SPIP vs. USRT
SPIP (SPDR Portfolio TIPS ETF) and USRT (iShares Core U.S. REIT ETF) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while USRT is a REIT fund tracking the FTSE Nareit Equity REITS 40 Act Capped Index. Both are passively managed. Over the past 10 years, SPIP returned 2.57%/yr vs 6.67%/yr for USRT. At a 0.03 correlation, their price movements are largely independent. SPIP charges 0.12%/yr vs 0.08%/yr for USRT.
Performance
SPIP vs. USRT - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 1.26% return, which is significantly lower than USRT's 17.79% return. Over the past 10 years, SPIP has underperformed USRT with an annualized return of 2.57%, while USRT has yielded a comparatively higher 6.67% annualized return.
SPIP
- 1D
- -0.08%
- 1M
- 0.28%
- YTD
- 1.26%
- 6M
- 1.35%
- 1Y
- 4.68%
- 3Y*
- 3.94%
- 5Y*
- 0.79%
- 10Y*
- 2.57%
USRT
- 1D
- 0.94%
- 1M
- 5.04%
- YTD
- 17.79%
- 6M
- 17.95%
- 1Y
- 20.35%
- 3Y*
- 12.69%
- 5Y*
- 5.06%
- 10Y*
- 6.67%
SPIP vs. USRT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 1.26% | 6.78% | 2.35% | 2.98% | -12.84% | 5.80% | 11.41% | 9.14% | -1.53% | 3.16% |
USRT iShares Core U.S. REIT ETF | 17.79% | 2.44% | 8.58% | 13.64% | -24.43% | 43.26% | -8.06% | 25.98% | -4.67% | 5.27% |
Correlation
The correlation between SPIP and USRT is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.03 |
Over the past year, SPIP and USRT have become more correlated (0.30) than their long-term average of 0.03, meaning their price movements have been converging.
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Return for Risk
SPIP vs. USRT — Risk / Return Rank
SPIP
USRT
SPIP vs. USRT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and iShares Core U.S. REIT ETF (USRT). 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 | USRT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 2.42 | -0.19 |
| Martin ratioReturn relative to average drawdown | 6.47 | 7.79 | -1.32 |
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Drawdowns
SPIP vs. USRT - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum USRT drawdown of -69.92%. Use the drawdown chart below to compare losses from any high point for SPIP and USRT.
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Drawdown Indicators
| SPIP | USRT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -69.92% | +54.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -8.04% | +6.00% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -18.70% | +13.94% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | -31.03% | +15.64% |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | -44.38% | +28.99% |
Current DrawdownCurrent decline from peak | -1.25% | 0.00% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -12.96% | +8.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 2.49% | -1.79% |
Volatility
SPIP vs. USRT - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 1.02%, while iShares Core U.S. REIT ETF (USRT) has a volatility of 4.71%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than USRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIP | USRT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 4.71% | -3.69% |
Volatility (6M)Calculated over the trailing 6-month period | 2.58% | 9.64% | -7.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 13.57% | -10.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.57% | 18.92% | -12.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 21.30% | -15.29% |
SPIP vs. USRT - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is higher than USRT's 0.08% 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. USRT - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.76%, more than USRT's 2.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 4.76% | 4.09% | 3.36% | 3.70% | 7.05% | 4.53% | 1.97% | 2.91% | 2.80% | 3.02% | 1.88% | 0.14% |
USRT iShares Core U.S. REIT ETF | 2.56% | 3.07% | 2.85% | 3.18% | 3.46% | 2.27% | 3.12% | 3.34% | 5.66% | 3.44% | 3.98% | 3.59% |
Frequently Asked Questions
SPIP and USRT have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USRT has higher volatility (4.71%) compared to SPIP (1.02%). In terms of maximum drawdown, SPIP dropped -15.39% vs USRT's -69.92%.
On 10-year performance, USRT leads with 6.67% vs 2.57% for SPIP. On fees, USRT is cheaper at 0.08% per year. On volatility, SPIP has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USRT has performed better with a 6.67% return vs 2.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USRT is cheaper with a 0.08% expense ratio, compared with 0.12% for SPIP.
SPIP has the higher dividend yield at 4.76%, compared with 2.56% for USRT.
SPIP is categorized as Inflation-Protected Bonds, while USRT is REIT. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while USRT tracks FTSE Nareit Equity REITS 40 Act Capped Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for SPIP and 0.08% for USRT.
USRT currently has the higher Sharpe Ratio (1.43 vs 1.27), 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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