SPIP vs. PRIPX
Compare and contrast key facts about SPDR Portfolio TIPS ETF (SPIP) and T. Rowe Price Inflation Protected Bond Fund (PRIPX).
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. PRIPX is managed by T. Rowe Price. It was launched on Oct 30, 2002.
Performance
SPIP vs. PRIPX - Performance Comparison
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SPIP vs. PRIPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 0.27% | 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 | 0.29% | 11.53% | -1.27% | 2.57% | -12.76% | 5.45% | 11.07% | 10.31% | -1.33% | 2.75% |
Returns By Period
In the year-to-date period, SPIP achieves a 0.27% return, which is significantly lower than PRIPX's 0.29% return. Both investments have delivered pretty close results over the past 10 years, with SPIP having a 2.53% annualized return and PRIPX not far ahead at 2.56%.
SPIP
- 1D
- -0.06%
- 1M
- -1.48%
- YTD
- 0.27%
- 6M
- 0.20%
- 1Y
- 2.65%
- 3Y*
- 2.91%
- 5Y*
- 1.15%
- 10Y*
- 2.53%
PRIPX
- 1D
- 0.49%
- 1M
- -1.54%
- YTD
- 0.29%
- 6M
- 4.16%
- 1Y
- 7.39%
- 3Y*
- 3.22%
- 5Y*
- 1.09%
- 10Y*
- 2.56%
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SPIP vs. PRIPX - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is lower than PRIPX's 0.38% expense ratio.
Return for Risk
SPIP vs. PRIPX — Risk / Return Rank
SPIP
PRIPX
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 ratioReturn per unit of total volatility | 0.61 | 1.44 | -0.83 |
Sortino ratioReturn per unit of downside risk | 0.83 | 2.64 | -1.81 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.35 | -0.24 |
Calmar ratioReturn relative to maximum drawdown | 1.05 | 3.11 | -2.06 |
Martin ratioReturn relative to average drawdown | 3.04 | 10.26 | -7.22 |
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 | PRIPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.61 | 1.44 | -0.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.16 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.43 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.60 | -0.08 |
Correlation
The correlation between SPIP and PRIPX is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPIP vs. PRIPX - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.05%, less than PRIPX's 9.67% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 4.05% | 4.09% | 3.36% | 3.70% | 7.05% | 4.53% | 1.97% | 2.91% | 2.80% | 3.02% | 1.88% | 0.14% |
PRIPX T. Rowe Price Inflation Protected Bond Fund | 9.67% | 9.55% | 1.49% | 5.02% | 7.37% | 5.30% | 1.97% | 3.81% | 3.02% | 1.87% | 1.32% | 1.76% |
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.
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Drawdown Indicators
| SPIP | PRIPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -16.15% | +0.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -2.75% | -0.17% |
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 DrawdownCurrent decline from peak | -2.21% | -2.08% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -3.98% | -0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 0.83% | +0.18% |
Volatility
SPIP vs. PRIPX - Volatility Comparison
SPDR Portfolio TIPS ETF (SPIP) has a higher volatility of 1.75% compared to T. Rowe Price Inflation Protected Bond Fund (PRIPX) at 1.32%. This indicates that SPIP's price experiences larger fluctuations and is considered to be riskier than PRIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIP | PRIPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 1.32% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 2.55% | 4.28% | -1.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.39% | 5.54% | -1.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.59% | 6.86% | -0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.03% | 5.94% | +0.09% |