SPIP vs. PRIPX

Last updated Jun 4, 2026

SPIP (SPDR Portfolio TIPS ETF) and PRIPX (T. Rowe Price Inflation Protected Bond Fund) are both Inflation-Protected Bonds funds. Over the past 10 years, SPIP returned 2.61%/yr vs 2.26%/yr for PRIPX. Their correlation of 0.93 suggests significant overlap in exposure. SPIP charges 0.12%/yr vs 0.38%/yr for PRIPX.

Performance

SPIP vs. PRIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and T. Rowe Price Inflation Protected Bond Fund (PRIPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPIP having a 1.49% return and PRIPX slightly higher at 1.50%. Over the past 10 years, SPIP has outperformed PRIPX with an annualized return of 2.61%, while PRIPX has yielded a comparatively lower 2.26% 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%

PRIPX

• 1D: 0.00%
• 1M: 0.03%
• YTD: 1.50%
• 6M: 1.27%
• 1Y: 5.49%
• 3Y*: 2.88%
• 5Y*: 0.11%
• 10Y*: 2.26%

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

SPIP vs. PRIPX - 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%
PRIPX T. Rowe Price Inflation Protected Bond Fund	1.50%	7.34%	-1.27%	2.57%	-12.76%	5.45%	11.07%	10.31%	-1.33%	2.75%

Correlation

The correlation between SPIP and PRIPX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 31, 2007	0.93

The correlation between SPIP and PRIPX has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

Return for Risk

SPIP vs. PRIPX — 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

PRIPX

PRIPX Risk / Return Rank: 14
PRIPX Sharpe Ratio Rank: 11
PRIPX Sortino Ratio Rank: 11
PRIPX Omega Ratio Rank: 25
PRIPX Calmar Ratio Rank: 14
PRIPX Martin Ratio Rank: 8

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. PRIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and T. Rowe Price Inflation Protected Bond Fund (PRIPX). 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	PRIPX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	0.89	+0.50
Sortino ratio: Return per unit of downside risk	2.04	1.34	+0.70
Omega ratio: Gain probability vs. loss probability	1.25	1.26	-0.01
Calmar ratio: Return relative to maximum drawdown	2.44	1.29	+1.16
Martin ratio: Return relative to average drawdown	7.15	2.31	+4.84
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. PRIPX - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 1.40, which is higher than the PRIPX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of SPIP and PRIPX, 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	PRIPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	0.89	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.02	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.38	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.57	-0.04

Drawdowns

SPIP vs. PRIPX - Drawdown Comparison

The maximum SPIP drawdown since its inception was -15.39%, roughly equal to the maximum PRIPX drawdown of -16.15%. Use the drawdown chart below to compare losses from any high point for SPIP and PRIPX.

Drawdown Indicators

	SPIP	PRIPX	Difference
Max Drawdown Largest peak-to-trough decline	-15.39%	-16.15%	+0.76%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-4.21%	+2.17%
Max Drawdown (3Y) Largest decline over 3 years	-4.76%	-6.90%	+2.14%
Max Drawdown (5Y) Largest decline over 5 years	-15.39%	-16.15%	+0.76%
Max Drawdown (10Y) Largest decline over 10 years	-15.39%	-16.15%	+0.76%
Current Drawdown Current decline from peak	-1.02%	-4.63%	+3.61%
Average Drawdown Average peak-to-trough decline	-4.10%	-4.05%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	2.34%	-1.64%

Volatility

SPIP vs. PRIPX - Volatility Comparison

SPDR Portfolio TIPS ETF (SPIP) and T. Rowe Price Inflation Protected Bond Fund (PRIPX) have volatilities of 0.95% and 0.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIP	PRIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.94%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	2.29%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.57%	6.07%	-2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.57%	7.02%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	6.03%	-0.02%

SPIP vs. PRIPX - Expense Ratio Comparison

SPIP has a 0.12% expense ratio, which is lower than PRIPX's 0.38% expense ratio.

Dividends

SPIP vs. PRIPX - Dividend Comparison

SPIP's dividend yield for the trailing twelve months is around 4.75%, less than PRIPX's 5.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRIPX T. Rowe Price Inflation Protected Bond Fund	5.41%	5.63%	1.49%	5.02%	7.37%	5.30%	1.97%	3.81%	3.02%	1.87%	1.32%	1.76%
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 PRIPX in my portfolio?

With a correlation of 0.91, SPIP and PRIPX 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 PRIPX?

SPIP has higher volatility (0.95%) compared to PRIPX (0.94%). In terms of maximum drawdown, SPIP dropped -15.39% vs PRIPX's -16.15%.

Which has better risk-adjusted returns?

SPIP currently has the higher Sharpe Ratio (1.40 vs 0.89), 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.