SPIP vs. SCHR
SPIP (SPDR Portfolio TIPS ETF) and SCHR (Schwab Intermediate-Term U.S. Treasury ETF) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while SCHR is a Government Bonds fund tracking the Bloomberg US Treasury 3-10 Year Index. Both are passively managed. Over the past 10 years, SPIP returned 2.49%/yr vs 1.14%/yr for SCHR. A 0.75 correlation means they provide meaningful diversification when combined. SPIP charges 0.12%/yr vs 0.05%/yr for SCHR.
Performance
SPIP vs. SCHR - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 0.72% return, which is significantly higher than SCHR's -0.43% return. Over the past 10 years, SPIP has outperformed SCHR with an annualized return of 2.49%, while SCHR has yielded a comparatively lower 1.14% annualized return.
SPIP
- 1D
- -0.06%
- 1M
- -0.09%
- YTD
- 0.72%
- 6M
- 0.80%
- 1Y
- 3.45%
- 3Y*
- 3.46%
- 5Y*
- 0.72%
- 10Y*
- 2.49%
SCHR
- 1D
- 0.08%
- 1M
- 0.33%
- YTD
- -0.43%
- 6M
- -0.27%
- 1Y
- 2.71%
- 3Y*
- 3.53%
- 5Y*
- 0.10%
- 10Y*
- 1.14%
SPIP vs. SCHR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 0.72% | 6.78% | 2.35% | 2.98% | -12.84% | 5.80% | 11.41% | 9.14% | -1.53% | 3.16% |
SCHR Schwab Intermediate-Term U.S. Treasury ETF | -0.43% | 7.33% | 1.42% | 4.27% | -10.58% | -2.62% | 7.72% | 6.18% | 1.46% | 1.59% |
Correlation
The correlation between SPIP and SCHR is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2010 | 0.75 |
The correlation between SPIP and SCHR shifts across timeframes, from 0.74 (10 years) to 0.85 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPIP vs. SCHR — Risk / Return Rank
SPIP
SCHR
SPIP vs. SCHR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Schwab Intermediate-Term U.S. Treasury ETF (SCHR). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPIP | SCHR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.14 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 0.97 | +0.72 |
| Martin ratioReturn relative to average drawdown | 4.87 | 2.63 | +2.25 |
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Drawdowns
SPIP vs. SCHR - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, roughly equal to the maximum SCHR drawdown of -16.11%. Use the drawdown chart below to compare losses from any high point for SPIP and SCHR.
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Drawdown Indicators
| SPIP | SCHR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -16.11% | +0.72% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -2.79% | +0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -4.35% | -0.41% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | -15.07% | -0.32% |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | -16.11% | +0.72% |
Current DrawdownCurrent decline from peak | -1.77% | -2.37% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -4.09% | -3.63% | -0.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 1.03% | -0.32% |
Volatility
SPIP vs. SCHR - Volatility Comparison
SPDR Portfolio TIPS ETF (SPIP) has a higher volatility of 1.19% compared to Schwab Intermediate-Term U.S. Treasury ETF (SCHR) at 1.06%. This indicates that SPIP's price experiences larger fluctuations and is considered to be riskier than SCHR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIP | SCHR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.06% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 2.48% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 3.42% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.56% | 5.38% | +1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 4.47% | +1.54% |
SPIP vs. SCHR - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is higher than SCHR'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%.
Dividends
SPIP vs. SCHR - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.79%, more than SCHR's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHR Schwab Intermediate-Term U.S. Treasury ETF | 3.92% | 3.85% | 3.77% | 3.16% | 2.02% | 1.00% | 1.62% | 2.31% | 2.11% | 1.65% | 1.45% | 1.56% |
SPIP SPDR Portfolio TIPS ETF | 4.79% | 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 SCHR have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPIP has higher volatility (1.19%) compared to SCHR (1.06%). In terms of maximum drawdown, SPIP dropped -15.39% vs SCHR's -16.11%.
On 10-year performance, SPIP leads with 2.49% vs 1.14% for SCHR. On fees, SCHR is cheaper at 0.05% per year. On volatility, SCHR has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPIP has performed better with a 2.49% return vs 1.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHR is cheaper with a 0.05% expense ratio, compared with 0.12% for SPIP.
SPIP has the higher dividend yield at 4.79%, compared with 3.92% for SCHR.
SPIP is categorized as Inflation-Protected Bonds, while SCHR is Government Bonds. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while SCHR tracks Bloomberg US Treasury 3-10 Year Index. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.12% for SPIP and 0.05% for SCHR.
SPIP currently has the higher Sharpe Ratio (0.96 vs 0.80), 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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