SPIP vs. LTPZ

Last updated Jun 4, 2026

SPIP (SPDR Portfolio TIPS ETF) and LTPZ (PIMCO 15+ Year US 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 2.61%/yr vs 0.75%/yr for LTPZ. Their correlation of 0.89 suggests significant overlap in exposure. SPIP charges 0.12%/yr vs 0.20%/yr for LTPZ.

Performance

SPIP vs. LTPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and PIMCO 15+ Year US TIPS Index ETF (LTPZ). 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 higher than LTPZ's 0.41% return. Over the past 10 years, SPIP has outperformed LTPZ with an annualized return of 2.61%, while LTPZ has yielded a comparatively lower 0.75% 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%

LTPZ

• 1D: -0.49%
• 1M: 1.02%
• YTD: 0.41%
• 6M: -1.15%
• 1Y: 4.72%
• 3Y*: -0.79%
• 5Y*: -5.24%
• 10Y*: 0.75%

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

SPIP vs. LTPZ - 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%
LTPZ PIMCO 15+ Year US TIPS Index ETF	0.41%	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 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 9, 2009	0.89

The correlation between SPIP and LTPZ has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Return for Risk

SPIP vs. LTPZ — 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

LTPZ

LTPZ Risk / Return Rank: 16
LTPZ Sharpe Ratio Rank: 16
LTPZ Sortino Ratio Rank: 15
LTPZ Omega Ratio Rank: 15
LTPZ Calmar Ratio Rank: 17
LTPZ Martin Ratio Rank: 16

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. 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 US 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.

	SPIP	LTPZ	Difference
Sharpe ratio Return per unit of total volatility	1.40	0.51	+0.88
Sortino ratio Return per unit of downside risk	2.04	0.78	+1.26
Omega ratio Gain probability vs. loss probability	1.25	1.09	+0.16
Calmar ratio Return relative to maximum drawdown	2.44	0.68	+1.76
Martin ratio Return relative to average drawdown	7.15	1.48	+5.67
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. LTPZ - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 1.40, which is higher than the LTPZ Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of SPIP and LTPZ, 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	LTPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	0.51	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	-0.33	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.05	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.21	+0.32

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.

Drawdown Indicators

	SPIP	LTPZ	Difference
Max Drawdown Largest peak-to-trough decline	-15.39%	-40.99%	+25.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-7.00%	+4.96%
Max Drawdown (3Y) Largest decline over 3 years	-4.76%	-16.27%	+11.51%
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 Drawdown Current decline from peak	-1.02%	-32.74%	+31.72%
Average Drawdown Average peak-to-trough decline	-4.10%	-12.41%	+8.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	3.20%	-2.50%

Volatility

SPIP vs. LTPZ - Volatility Comparison

The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 0.95%, while PIMCO 15+ Year US TIPS Index ETF (LTPZ) has a volatility of 2.32%. 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.

Volatility by Period

	SPIP	LTPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	2.32%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	6.41%	-3.87%
Volatility (1Y) Calculated over the trailing 1-year period	3.57%	9.26%	-5.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.57%	15.89%	-9.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	15.07%	-9.06%

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 4.75%, less than LTPZ's 5.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LTPZ PIMCO 15+ Year US TIPS Index ETF	5.23%	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	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 LTPZ in my portfolio?

With a correlation of 0.90, SPIP and LTPZ 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 LTPZ?

LTPZ has higher volatility (2.32%) compared to SPIP (0.95%). In terms of maximum drawdown, SPIP dropped -15.39% vs LTPZ's -40.99%.

Which ETF is better, SPIP or LTPZ?

On 10-year performance, SPIP leads with 2.61% vs 0.75% for LTPZ. 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.

Which ETF has performed better, SPIP or LTPZ?

Over the 10-year period, SPIP has performed better with a 2.61% return vs 0.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIP or LTPZ?

SPIP is cheaper with a 0.12% expense ratio, compared with 0.20% for LTPZ.

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

LTPZ has the higher dividend yield at 5.23%, compared with 4.75% for SPIP.

What is the main difference between SPIP and LTPZ?

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.

Which has better risk-adjusted returns?

SPIP currently has the higher Sharpe Ratio (1.40 vs 0.51), 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.