SPIP vs. PRF
SPIP (SPDR Portfolio TIPS ETF) and PRF (Invesco RAFI US 1000 ETF) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while PRF is a Large Cap Value Equities fund tracking the RAFI Fundamental Select US 1000 Index. Both are passively managed. Over the past 10 years, SPIP returned 2.50%/yr vs 13.59%/yr for PRF. At a correlation of -0.14, they often move in opposite directions. SPIP charges 0.12%/yr vs 0.34%/yr for PRF.
Performance
SPIP vs. PRF - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 0.90% return, which is significantly lower than PRF's 13.92% return. Over the past 10 years, SPIP has underperformed PRF with an annualized return of 2.50%, while PRF has yielded a comparatively higher 13.59% annualized return.
SPIP
- 1D
- -0.16%
- 1M
- -0.83%
- YTD
- 0.90%
- 6M
- 0.92%
- 1Y
- 4.77%
- 3Y*
- 3.64%
- 5Y*
- 0.78%
- 10Y*
- 2.50%
PRF
- 1D
- 0.40%
- 1M
- 1.27%
- YTD
- 13.92%
- 6M
- 14.77%
- 1Y
- 31.21%
- 3Y*
- 20.66%
- 5Y*
- 12.37%
- 10Y*
- 13.59%
SPIP vs. PRF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 0.90% | 6.78% | 2.35% | 2.98% | -12.84% | 5.80% | 11.41% | 9.14% | -1.53% | 3.16% |
PRF Invesco RAFI US 1000 ETF | 13.92% | 18.33% | 16.73% | 15.72% | -7.79% | 31.12% | 7.78% | 27.42% | -8.71% | 16.01% |
Correlation
The correlation between SPIP and PRF is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 31, 2007 | -0.14 |
The correlation between SPIP and PRF shifts across timeframes, from -0.14 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPIP vs. PRF — Risk / Return Rank
SPIP
PRF
SPIP vs. PRF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Invesco RAFI US 1000 ETF (PRF). 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 | PRF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.03 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.53 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 4.76 | -2.41 |
| Martin ratioReturn relative to average drawdown | 6.86 | 19.58 | -12.71 |
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 | PRF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.35 | 2.91 | -1.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.82 | -0.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.77 | -0.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.48 | +0.05 |
Drawdowns
SPIP vs. PRF - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum PRF drawdown of -60.35%. Use the drawdown chart below to compare losses from any high point for SPIP and PRF.
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Drawdown Indicators
| SPIP | PRF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -60.35% | +44.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -6.59% | +4.55% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -15.82% | +11.06% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | -19.72% | +4.33% |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | -38.16% | +22.77% |
Current DrawdownCurrent decline from peak | -1.60% | -1.50% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -6.93% | +2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 1.60% | -0.90% |
Volatility
SPIP vs. PRF - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 1.00%, while Invesco RAFI US 1000 ETF (PRF) has a volatility of 3.02%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than PRF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIP | PRF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 3.02% | -2.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 8.00% | -5.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.56% | 10.78% | -7.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.57% | 15.21% | -8.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 17.68% | -11.67% |
SPIP vs. PRF - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is lower than PRF's 0.34% expense ratio.
Dividends
SPIP vs. PRF - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.78%, more than PRF's 1.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRF Invesco RAFI US 1000 ETF | 1.39% | 1.59% | 1.78% | 1.84% | 2.01% | 1.58% | 1.97% | 1.99% | 2.25% | 1.58% | 2.17% | 2.25% |
SPIP SPDR Portfolio TIPS ETF | 4.78% | 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 PRF have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRF has higher volatility (3.02%) compared to SPIP (1.00%). In terms of maximum drawdown, SPIP dropped -15.39% vs PRF's -60.35%.
On 10-year performance, PRF leads with 13.59% vs 2.50% for SPIP. On fees, SPIP is cheaper at 0.12% per year. On volatility, SPIP has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PRF has performed better with a 13.59% return vs 2.50%. 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 0.34% for PRF.
SPIP has the higher dividend yield at 4.78%, compared with 1.39% for PRF.
SPIP is categorized as Inflation-Protected Bonds, while PRF is Large Cap Value Equities. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while PRF tracks RAFI Fundamental Select US 1000 Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.12% for SPIP and 0.34% for PRF.
PRF currently has the higher Sharpe Ratio (2.91 vs 1.35), 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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