SPIP vs. O

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR Portfolio TIPS ETF (SPIP) and Realty Income Corporation (O).

SPIP is a passively managed fund by State Street that tracks the performance of the Bloomberg Barclays US Government Inflation-linked Bond Index. It was launched on May 25, 2007.

Performance

SPIP vs. O - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and Realty Income Corporation (O). The values are adjusted to include any dividend payments, if applicable.

SPIP vs. O - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPIP SPDR Portfolio TIPS ETF	0.28%	6.78%	2.35%	2.98%	-12.84%	5.80%	11.41%	9.14%	-1.53%	3.16%
O Realty Income Corporation	11.21%	12.20%	-2.11%	-4.55%	-7.38%	23.95%	-11.60%	21.27%	15.94%	3.67%

Returns By Period

In the year-to-date period, SPIP achieves a 0.28% return, which is significantly lower than O's 11.21% return. Over the past 10 years, SPIP has underperformed O with an annualized return of 2.53%, while O has yielded a comparatively higher 5.07% annualized return.

SPIP

• 1D: 0.01%
• 1M: -1.21%
• YTD: 0.28%
• 6M: 0.08%
• 1Y: 2.66%
• 3Y*: 2.92%
• 5Y*: 1.15%
• 10Y*: 2.53%

O

• 1D: 1.14%
• 1M: -8.00%
• YTD: 11.21%
• 6M: 5.16%
• 1Y: 14.40%
• 3Y*: 4.90%
• 5Y*: 4.79%
• 10Y*: 5.07%

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

Return for Risk

SPIP vs. O — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPIP

SPIP Risk / Return Rank: 30
SPIP Sharpe Ratio Rank: 31
SPIP Sortino Ratio Rank: 27
SPIP Omega Ratio Rank: 26
SPIP Calmar Ratio Rank: 34
SPIP Martin Ratio Rank: 30

O

O Risk / Return Rank: 65
O Sharpe Ratio Rank: 70
O Sortino Ratio Rank: 61
O Omega Ratio Rank: 58
O Calmar Ratio Rank: 65
O Martin Ratio Rank: 70

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. O - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Realty Income Corporation (O). 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	O	Difference
Sharpe ratio Return per unit of total volatility	0.61	0.86	-0.25
Sortino ratio Return per unit of downside risk	0.83	1.24	-0.40
Omega ratio Gain probability vs. loss probability	1.11	1.15	-0.04
Calmar ratio Return relative to maximum drawdown	0.91	1.19	-0.28
Martin ratio Return relative to average drawdown	2.61	3.57	-0.96
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. O - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 0.61, which is comparable to the O Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of SPIP and O, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPIP	O	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	0.86	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.25	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.20	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.49	+0.03

Correlation

The correlation between SPIP and O is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SPIP vs. O - Dividend Comparison

SPIP's dividend yield for the trailing twelve months is around 3.81%, less than O's 5.22% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPIP SPDR Portfolio TIPS ETF	3.81%	4.09%	3.36%	3.70%	7.05%	4.53%	1.97%	2.91%	2.80%	3.02%	1.88%	0.14%
O Realty Income Corporation	5.22%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%

Drawdowns

SPIP vs. O - Drawdown Comparison

The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum O drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for SPIP and O.

Drawdown Indicators

	SPIP	O	Difference
Max Drawdown Largest peak-to-trough decline	-15.39%	-48.45%	+33.06%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-11.10%	+8.18%
Max Drawdown (5Y) Largest decline over 5 years	-15.39%	-34.48%	+19.09%
Max Drawdown (10Y) Largest decline over 10 years	-15.39%	-48.28%	+32.89%
Current Drawdown Current decline from peak	-2.20%	-8.00%	+5.80%
Average Drawdown Average peak-to-trough decline	-4.13%	-9.22%	+5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	3.70%	-2.68%

Volatility

SPIP vs. O - Volatility Comparison

The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 1.75%, while Realty Income Corporation (O) has a volatility of 4.53%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than O based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIP	O	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	4.53%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	2.55%	11.31%	-8.76%
Volatility (1Y) Calculated over the trailing 1-year period	4.37%	16.84%	-12.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.59%	18.89%	-12.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.03%	25.69%	-19.66%