SPIP vs. VCLAX
Compare and contrast key facts about SPDR Portfolio TIPS ETF (SPIP) and Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX).
SPIP is a passively managed fund by State Street that tracks the performance of the Bloomberg Barclays US Government Inflation-linked Bond Index. It was launched on May 25, 2007. VCLAX is managed by Vanguard. It was launched on Nov 12, 2001.
Performance
SPIP vs. VCLAX - Performance Comparison
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SPIP vs. VCLAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 0.27% | 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 | -0.99% | 4.97% | 2.77% | 7.60% | -9.99% | 1.50% | 5.68% | 8.91% | 0.76% | 6.93% |
Returns By Period
In the year-to-date period, SPIP achieves a 0.27% return, which is significantly higher than VCLAX's -0.99% return. Both investments have delivered pretty close results over the past 10 years, with SPIP having a 2.53% annualized return and VCLAX not far behind at 2.49%.
SPIP
- 1D
- -0.06%
- 1M
- -1.48%
- YTD
- 0.27%
- 6M
- 0.20%
- 1Y
- 2.65%
- 3Y*
- 2.91%
- 5Y*
- 1.15%
- 10Y*
- 2.53%
VCLAX
- 1D
- 0.27%
- 1M
- -3.17%
- YTD
- -0.99%
- 6M
- 0.88%
- 1Y
- 4.08%
- 3Y*
- 3.71%
- 5Y*
- 1.18%
- 10Y*
- 2.49%
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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%.
Return for Risk
SPIP vs. VCLAX — Risk / Return Rank
SPIP
VCLAX
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.
| SPIP | VCLAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.61 | 0.90 | -0.30 |
Sortino ratioReturn per unit of downside risk | 0.83 | 1.22 | -0.39 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.24 | -0.13 |
Calmar ratioReturn relative to maximum drawdown | 1.05 | 0.98 | +0.07 |
Martin ratioReturn relative to average drawdown | 3.04 | 3.00 | +0.04 |
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 | VCLAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.61 | 0.90 | -0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.26 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.55 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.92 | -0.40 |
Correlation
The correlation between SPIP and VCLAX is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
SPIP vs. VCLAX - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.05%, more than VCLAX's 3.63% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 4.05% | 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 | 3.63% | 4.41% | 3.95% | 3.07% | 2.74% | 2.60% | 3.28% | 3.24% | 3.41% | 3.32% | 3.56% | 3.58% |
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.
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Drawdown Indicators
| SPIP | VCLAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -15.72% | +0.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -5.34% | +2.42% |
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 DrawdownCurrent decline from peak | -2.21% | -3.17% | +0.96% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -2.19% | -1.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 1.75% | -0.74% |
Volatility
SPIP vs. VCLAX - Volatility Comparison
SPDR Portfolio TIPS ETF (SPIP) has a higher volatility of 1.75% compared to Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) at 1.26%. 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.
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Volatility by Period
| SPIP | VCLAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 1.26% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 2.55% | 1.96% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.39% | 5.44% | -1.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.59% | 4.52% | +2.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.03% | 4.54% | +1.49% |