SPIP vs. VSS
SPIP (SPDR Portfolio TIPS ETF) and VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while VSS is a Foreign Small & Mid Cap Equities fund tracking the FTSE Global Small Cap ex US Index. Both are passively managed. Over the past 10 years, SPIP returned 2.57%/yr vs 8.49%/yr for VSS. At a 0.00 correlation, their price movements are largely independent. SPIP charges 0.12%/yr vs 0.07%/yr for VSS.
Performance
SPIP vs. VSS - 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 VSS's 10.04% return. Over the past 10 years, SPIP has underperformed VSS with an annualized return of 2.57%, while VSS has yielded a comparatively higher 8.49% 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%
VSS
- 1D
- 0.50%
- 1M
- 0.08%
- YTD
- 10.04%
- 6M
- 12.05%
- 1Y
- 24.95%
- 3Y*
- 15.73%
- 5Y*
- 5.58%
- 10Y*
- 8.49%
SPIP vs. VSS - 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% |
VSS Vanguard FTSE All-World ex-US Small-Cap ETF | 10.04% | 29.61% | 2.94% | 15.52% | -21.48% | 13.05% | 11.81% | 21.36% | -18.48% | 30.61% |
Correlation
The correlation between SPIP and VSS is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2009 | 0.00 |
Over the past year, SPIP and VSS have become more correlated (0.33) than their long-term average of 0.00, meaning their price movements have been converging.
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Return for Risk
SPIP vs. VSS — Risk / Return Rank
SPIP
VSS
SPIP vs. VSS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Vanguard FTSE All-World ex-US Small-Cap ETF (VSS). 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 | VSS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.28 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 2.03 | +0.19 |
| Martin ratioReturn relative to average drawdown | 6.47 | 7.61 | -1.14 |
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Drawdowns
SPIP vs. VSS - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum VSS drawdown of -43.51%. Use the drawdown chart below to compare losses from any high point for SPIP and VSS.
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Drawdown Indicators
| SPIP | VSS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -43.51% | +28.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -11.62% | +9.58% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -15.73% | +10.97% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | -33.93% | +18.54% |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | -43.51% | +28.12% |
Current DrawdownCurrent decline from peak | -1.25% | -3.05% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -9.63% | +5.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 3.09% | -2.39% |
Volatility
SPIP vs. VSS - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 1.02%, while Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) has a volatility of 6.52%. This indicates that SPIP experiences smaller price fluctuations and is considered to be less risky than VSS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIP | VSS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 6.52% | -5.50% |
Volatility (6M)Calculated over the trailing 6-month period | 2.58% | 13.55% | -10.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 15.60% | -12.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.57% | 16.59% | -10.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 17.30% | -11.29% |
SPIP vs. VSS - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is higher than VSS's 0.07% 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. VSS - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.76%, more than VSS's 3.08% 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% |
VSS Vanguard FTSE All-World ex-US Small-Cap ETF | 3.08% | 3.39% | 3.44% | 3.14% | 2.30% | 2.74% | 1.90% | 3.25% | 2.80% | 2.83% | 2.93% | 2.66% |
Frequently Asked Questions
SPIP and VSS have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VSS has higher volatility (6.52%) compared to SPIP (1.02%). In terms of maximum drawdown, SPIP dropped -15.39% vs VSS's -43.51%.
On 10-year performance, VSS leads with 8.49% vs 2.57% for SPIP. On fees, VSS is cheaper at 0.07% 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, VSS has performed better with a 8.49% return vs 2.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VSS is cheaper with a 0.07% expense ratio, compared with 0.12% for SPIP.
SPIP has the higher dividend yield at 4.76%, compared with 3.08% for VSS.
SPIP is categorized as Inflation-Protected Bonds, while VSS is Foreign Small & Mid Cap Equities. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while VSS tracks FTSE Global Small Cap ex US Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.12% for SPIP and 0.07% for VSS.
VSS currently has the higher Sharpe Ratio (1.51 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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