SPIP vs. SCHP

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Portfolio TIPS ETF (SPIP) and Schwab U.S. TIPS ETF (SCHP).

SPIP and SCHP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. SCHP is a passively managed fund by Charles Schwab that tracks the performance of the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). It was launched on Aug 5, 2010. Both SPIP and SCHP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPIP vs. SCHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and Schwab U.S. TIPS ETF (SCHP). The values are adjusted to include any dividend payments, if applicable.

SPIP vs. SCHP - 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%
SCHP Schwab U.S. TIPS ETF	0.45%	6.76%	1.95%	3.91%	-12.02%	5.87%	10.86%	8.52%	-1.78%	3.02%

Returns By Period

In the year-to-date period, SPIP achieves a 0.27% return, which is significantly lower than SCHP's 0.45% return. Both investments have delivered pretty close results over the past 10 years, with SPIP having a 2.53% annualized return and SCHP not far ahead at 2.57%.

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%

SCHP

• 1D: 0.11%
• 1M: -1.26%
• YTD: 0.45%
• 6M: 0.38%
• 1Y: 2.96%
• 3Y*: 3.15%
• 5Y*: 1.39%
• 10Y*: 2.57%

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

SPIP vs. SCHP - Expense Ratio Comparison

SPIP has a 0.12% expense ratio, which is higher than SCHP's 0.05% 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%.

SPIP

SPDR Portfolio TIPS ETF

SCHP

Schwab U.S. TIPS ETF

Return for Risk

SPIP vs. SCHP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPIP

SPIP Risk / Return Rank: 34
SPIP Sharpe Ratio Rank: 34
SPIP Sortino Ratio Rank: 30
SPIP Omega Ratio Rank: 29
SPIP Calmar Ratio Rank: 44
SPIP Martin Ratio Rank: 35

SCHP

SCHP Risk / Return Rank: 42
SCHP Sharpe Ratio Rank: 43
SCHP Sortino Ratio Rank: 38
SCHP Omega Ratio Rank: 35
SCHP Calmar Ratio Rank: 52
SCHP Martin Ratio Rank: 41

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. SCHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Schwab U.S. TIPS ETF (SCHP). 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	SCHP	Difference
Sharpe ratio Return per unit of total volatility	0.61	0.74	-0.13
Sortino ratio Return per unit of downside risk	0.83	1.02	-0.19
Omega ratio Gain probability vs. loss probability	1.11	1.13	-0.02
Calmar ratio Return relative to maximum drawdown	1.05	1.21	-0.16
Martin ratio Return relative to average drawdown	3.04	3.63	-0.59
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. SCHP - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 0.61, which is comparable to the SCHP Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of SPIP and SCHP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPIP	SCHP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	0.74	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.23	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.46	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.50	+0.03

Correlation

The correlation between SPIP and SCHP is 0.95, 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. SCHP - Dividend Comparison

SPIP's dividend yield for the trailing twelve months is around 4.05%, more than SCHP's 3.98% 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%
SCHP Schwab U.S. TIPS ETF	3.98%	4.06%	2.99%	3.02%	7.19%	4.39%	1.11%	2.02%	2.26%	1.90%	1.38%	0.28%

Drawdowns

SPIP vs. SCHP - Drawdown Comparison

The maximum SPIP drawdown since its inception was -15.39%, which is greater than SCHP's maximum drawdown of -14.26%. Use the drawdown chart below to compare losses from any high point for SPIP and SCHP.

Drawdown Indicators

	SPIP	SCHP	Difference
Max Drawdown Largest peak-to-trough decline	-15.39%	-14.26%	-1.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-2.78%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-15.39%	-14.26%	-1.13%
Max Drawdown (10Y) Largest decline over 10 years	-15.39%	-14.26%	-1.13%
Current Drawdown Current decline from peak	-2.21%	-1.26%	-0.95%
Average Drawdown Average peak-to-trough decline	-4.13%	-3.98%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.93%	+0.08%

Volatility

SPIP vs. SCHP - Volatility Comparison

SPDR Portfolio TIPS ETF (SPIP) has a higher volatility of 1.75% compared to Schwab U.S. TIPS ETF (SCHP) at 1.36%. This indicates that SPIP's price experiences larger fluctuations and is considered to be riskier than SCHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIP	SCHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	1.36%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	2.55%	2.22%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	4.06%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.59%	6.14%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.03%	5.60%	+0.43%