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SPIP vs. SCHE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPIP vs. SCHE

Last updated Jun 9, 2026

SPIP (SPDR Portfolio TIPS ETF) and SCHE (Schwab Emerging Markets Equity ETF) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while SCHE is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Both are passively managed. Over the past 10 years, SPIP returned 2.50%/yr vs 8.59%/yr for SCHE. At a correlation of -0.03, they often move in opposite directions. SPIP charges 0.12%/yr vs 0.11%/yr for SCHE.

Performance

SPIP vs. SCHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and Schwab Emerging Markets Equity ETF (SCHE). 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 SCHE's 8.15% return. Over the past 10 years, SPIP has underperformed SCHE with an annualized return of 2.50%, while SCHE has yielded a comparatively higher 8.59% 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%

SCHE

1D
0.77%
1M
-3.78%
YTD
8.15%
6M
8.93%
1Y
23.97%
3Y*
16.38%
5Y*
4.48%
10Y*
8.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPIP vs. SCHE - 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%
SCHE
Schwab Emerging Markets Equity ETF		8.15%26.54%10.60%8.93%-17.84%-0.65%14.49%20.31%-13.57%32.70%

Correlation

The correlation between SPIP and SCHE 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

0.18

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

0.13

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

0.07

Correlation (All Time)
Calculated using the full available price history since Jan 15, 2010

-0.03

The correlation between SPIP and SCHE shifts across timeframes, from -0.03 (all time) to 0.23 (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

Schwab Emerging Markets Equity ETF

Often compared with SPIP:
SPIP vs. TIPSPIP vs. VTIPSPIP vs. SCHPSPIP vs. TIPXSPIP vs. FIPDXSPIP vs. TDTTSPIP vs. BKLN
Often compared with SCHE:
SCHE vs. SCHFSCHE vs. VWOSCHE vs. IEMGSCHE vs. FNDESCHE vs. SWISXSCHE vs. EEMSCHE vs. SFENX

Return for Risk

SPIP vs. SCHE — 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
SCHE
SCHE Risk / Return Rank: 4747
Overall Rank
SCHE Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
SCHE Sortino Ratio Rank: 4545
Sortino Ratio Rank
SCHE Omega Ratio Rank: 4848
Omega Ratio Rank
SCHE Calmar Ratio Rank: 4747
Calmar Ratio Rank
SCHE Martin Ratio Rank: 5050
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. SCHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Schwab Emerging Markets Equity ETF (SCHE). 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.

SPIPSCHEDifference
Sharpe ratioReturn per unit of total volatility
1.35
1.44

-0.09

Sortino ratioReturn per unit of downside risk
1.98
2.01

-0.03

Omega ratioGain probability vs. loss probability

1.24

1.27

-0.03

Calmar ratioReturn relative to maximum drawdown

2.34

2.13

+0.21

Martin ratioReturn relative to average drawdown

6.86

7.61

-0.74

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. SCHE - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 1.35, which is comparable to the SCHE Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of SPIP and SCHE, 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

SPIPSCHEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.35

1.44

-0.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.12

0.25

-0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.42

0.44

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.24

+0.28

Drawdowns

SPIP vs. SCHE - Drawdown Comparison

The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum SCHE drawdown of -36.20%. Use the drawdown chart below to compare losses from any high point for SPIP and SCHE.

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Drawdown Indicators

SPIPSCHEDifference

Max Drawdown

Largest peak-to-trough decline

-15.39%

-36.20%

+20.81%

Max Drawdown (1Y)

Largest decline over 1 year

-2.04%

-11.29%

+9.25%

Max Drawdown (3Y)

Largest decline over 3 years

-4.76%

-17.08%

+12.32%

Max Drawdown (5Y)

Largest decline over 5 years

-15.39%

-33.37%

+17.98%

Max Drawdown (10Y)

Largest decline over 10 years

-15.39%

-36.20%

+20.81%

Current Drawdown

Current decline from peak

-1.60%

-4.73%

+3.13%

Average Drawdown

Average peak-to-trough decline

-4.10%

-12.59%

+8.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.70%

3.16%

-2.46%

Volatility

SPIP vs. SCHE - Volatility Comparison

The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 1.00%, while Schwab Emerging Markets Equity ETF (SCHE) has a volatility of 6.60%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than SCHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPIPSCHEDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.00%

6.60%

-5.60%

Volatility (6M)

Calculated over the trailing 6-month period

2.57%

14.24%

-11.67%

Volatility (1Y)

Calculated over the trailing 1-year period

3.56%

16.80%

-13.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.57%

17.76%

-11.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.01%

19.50%

-13.49%

SPIP vs. SCHE - Expense Ratio Comparison

SPIP has a 0.12% expense ratio, which is higher than SCHE's 0.11% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPIP vs. SCHE - Dividend Comparison

SPIP's dividend yield for the trailing twelve months is around 4.78%, more than SCHE's 2.66% yield.

PositionTTM20252024202320222021202020192018201720162015
SCHE
Schwab Emerging Markets Equity ETF		2.66%2.88%3.03%3.83%2.88%2.86%2.09%3.27%2.64%2.31%2.27%2.50%
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 SCHE 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.

SCHE has higher volatility (6.60%) compared to SPIP (1.00%). In terms of maximum drawdown, SPIP dropped -15.39% vs SCHE's -36.20%.

On 10-year performance, SCHE leads with 8.59% vs 2.50% for SPIP. On fees, SCHE is cheaper at 0.11% 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, SCHE has performed better with a 8.59% return vs 2.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SCHE is cheaper with a 0.11% expense ratio, compared with 0.12% for SPIP.

SPIP has the higher dividend yield at 4.78%, compared with 2.66% for SCHE.

SPIP is categorized as Inflation-Protected Bonds, while SCHE is Emerging Markets Equities. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while SCHE tracks FTSE Emerging Index. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.12% for SPIP and 0.11% for SCHE.

SCHE currently has the higher Sharpe Ratio (1.44 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.

Portfolio Optimizer

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