SPIP vs. VTIP

Last updated Jun 3, 2026

SPIP (SPDR Portfolio TIPS ETF) and VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) are both Inflation-Protected Bonds funds - SPIP tracks the Bloomberg Barclays US Government Inflation-linked Bond Index while VTIP tracks the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. Both are passively managed. Over the past 10 years, SPIP returned 2.63%/yr vs 3.14%/yr for VTIP. A 0.73 correlation means they provide meaningful diversification when combined. SPIP charges 0.12%/yr vs 0.03%/yr for VTIP.

Performance

SPIP vs. VTIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio TIPS ETF (SPIP) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPIP achieves a 1.65% return, which is significantly lower than VTIP's 2.05% return. Over the past 10 years, SPIP has underperformed VTIP with an annualized return of 2.63%, while VTIP has yielded a comparatively higher 3.14% annualized return.

SPIP

• 1D: -0.02%
• 1M: -0.02%
• YTD: 1.65%
• 6M: 1.38%
• 1Y: 5.09%
• 3Y*: 3.91%
• 5Y*: 1.01%
• 10Y*: 2.63%

VTIP

• 1D: 0.02%
• 1M: 0.04%
• YTD: 2.05%
• 6M: 2.11%
• 1Y: 4.63%
• 3Y*: 5.26%
• 5Y*: 3.39%
• 10Y*: 3.14%

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

SPIP vs. VTIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPIP SPDR Portfolio TIPS ETF	1.65%	6.78%	2.35%	2.98%	-12.84%	5.80%	11.41%	9.14%	-1.53%	3.16%
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	2.05%	6.07%	4.74%	4.62%	-2.94%	5.36%	4.95%	4.86%	0.56%	0.82%

Correlation

The correlation between SPIP and VTIP is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Oct 17, 2012	0.73

The correlation between SPIP and VTIP has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

Return for Risk

SPIP vs. VTIP — Risk / Return Rank

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

SPIP

SPIP Risk / Return Rank: 41
SPIP Sharpe Ratio Rank: 40
SPIP Sortino Ratio Rank: 40
SPIP Omega Ratio Rank: 39
SPIP Calmar Ratio Rank: 46
SPIP Martin Ratio Rank: 42

VTIP

VTIP Risk / Return Rank: 93
VTIP Sharpe Ratio Rank: 90
VTIP Sortino Ratio Rank: 95
VTIP Omega Ratio Rank: 93
VTIP Calmar Ratio Rank: 93
VTIP Martin Ratio Rank: 93

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. VTIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). 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	VTIP	Difference
Sharpe ratio Return per unit of total volatility	1.43	3.10	-1.67
Sortino ratio Return per unit of downside risk	2.09	5.28	-3.18
Omega ratio Gain probability vs. loss probability	1.26	1.65	-0.39
Calmar ratio Return relative to maximum drawdown	2.32	6.54	-4.23
Martin ratio Return relative to average drawdown	6.79	25.31	-18.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPIP vs. VTIP - Sharpe Ratio Comparison

The current SPIP Sharpe Ratio is 1.43, which is lower than the VTIP Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of SPIP and VTIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPIP	VTIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	3.10	-1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	1.23	-1.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	1.15	-0.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.89	-0.36

Drawdowns

SPIP vs. VTIP - Drawdown Comparison

The maximum SPIP drawdown since its inception was -15.39%, which is greater than VTIP's maximum drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for SPIP and VTIP.

Drawdown Indicators

	SPIP	VTIP	Difference
Max Drawdown Largest peak-to-trough decline	-15.39%	-6.27%	-9.12%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-0.70%	-1.34%
Max Drawdown (3Y) Largest decline over 3 years	-4.76%	-0.98%	-3.78%
Max Drawdown (5Y) Largest decline over 5 years	-15.39%	-5.50%	-9.89%
Max Drawdown (10Y) Largest decline over 10 years	-15.39%	-6.27%	-9.12%
Current Drawdown Current decline from peak	-0.87%	-0.02%	-0.85%
Average Drawdown Average peak-to-trough decline	-4.10%	-1.04%	-3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.18%	+0.52%

Volatility

SPIP vs. VTIP - Volatility Comparison

SPDR Portfolio TIPS ETF (SPIP) has a higher volatility of 0.95% compared to Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) at 0.43%. This indicates that SPIP's price experiences larger fluctuations and is considered to be riskier than VTIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIP	VTIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.43%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	1.03%	+1.54%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	1.50%	+2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.58%	2.78%	+3.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	2.74%	+3.27%

SPIP vs. VTIP - Expense Ratio Comparison

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

SPIP's dividend yield for the trailing twelve months is around 4.75%, more than VTIP's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPIP SPDR Portfolio TIPS ETF	4.75%	4.09%	3.36%	3.70%	7.05%	4.53%	1.97%	2.91%	2.80%	3.02%	1.88%	0.14%
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	3.58%	3.81%	2.70%	2.86%	6.84%	4.68%	1.20%	1.95%	2.45%	1.52%	0.76%	0.00%

Frequently Asked Questions

Can I hold both SPIP and VTIP in my portfolio?

SPIP and VTIP have a correlation of 0.72, 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 VTIP?

SPIP has higher volatility (0.95%) compared to VTIP (0.43%). In terms of maximum drawdown, SPIP dropped -15.39% vs VTIP's -6.27%.

Which ETF is better, SPIP or VTIP?

On 10-year performance, VTIP leads with 3.14% vs 2.63% for SPIP. On fees, VTIP is cheaper at 0.03% per year. On volatility, VTIP has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPIP or VTIP?

Over the 10-year period, VTIP has performed better with a 3.14% return vs 2.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIP or VTIP?

VTIP is cheaper with a 0.03% expense ratio, compared with 0.12% for SPIP.

Which ETF pays a higher dividend yield, SPIP or VTIP?

SPIP has the higher dividend yield at 4.75%, compared with 3.58% for VTIP.

What is the main difference between SPIP and VTIP?

SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while VTIP tracks Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.12% for SPIP and 0.03% for VTIP.

Which has better risk-adjusted returns?

VTIP currently has the higher Sharpe Ratio (3.10 vs 1.43), 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.