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SPIP vs. PXF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPIP vs. PXF

Last updated Jun 9, 2026

SPIP (SPDR Portfolio TIPS ETF) and PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while PXF is a Foreign Large Cap Equities fund tracking the FTSE RAFI Developed Markets ex-U.S. Index. Both are passively managed. Over the past 10 years, SPIP returned 2.50%/yr vs 11.69%/yr for PXF. At a correlation of -0.08, they often move in opposite directions. SPIP charges 0.12%/yr vs 0.45%/yr for PXF.

Performance

SPIP vs. PXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPIP achieves a 0.90% return, which is significantly lower than PXF's 16.56% return. Over the past 10 years, SPIP has underperformed PXF with an annualized return of 2.50%, while PXF has yielded a comparatively higher 11.69% 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%

PXF

1D
0.90%
1M
-0.60%
YTD
16.56%
6M
20.08%
1Y
38.53%
3Y*
23.53%
5Y*
12.81%
10Y*
11.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPIP vs. PXF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
PXF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		16.56%42.51%4.54%18.46%-9.09%15.93%2.58%17.50%-14.84%24.52%

Correlation

The correlation between SPIP and PXF is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.29

Correlation (5Y)
Calculated over the trailing 5-year period

0.21

Correlation (10Y)
Calculated over the trailing 10-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2007

-0.08

The correlation between SPIP and PXF shifts across timeframes, from -0.08 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Portfolio TIPS ETF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Often compared with SPIP:
SPIP vs. TIPSPIP vs. VTIPSPIP vs. SCHPSPIP vs. TIPXSPIP vs. FIPDXSPIP vs. TDTTSPIP vs. BKLN
Often compared with PXF:
PXF vs. FNDFPXF vs. PRFPXF vs. VEAPXF vs. VXUSPXF vs. VYMIPXF vs. PXHPXF vs. SCHE

Return for Risk

SPIP vs. PXF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPIP
SPIP Risk / Return Rank: 4545
Overall Rank
SPIP Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
SPIP Sortino Ratio Rank: 4343
Sortino Ratio Rank
SPIP Omega Ratio Rank: 4242
Omega Ratio Rank
SPIP Calmar Ratio Rank: 5252
Calmar Ratio Rank
SPIP Martin Ratio Rank: 4646
Martin Ratio Rank
PXF
PXF Risk / Return Rank: 8080
Overall Rank
PXF Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
PXF Sortino Ratio Rank: 8080
Sortino Ratio Rank
PXF Omega Ratio Rank: 8282
Omega Ratio Rank
PXF Calmar Ratio Rank: 7777
Calmar Ratio Rank
PXF Martin Ratio Rank: 7878
Martin Ratio Rank
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. PXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF). 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.

SPIPPXFDifference
Sharpe ratioReturn per unit of total volatility
1.35
2.46

-1.11

Sortino ratioReturn per unit of downside risk
1.98
3.19

-1.22

Omega ratioGain probability vs. loss probability

1.24

1.45

-0.20

Calmar ratioReturn relative to maximum drawdown

2.34

3.55

-1.21

Martin ratioReturn relative to average drawdown

6.86

13.49

-6.63

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. PXF - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 1.35, which is lower than the PXF Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of SPIP and PXF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SPIPPXFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.35

2.46

-1.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.12

0.78

-0.66

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.42

0.65

-0.23

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.23

+0.29

Drawdowns

SPIP vs. PXF - Drawdown Comparison

The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum PXF drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for SPIP and PXF.

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Drawdown Indicators

SPIPPXFDifference

Max Drawdown

Largest peak-to-trough decline

-15.39%

-64.74%

+49.35%

Max Drawdown (1Y)

Largest decline over 1 year

-2.04%

-10.91%

+8.87%

Max Drawdown (3Y)

Largest decline over 3 years

-4.76%

-14.06%

+9.30%

Max Drawdown (5Y)

Largest decline over 5 years

-15.39%

-26.82%

+11.43%

Max Drawdown (10Y)

Largest decline over 10 years

-15.39%

-41.59%

+26.20%

Current Drawdown

Current decline from peak

-1.60%

-3.88%

+2.28%

Average Drawdown

Average peak-to-trough decline

-4.10%

-15.26%

+11.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.70%

2.86%

-2.16%

Volatility

SPIP vs. PXF - Volatility Comparison

The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 1.00%, while Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) has a volatility of 6.06%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than PXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPIPPXFDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.00%

6.06%

-5.06%

Volatility (6M)

Calculated over the trailing 6-month period

2.57%

13.53%

-10.96%

Volatility (1Y)

Calculated over the trailing 1-year period

3.56%

15.80%

-12.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.57%

16.54%

-9.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.01%

18.07%

-12.06%

SPIP vs. PXF - Expense Ratio Comparison

SPIP has a 0.12% expense ratio, which is lower than PXF's 0.45% expense ratio.

Dividends

SPIP vs. PXF - Dividend Comparison

SPIP's dividend yield for the trailing twelve months is around 4.78%, more than PXF's 3.18% yield.

PositionTTM20252024202320222021202020192018201720162015
PXF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		3.18%3.64%3.48%3.55%3.58%3.74%2.11%3.50%3.38%2.78%3.21%3.10%
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 PXF have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PXF has higher volatility (6.06%) compared to SPIP (1.00%). In terms of maximum drawdown, SPIP dropped -15.39% vs PXF's -64.74%.

On 10-year performance, PXF leads with 11.69% 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, PXF has performed better with a 11.69% 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 0.45% for PXF.

SPIP has the higher dividend yield at 4.78%, compared with 3.18% for PXF.

SPIP is categorized as Inflation-Protected Bonds, while PXF is Foreign Large Cap Equities. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while PXF tracks FTSE RAFI Developed Markets ex-U.S. Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.12% for SPIP and 0.45% for PXF.

PXF currently has the higher Sharpe Ratio (2.46 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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