SPIP vs. VEA
SPIP (SPDR Portfolio TIPS ETF) and VEA (Vanguard FTSE Developed Markets ETF) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while VEA is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index. Both are passively managed. Over the past 10 years, SPIP returned 2.57%/yr vs 10.72%/yr for VEA. At a correlation of -0.06, they often move in opposite directions. SPIP charges 0.12%/yr vs 0.03%/yr for VEA.
Performance
SPIP vs. VEA - 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 VEA's 14.73% return. Over the past 10 years, SPIP has underperformed VEA with an annualized return of 2.57%, while VEA has yielded a comparatively higher 10.72% 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%
VEA
- 1D
- 0.34%
- 1M
- 3.58%
- YTD
- 14.73%
- 6M
- 16.65%
- 1Y
- 31.41%
- 3Y*
- 19.03%
- 5Y*
- 9.51%
- 10Y*
- 10.72%
SPIP vs. VEA - 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% |
VEA Vanguard FTSE Developed Markets ETF | 14.73% | 35.16% | 3.15% | 17.93% | -15.34% | 11.66% | 9.71% | 22.62% | -14.75% | 26.42% |
Correlation
The correlation between SPIP and VEA is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2007 | -0.06 |
The correlation between SPIP and VEA shifts across timeframes, from -0.06 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPIP vs. VEA — Risk / Return Rank
SPIP
VEA
SPIP vs. VEA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Vanguard FTSE Developed Markets ETF (VEA). 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 | VEA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.33 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 2.58 | -0.35 |
| Martin ratioReturn relative to average drawdown | 6.47 | 9.92 | -3.45 |
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Drawdowns
SPIP vs. VEA - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum VEA drawdown of -60.68%. Use the drawdown chart below to compare losses from any high point for SPIP and VEA.
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Drawdown Indicators
| SPIP | VEA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -60.68% | +45.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -11.63% | +9.59% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -13.45% | +8.69% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | -29.71% | +14.32% |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | -35.73% | +20.34% |
Current DrawdownCurrent decline from peak | -1.25% | -1.06% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -13.28% | +9.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 3.02% | -2.32% |
Volatility
SPIP vs. VEA - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 1.02%, while Vanguard FTSE Developed Markets ETF (VEA) has a volatility of 6.84%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than VEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIP | VEA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 6.84% | -5.82% |
Volatility (6M)Calculated over the trailing 6-month period | 2.58% | 14.38% | -11.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 16.58% | -13.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.57% | 16.72% | -10.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 17.40% | -11.39% |
SPIP vs. VEA - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is higher than VEA's 0.03% 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. VEA - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.76%, more than VEA's 2.62% 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% |
VEA Vanguard FTSE Developed Markets ETF | 2.62% | 3.22% | 3.35% | 3.15% | 2.91% | 3.16% | 2.04% | 3.04% | 3.35% | 2.77% | 3.05% | 2.92% |
Frequently Asked Questions
SPIP and VEA have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VEA has higher volatility (6.84%) compared to SPIP (1.02%). In terms of maximum drawdown, SPIP dropped -15.39% vs VEA's -60.68%.
On 10-year performance, VEA leads with 10.72% vs 2.57% for SPIP. On fees, VEA is cheaper at 0.03% 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, VEA has performed better with a 10.72% return vs 2.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VEA is cheaper with a 0.03% expense ratio, compared with 0.12% for SPIP.
SPIP has the higher dividend yield at 4.76%, compared with 2.62% for VEA.
SPIP is categorized as Inflation-Protected Bonds, while VEA is Foreign Large Cap Equities. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while VEA tracks FTSE Developed All Cap ex US Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.12% for SPIP and 0.03% for VEA.
VEA currently has the higher Sharpe Ratio (1.81 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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