TIP vs. GTIP
TIP (iShares TIPS Bond ETF) and GTIP (Goldman Sachs Access Inflation Protected USD Bond ETF) are both Inflation-Protected Bonds funds - TIP tracks the ICE U.S. Treasury Inflation Linked Bond Index while GTIP tracks the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index. Both are passively managed. Over the past 5 years, TIP returned 0.97%/yr vs 1.09%/yr for GTIP. With a 0.98 correlation, they move nearly in lockstep. TIP charges 0.18%/yr vs 0.12%/yr for GTIP.
Performance
TIP vs. GTIP - Performance Comparison
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Returns By Period
In the year-to-date period, TIP achieves a 1.54% return, which is significantly lower than GTIP's 1.70% return.
TIP
- 1D
- -0.18%
- 1M
- -0.09%
- YTD
- 1.54%
- 6M
- 1.06%
- 1Y
- 4.96%
- 3Y*
- 3.88%
- 5Y*
- 0.97%
- 10Y*
- 2.57%
GTIP
- 1D
- -0.08%
- 1M
- 0.04%
- YTD
- 1.70%
- 6M
- 1.11%
- 1Y
- 5.10%
- 3Y*
- 4.01%
- 5Y*
- 1.09%
- 10Y*
- —
TIP vs. GTIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 1.54% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | 0.34% |
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF | 1.70% | 6.63% | 2.04% | 3.88% | -12.14% | 5.86% | 10.83% | 8.33% | 0.24% |
Correlation
The correlation between TIP and GTIP is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2018 | 0.98 |
The correlation between TIP and GTIP has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
TIP vs. GTIP — Risk / Return Rank
TIP
GTIP
TIP vs. GTIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) and Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP). 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.
| TIP | GTIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.28 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 2.54 | -0.02 |
| Martin ratioReturn relative to average drawdown | 7.57 | 8.00 | -0.43 |
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
| TIP | GTIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 1.53 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.18 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.56 | +0.01 |
Drawdowns
TIP vs. GTIP - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, roughly equal to the maximum GTIP drawdown of -14.31%. Use the drawdown chart below to compare losses from any high point for TIP and GTIP.
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Drawdown Indicators
| TIP | GTIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -14.31% | -0.26% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -2.02% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -4.47% | -0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -14.31% | -0.20% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | — | — |
Current DrawdownCurrent decline from peak | -0.32% | -0.17% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -4.24% | +0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.64% | +0.02% |
Volatility
TIP vs. GTIP - Volatility Comparison
The current volatility for iShares TIPS Bond ETF (TIP) is 0.89%, while Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) has a volatility of 0.97%. This indicates that TIP experiences smaller price fluctuations and is considered to be less risky than GTIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TIP | GTIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 0.97% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.29% | 2.32% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.41% | 3.34% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 6.07% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 6.01% | -0.27% |
TIP vs. GTIP - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is higher than GTIP's 0.12% 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
TIP vs. GTIP - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 3.76%, less than GTIP's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF | 4.69% | 4.58% | 3.52% | 2.77% | 6.47% | 3.82% | 1.04% | 2.34% | 0.66% | 0.00% | 0.00% | 0.00% |
TIP iShares TIPS Bond ETF | 3.76% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
With a correlation of 0.96, TIP and GTIP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GTIP has higher volatility (0.97%) compared to TIP (0.89%). In terms of maximum drawdown, TIP dropped -14.57% vs GTIP's -14.31%.
On 5-year performance, GTIP leads with 1.09% vs 0.97% for TIP. On fees, GTIP is cheaper at 0.12% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GTIP has performed better with a 1.09% return vs 0.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTIP is cheaper with a 0.12% expense ratio, compared with 0.18% for TIP.
GTIP has the higher dividend yield at 4.69%, compared with 3.76% for TIP.
TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while GTIP tracks FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.18% for TIP and 0.12% for GTIP.
GTIP currently has the higher Sharpe Ratio (1.53 vs 1.46), 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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