SPIP vs. TIPZ

Last updated Jun 4, 2026

SPIP (SPDR Portfolio TIPS ETF) and TIPZ (PIMCO Broad US TIPS Index ETF) are both Inflation-Protected Bonds funds - SPIP tracks the Bloomberg Barclays US Government Inflation-linked Bond Index while TIPZ tracks the ICE BofA US Inflation-Linked Treasury. Both are passively managed. Over the past 10 years, SPIP returned 2.61%/yr vs 2.49%/yr for TIPZ. Their correlation of 0.91 suggests significant overlap in exposure. SPIP charges 0.12%/yr vs 0.20%/yr for TIPZ.

Performance

SPIP vs. TIPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and PIMCO Broad US TIPS Index ETF (TIPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPIP achieves a 1.49% return, which is significantly lower than TIPZ's 2.58% return. Both investments have delivered pretty close results over the past 10 years, with SPIP having a 2.61% annualized return and TIPZ not far behind at 2.49%.

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%

TIPZ

• 1D: -0.20%
• 1M: -0.01%
• YTD: 2.58%
• 6M: 1.00%
• 1Y: 5.12%
• 3Y*: 3.86%
• 5Y*: 0.77%
• 10Y*: 2.49%

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

SPIP vs. TIPZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
TIPZ PIMCO Broad US TIPS Index ETF	2.58%	5.87%	1.52%	3.37%	-12.67%	5.48%	10.98%	8.64%	-1.65%	3.12%

Correlation

The correlation between SPIP and TIPZ is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 10, 2009	0.91

The correlation between SPIP and TIPZ has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

SPIP vs. TIPZ — Risk / Return Rank

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

SPIP

SPIP Risk / Return Rank: 41
SPIP Sharpe Ratio Rank: 39
SPIP Sortino Ratio Rank: 39
SPIP Omega Ratio Rank: 37
SPIP Calmar Ratio Rank: 49
SPIP Martin Ratio Rank: 44

TIPZ

TIPZ Risk / Return Rank: 40
TIPZ Sharpe Ratio Rank: 36
TIPZ Sortino Ratio Rank: 37
TIPZ Omega Ratio Rank: 37
TIPZ Calmar Ratio Rank: 48
TIPZ Martin Ratio Rank: 45

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. TIPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and PIMCO Broad US TIPS Index ETF (TIPZ). 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	TIPZ	Difference
Sharpe ratio Return per unit of total volatility	1.40	1.31	+0.08
Sortino ratio Return per unit of downside risk	2.04	1.93	+0.11
Omega ratio Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio Return relative to maximum drawdown	2.44	2.36	+0.08
Martin ratio Return relative to average drawdown	7.15	7.37	-0.23
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. TIPZ - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 1.40, which is comparable to the TIPZ Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of SPIP and TIPZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPIP	TIPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	1.31	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.12	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.43	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.53	0.00

Drawdowns

SPIP vs. TIPZ - Drawdown Comparison

The maximum SPIP drawdown since its inception was -15.39%, roughly equal to the maximum TIPZ drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for SPIP and TIPZ.

Drawdown Indicators

	SPIP	TIPZ	Difference
Max Drawdown Largest peak-to-trough decline	-15.39%	-15.77%	+0.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-2.18%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-4.76%	-4.74%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-15.39%	-15.77%	+0.38%
Max Drawdown (10Y) Largest decline over 10 years	-15.39%	-15.77%	+0.38%
Current Drawdown Current decline from peak	-1.02%	-1.44%	+0.42%
Average Drawdown Average peak-to-trough decline	-4.10%	-4.33%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.70%	0.00%

Volatility

SPIP vs. TIPZ - Volatility Comparison

SPDR Portfolio TIPS ETF (SPIP) and PIMCO Broad US TIPS Index ETF (TIPZ) have volatilities of 0.95% and 0.96%, 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.

Volatility by Period

	SPIP	TIPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.96%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	2.88%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	3.57%	3.92%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.57%	6.37%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	5.84%	+0.17%

SPIP vs. TIPZ - Expense Ratio Comparison

SPIP has a 0.12% expense ratio, which is lower than TIPZ's 0.20% expense ratio. Despite the difference, 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. TIPZ - Dividend Comparison

SPIP's dividend yield for the trailing twelve months is around 4.75%, less than TIPZ's 5.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TIPZ PIMCO Broad US TIPS Index ETF	5.11%	4.74%	4.44%	4.69%	7.14%	4.41%	1.47%	1.65%	2.23%	1.70%	1.06%	0.56%

Frequently Asked Questions

Can I hold both SPIP and TIPZ in my portfolio?

With a correlation of 0.94, SPIP and TIPZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPIP or TIPZ?

TIPZ has higher volatility (0.96%) compared to SPIP (0.95%). In terms of maximum drawdown, SPIP dropped -15.39% vs TIPZ's -15.77%.

Which ETF is better, SPIP or TIPZ?

On 10-year performance, SPIP leads with 2.61% vs 2.49% for TIPZ. On fees, SPIP is cheaper at 0.12% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPIP or TIPZ?

Over the 10-year period, SPIP has performed better with a 2.61% return vs 2.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIP or TIPZ?

SPIP is cheaper with a 0.12% expense ratio, compared with 0.20% for TIPZ.

Which ETF pays a higher dividend yield, SPIP or TIPZ?

TIPZ has the higher dividend yield at 5.11%, compared with 4.75% for SPIP.

What is the main difference between SPIP and TIPZ?

SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while TIPZ tracks ICE BofA US Inflation-Linked Treasury. They also come from different issuers: State Street and PIMCO. Their fees differ too: 0.12% for SPIP and 0.20% for TIPZ.

Which has better risk-adjusted returns?

SPIP currently has the higher Sharpe Ratio (1.40 vs 1.31), 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.