SPIP vs. VCLAX
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 actively managed by Vanguard. SPIP is passively managed, while VCLAX is actively managed. Over the past 10 years, SPIP returned 2.40%/yr vs 2.33%/yr for VCLAX. Their 0.39 correlation means their historical movements had little consistent relationship. SPIP charges 0.12%/yr vs 0.09%/yr for VCLAX.
Performance
SPIP vs. VCLAX - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 0.37% return, which is significantly lower than VCLAX's 0.41% return. Both investments have delivered pretty close results over the past 10 years, with SPIP having a 2.40% annualized return and VCLAX not far behind at 2.33%.
SPIP
- 1D
- -0.12%
- 1M
- -0.83%
- 6M
- -0.09%
- YTD
- 0.37%
- 1Y
- 1.69%
- 3Y*
- 3.64%
- 5Y*
- 0.00%
- 10Y*
- 2.40%
- ALL TIME*
- 3.46%
VCLAX
- 1D
- -0.26%
- 1M
- -2.25%
- 6M
- -0.23%
- YTD
- 0.41%
- 1Y
- 6.21%
- 3Y*
- 4.05%
- 5Y*
- 0.92%
- 10Y*
- 2.33%
- ALL TIME*
- 3.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.63M | $7.75M | $10.32M | |
| $0.00 | $0.00 | $0.00 |
SPIP vs. VCLAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 0.37% | 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 | 0.41% | 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 0.48, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.48 |
Correlation (3Y) Balances recent behavior with more history. | 0.48 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.39 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.40 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.39 |
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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.
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 ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.53 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 2.11 | -0.97 |
| Martin ratioReturn relative to average drawdown | 3.02 | 7.23 | -4.22 |
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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 | -2.04% | -3.43% | +1.39% |
Max Drawdown (3Y)Largest decline over 3 years | -3.88% | -5.61% | +1.73% |
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 | -2.11% | -2.25% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -4.08% | -2.17% | -1.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 1.00% | -0.23% |
Volatility
SPIP vs. VCLAX - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 0.72%, while Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) has a volatility of 1.06%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky 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 | 0.72% | 1.06% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | 2.61% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 3.25% | +0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.55% | 4.60% | +1.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.00% | 4.56% | +1.44% |
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 5.47%, more than VCLAX's 3.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 5.17% | 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 | 3.37% | 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
SPIP and VCLAX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCLAX has higher volatility (1.06%) compared to SPIP (0.72%). In terms of maximum drawdown, SPIP dropped -15.39% vs VCLAX's -15.72%.
VCLAX currently has the higher Sharpe Ratio (2.23 vs 0.66), 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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