SPIP vs. VCLAX

Last updated Jun 24, 2026

SPIP (SPDR Portfolio TIPS ETF) and VCLAX (Vanguard California Long-Term Tax-Exempt Fund Admiral Shares) are both funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while VCLAX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, SPIP returned 2.49%/yr vs 2.48%/yr for VCLAX. At a 0.39 correlation, their price movements are largely independent. SPIP charges 0.12%/yr vs 0.09%/yr for VCLAX.

Performance

SPIP vs. VCLAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPIP achieves a 0.72% return, which is significantly lower than VCLAX's 1.87% return. Both investments have delivered pretty close results over the past 10 years, with SPIP having a 2.49% annualized return and VCLAX not far behind at 2.48%.

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%

VCLAX

• 1D: -0.09%
• 1M: 1.90%
• YTD: 1.87%
• 6M: 2.36%
• 1Y: 8.03%
• 3Y*: 4.73%
• 5Y*: 1.44%
• 10Y*: 2.48%

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

SPIP vs. VCLAX - 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%
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares	1.87%	4.97%	2.77%	7.60%	-9.99%	1.50%	5.68%	8.91%	0.76%	6.93%

Correlation

The correlation between SPIP and VCLAX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since May 30, 2007	0.39

Return for Risk

SPIP vs. VCLAX — Risk / Return Rank

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

SPIP

SPIP Risk / Return Rank: 30
SPIP Sharpe Ratio Rank: 27
SPIP Sortino Ratio Rank: 26
SPIP Omega Ratio Rank: 26
SPIP Calmar Ratio Rank: 35
SPIP Martin Ratio Rank: 34

VCLAX

VCLAX Risk / Return Rank: 71
VCLAX Sharpe Ratio Rank: 87
VCLAX Sortino Ratio Rank: 91
VCLAX Omega Ratio Rank: 92
VCLAX Calmar Ratio Rank: 43
VCLAX Martin Ratio Rank: 42

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. VCLAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX). 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	VCLAX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	2.62	-1.66
Sortino ratio: Return per unit of downside risk	1.39	4.14	-2.76
Omega ratio: Gain probability vs. loss probability	1.17	1.65	-0.48
Calmar ratio: Return relative to maximum drawdown	1.70	2.38	-0.69
Martin ratio: Return relative to average drawdown	4.87	8.46	-3.59

SPIP vs. VCLAX - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 0.96, which is lower than the VCLAX Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of SPIP and VCLAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPIP vs. VCLAX - Drawdown Comparison

The maximum SPIP drawdown since its inception was -15.39%, roughly equal to the maximum VCLAX drawdown of -15.72%. Use the drawdown chart below to compare losses from any high point for SPIP and VCLAX.

Drawdown Indicators

	SPIP	VCLAX	Difference
Max Drawdown Largest peak-to-trough decline	-15.39%	-15.72%	+0.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-3.43%	+1.39%
Max Drawdown (3Y) Largest decline over 3 years	-4.76%	-6.55%	+1.79%
Max Drawdown (5Y) Largest decline over 5 years	-15.39%	-15.72%	+0.33%
Max Drawdown (10Y) Largest decline over 10 years	-15.39%	-15.72%	+0.33%
Current Drawdown Current decline from peak	-1.77%	-0.37%	-1.40%
Average Drawdown Average peak-to-trough decline	-4.09%	-2.18%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.96%	-0.25%

Volatility

SPIP vs. VCLAX - Volatility Comparison

SPDR Portfolio TIPS ETF (SPIP) has a higher volatility of 1.19% compared to Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) at 0.85%. This indicates that SPIP's price experiences larger fluctuations and is considered to be riskier than VCLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIP	VCLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	0.85%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	2.70%	2.40%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.61%	3.12%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.56%	4.57%	+1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	4.56%	+1.45%

SPIP vs. VCLAX - Expense Ratio Comparison

SPIP has a 0.12% expense ratio, which is higher than VCLAX's 0.09% 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. VCLAX - Dividend Comparison

SPIP's dividend yield for the trailing twelve months is around 4.79%, more than VCLAX's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares	3.59%	4.41%	3.95%	3.07%	2.74%	2.60%	3.28%	3.24%	3.41%	3.32%	3.56%	3.58%

Frequently Asked Questions

Can I hold both SPIP and VCLAX in my portfolio?

SPIP and VCLAX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPIP or VCLAX?

SPIP has higher volatility (1.19%) compared to VCLAX (0.85%). In terms of maximum drawdown, SPIP dropped -15.39% vs VCLAX's -15.72%.

Which has better risk-adjusted returns?

VCLAX currently has the higher Sharpe Ratio (2.62 vs 0.96), 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.