SPIP vs. LTPZ
SPIP (SPDR Portfolio TIPS ETF) and LTPZ (PIMCO 15+ Year U.S. TIPS Index ETF) are both Inflation-Protected Bonds funds - SPIP tracks the Bloomberg Barclays US Government Inflation-linked Bond Index while LTPZ tracks the ICE BofA US Inflation-Linked Treasury (15+ Y). Both are passively managed. Over the past 10 years, SPIP returned 2.40%/yr vs -0.06%/yr for LTPZ. Their correlation of 0.89 means they have usually moved in the same direction. SPIP charges 0.12%/yr vs 0.20%/yr for LTPZ.
Performance
SPIP vs. LTPZ - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 0.37% return, which is significantly higher than LTPZ's -3.75% return. Over the past 10 years, SPIP has outperformed LTPZ with an annualized return of 2.40%, while LTPZ has yielded a comparatively lower -0.06% annualized return.
SPIP
- 1D
- -0.12%
- 1M
- -0.83%
- 6M
- -0.09%
- YTD
- 0.37%
- 1Y
- 1.69%
- 3Y*
- 3.64%
- 5Y*
- 0.00%
- 10Y*
- 2.40%
- ALL TIME*
- 3.46%
LTPZ
- 1D
- -0.34%
- 1M
- -3.73%
- 6M
- -3.61%
- YTD
- -3.75%
- 1Y
- -2.50%
- 3Y*
- -1.54%
- 5Y*
- -7.34%
- 10Y*
- -0.06%
- ALL TIME*
- 2.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.36M | $8.24M | $7.63M | |
| $7.63M | $7.75M | $10.32M |
SPIP vs. LTPZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 0.37% | 6.78% | 2.35% | 2.98% | -12.84% | 5.80% | 11.41% | 9.14% | -1.53% | 3.16% |
LTPZ PIMCO 15+ Year U.S. TIPS Index ETF | -3.75% | 4.00% | -4.80% | 0.96% | -31.71% | 7.02% | 24.89% | 17.47% | -7.22% | 9.07% |
Correlation
The correlation between SPIP and LTPZ is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2009 | 0.89 |
The correlation between SPIP and LTPZ has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.
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Return for Risk
SPIP vs. LTPZ — Risk / Return Rank
SPIP
LTPZ
SPIP vs. LTPZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and PIMCO 15+ Year U.S. TIPS Index ETF (LTPZ). 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 | LTPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.98 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | -0.20 | +1.34 |
| Martin ratioReturn relative to average drawdown | 3.02 | -0.42 | +3.44 |
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Drawdowns
SPIP vs. LTPZ - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum LTPZ drawdown of -40.99%. Use the drawdown chart below to compare losses from any high point for SPIP and LTPZ.
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Drawdown Indicators
| SPIP | LTPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -40.99% | +25.60% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -8.09% | +6.05% |
Max Drawdown (3Y)Largest decline over 3 years | -3.88% | -12.64% | +8.76% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | -40.99% | +25.60% |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | -40.99% | +25.60% |
Current DrawdownCurrent decline from peak | -2.11% | -35.53% | +33.42% |
Average DrawdownAverage peak-to-trough decline | -4.08% | -12.60% | +8.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 3.86% | -3.09% |
Volatility
SPIP vs. LTPZ - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 0.72%, while PIMCO 15+ Year U.S. TIPS Index ETF (LTPZ) has a volatility of 2.05%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than LTPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIP | LTPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 2.05% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | 6.79% | -4.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 9.03% | -5.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.55% | 15.85% | -9.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.00% | 15.03% | -9.03% |
SPIP vs. LTPZ - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is lower than LTPZ's 0.20% 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. LTPZ - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 5.47%, less than LTPZ's 6.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year U.S. TIPS Index ETF | 6.00% | 4.64% | 3.71% | 3.71% | 8.38% | 3.56% | 1.42% | 1.74% | 3.05% | 2.25% | 2.32% | 0.71% |
SPIP SPDR Portfolio TIPS ETF | 5.17% | 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 LTPZ 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.
LTPZ has higher volatility (2.05%) compared to SPIP (0.72%). In terms of maximum drawdown, SPIP dropped -15.39% vs LTPZ's -40.99%.
On 10-year performance, SPIP leads with 2.40% vs -0.06% for LTPZ. On fees, SPIP is cheaper at 0.12% per year. On volatility, SPIP has been the lower-risk option at 0.72%. 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 2.40% return vs -0.06%. 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 0.20% for LTPZ.
LTPZ has the higher dividend yield at 6.00%, compared with 5.17% for SPIP.
SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y). They also come from different issuers: State Street and PIMCO. Their fees differ too: 0.12% for SPIP and 0.20% for LTPZ.
SPIP currently has the higher Sharpe Ratio (0.66 vs -0.18), 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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