SPIP vs. SCMB
SPIP (SPDR Portfolio TIPS ETF) and SCMB (Schwab Municipal Bond ETF) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while SCMB is a Municipal Bonds fund tracking the ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SPIP returned 3.64%/yr vs 3.23%/yr for SCMB. A 0.61 correlation means they provide meaningful diversification when combined. SPIP charges 0.12%/yr vs 0.03%/yr for SCMB.
Performance
SPIP vs. SCMB - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 0.90% return, which is significantly lower than SCMB's 1.03% 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%
SCMB
- 1D
- -0.04%
- 1M
- 0.25%
- YTD
- 1.03%
- 6M
- 1.39%
- 1Y
- 6.78%
- 3Y*
- 3.23%
- 5Y*
- —
- 10Y*
- —
SPIP vs. SCMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 0.90% | 6.78% | 2.35% | 2.98% | 1.34% |
SCMB Schwab Municipal Bond ETF | 1.03% | 3.78% | 0.91% | 5.86% | 3.05% |
Correlation
The correlation between SPIP and SCMB is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2022 | 0.61 |
The correlation between SPIP and SCMB shifts across timeframes, from 0.51 (1 year) to 0.62 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPIP vs. SCMB — Risk / Return Rank
SPIP
SCMB
SPIP vs. SCMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Schwab Municipal Bond ETF (SCMB). 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 | SCMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.50 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.33 | +0.01 |
| Martin ratioReturn relative to average drawdown | 6.86 | 7.75 | -0.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPIP | SCMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.35 | 2.34 | -0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.97 | -0.45 |
Drawdowns
SPIP vs. SCMB - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, which is greater than SCMB's maximum drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for SPIP and SCMB.
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Drawdown Indicators
| SPIP | SCMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -6.13% | -9.26% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -2.92% | +0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -5.57% | +0.81% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | — | — |
Current DrawdownCurrent decline from peak | -1.60% | -0.90% | -0.70% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -1.32% | -2.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.88% | -0.18% |
Volatility
SPIP vs. SCMB - Volatility Comparison
SPDR Portfolio TIPS ETF (SPIP) and Schwab Municipal Bond ETF (SCMB) have volatilities of 1.00% and 1.00%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIP | SCMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 1.00% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 2.17% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.56% | 2.91% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.57% | 4.16% | +2.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 4.16% | +1.85% |
SPIP vs. SCMB - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is higher than SCMB's 0.03% 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. SCMB - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.78%, more than SCMB's 3.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCMB Schwab Municipal Bond ETF | 3.54% | 3.36% | 3.34% | 3.10% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 SCMB have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCMB has higher volatility (1.00%) compared to SPIP (1.00%). In terms of maximum drawdown, SPIP dropped -15.39% vs SCMB's -6.13%.
On 3-year performance, SPIP leads with 3.64% vs 3.23% for SCMB. On fees, SCMB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPIP has performed better with a 3.64% return vs 3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCMB is cheaper with a 0.03% expense ratio, compared with 0.12% for SPIP.
SPIP has the higher dividend yield at 4.78%, compared with 3.54% for SCMB.
SPIP is categorized as Inflation-Protected Bonds, while SCMB is Municipal Bonds. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while SCMB tracks ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.12% for SPIP and 0.03% for SCMB.
SCMB currently has the higher Sharpe Ratio (2.34 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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