1.49% | 6.78% | 2.35% | 2.98% | -12.84% | 5.80% | 11.41% | 9.14% | -1.53% | 3.16% |
IEF iShares 7-10 Year Treasury Bond ETF | -0.66% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | 8.03% | 0.99% | 2.55% |
Correlation
The correlation between SPIP and IEF is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since May 31, 2007 | 0.77 |
The correlation between SPIP and IEF shifts across timeframes, from 0.77 (all time) to 0.88 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPIP vs. IEF — Risk / Return Rank
SPIP
IEF
SPIP vs. IEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and iShares 7-10 Year Treasury Bond ETF (IEF). 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 | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.15 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 1.00 | +1.44 |
| Martin ratioReturn relative to average drawdown | 7.15 | 2.98 | +4.17 |
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 | IEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 0.85 | +0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | -0.15 | +0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.10 | +0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.50 | +0.03 |
Drawdowns
SPIP vs. IEF - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum IEF drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for SPIP and IEF.
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Drawdown Indicators
| SPIP | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -23.93% | +8.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -4.07% | +2.03% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -7.74% | +2.98% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | -21.40% | +6.01% |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | -23.93% | +8.54% |
Current DrawdownCurrent decline from peak | -1.02% | -11.35% | +10.33% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -5.34% | +1.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 1.37% | -0.67% |
Volatility
SPIP vs. IEF - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 0.95%, while iShares 7-10 Year Treasury Bond ETF (IEF) has a volatility of 1.54%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIP | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.54% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 3.34% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 4.78% | -1.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.57% | 7.71% | -1.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 6.62% | -0.61% |
SPIP vs. IEF - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is lower than IEF's 0.15% expense ratio. Despite the difference, 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. IEF - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.75%, more than IEF's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.90% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
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
SPIP and IEF have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEF has higher volatility (1.54%) compared to SPIP (0.95%). In terms of maximum drawdown, SPIP dropped -15.39% vs IEF's -23.93%.
On 10-year performance, SPIP leads with 2.61% vs 0.63% for IEF. On fees, SPIP is cheaper at 0.12% per year. On volatility, SPIP has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPIP has performed better with a 2.61% return vs 0.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPIP is cheaper with a 0.12% expense ratio, compared with 0.15% for IEF.
SPIP has the higher dividend yield at 4.75%, compared with 3.90% for IEF.
SPIP is categorized as Inflation-Protected Bonds, while IEF is Government Bonds. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for SPIP and 0.15% for IEF.
SPIP currently has the higher Sharpe Ratio (1.40 vs 0.85), 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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