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SPIP vs. SCHR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPIP vs. SCHR

Last updated Jun 4, 2026

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 2.61%/yr vs 1.23%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and Schwab Intermediate-Term U.S. Treasury ETF (SCHR). 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 1.49% 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 2.61%, while SCHR has yielded a comparatively lower 1.23% annualized return.

SPIP

1D
-0.16%
1M
0.02%
YTD
1.49%
6M
1.02%
1Y
4.97%
3Y*
3.85%
5Y*
0.87%
10Y*
2.61%

SCHR

1D
-0.16%
1M
-0.15%
YTD
-0.43%
6M
-0.59%
1Y
3.55%
3Y*
3.41%
5Y*
0.05%
10Y*
1.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPIP vs. SCHR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPIP
SPDR Portfolio TIPS ETF		1.49%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 0.86, 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

0.86

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 6, 2010

0.75

The correlation between SPIP and SCHR shifts across timeframes, from 0.74 (10 years) to 0.86 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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SPDR Portfolio TIPS ETF

Schwab Intermediate-Term U.S. Treasury ETF

Often compared with SPIP:
SPIP vs. TIPSPIP vs. VTIPSPIP vs. SCHPSPIP vs. TIPXSPIP vs. FIPDXSPIP vs. TDTTSPIP vs. BKLN
Often compared with SCHR:
SCHR vs. VGITSCHR vs. BNDSCHR vs. SCHQSCHR vs. IEFSCHR vs. SCYBSCHR vs. SPTISCHR vs. SCHB

Return for Risk

SPIP vs. SCHR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPIP
SPIP Risk / Return Rank: 4141
Overall Rank
SPIP Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
SPIP Sortino Ratio Rank: 3939
Sortino Ratio Rank
SPIP Omega Ratio Rank: 3737
Omega Ratio Rank
SPIP Calmar Ratio Rank: 4949
Calmar Ratio Rank
SPIP Martin Ratio Rank: 4444
Martin Ratio Rank
SCHR
SCHR Risk / Return Rank: 2727
Overall Rank
SCHR Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
SCHR Sortino Ratio Rank: 2828
Sortino Ratio Rank
SCHR Omega Ratio Rank: 2626
Omega Ratio Rank
SCHR Calmar Ratio Rank: 2626
Calmar Ratio Rank
SCHR Martin Ratio Rank: 2727
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. 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.

SPIPSCHRDifference

Sharpe ratio

Return per unit of total volatility

1.40

1.04

+0.36

Sortino ratio

Return per unit of downside risk

2.04

1.57

+0.47

Omega ratio

Gain probability vs. loss probability

1.25

1.18

+0.07

Calmar ratio

Return relative to maximum drawdown

2.44

1.27

+1.17

Martin ratio

Return relative to average drawdown

7.15

3.82

+3.33

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. SCHR - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 1.40, which is higher than the SCHR Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of SPIP and SCHR, 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

SPIPSCHRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.40

1.04

+0.36

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.13

0.01

+0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.28

+0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.44

+0.09

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

SPIPSCHRDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-1.02%

-2.37%

+1.35%

Average Drawdown

Average peak-to-trough decline

-4.10%

-3.64%

-0.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.70%

0.93%

-0.23%

Volatility

SPIP vs. SCHR - Volatility Comparison

The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 0.95%, while Schwab Intermediate-Term U.S. Treasury ETF (SCHR) has a volatility of 1.08%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky 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

SPIPSCHRDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.95%

1.08%

-0.13%

Volatility (6M)

Calculated over the trailing 6-month period

2.54%

2.35%

+0.19%

Volatility (1Y)

Calculated over the trailing 1-year period

3.57%

3.43%

+0.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.57%

5.38%

+1.19%

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 4.75%, more than SCHR's 3.92% yield.

PositionTTM20252024202320222021202020192018201720162015
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		4.75%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 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SCHR has higher volatility (1.08%) compared to SPIP (0.95%). In terms of maximum drawdown, SPIP dropped -15.39% vs SCHR's -16.11%.

On 10-year performance, SPIP leads with 2.61% vs 1.23% for SCHR. On fees, SCHR is cheaper at 0.05% per year. On volatility, SPIP has been the lower-risk option at 0.95%. 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 2.61% return vs 1.23%. 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 4.75%, 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 (1.40 vs 1.04), 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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