TIP vs. SPAXX
TIP (iShares TIPS Bond ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while SPAXX is a Money Market fund actively managed by Fidelity. TIP is passively managed, while SPAXX is actively managed. Over the past 5 years, TIP returned 0.91%/yr vs 1.45%/yr for SPAXX. At a 0.03 correlation, their price movements are largely independent. TIP charges 0.18%/yr vs 0.42%/yr for SPAXX.
Performance
TIP vs. SPAXX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TIP having a 1.40% return and SPAXX slightly lower at 1.37%.
TIP
- 1D
- 0.01%
- 1M
- -0.21%
- YTD
- 1.40%
- 6M
- 1.42%
- 1Y
- 4.61%
- 3Y*
- 4.00%
- 5Y*
- 0.91%
- 10Y*
- 2.53%
SPAXX
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 1.37%
- 6M
- 1.67%
- 1Y
- 3.66%
- 3Y*
- 2.42%
- 5Y*
- 1.45%
- 10Y*
- —
TIP vs. SPAXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 1.40% | 6.77% | 1.65% | 3.80% | -12.26% | 5.01% |
SPAXX Fidelity Government Money Market Fund | 1.37% | 3.96% | 1.54% | 0.41% | 0.00% | 0.00% |
Correlation
The correlation between TIP and SPAXX is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 25, 2021 | 0.03 |
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Return for Risk
TIP vs. SPAXX — Risk / Return Rank
TIP
SPAXX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TIP vs. SPAXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) and Fidelity Government Money Market Fund (SPAXX). 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.
| TIP | SPAXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.24 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | — | — |
| Martin ratioReturn relative to average drawdown | 7.00 | — | — |
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Drawdowns
TIP vs. SPAXX - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for TIP and SPAXX.
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Drawdown Indicators
| TIP | SPAXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | 0.00% | -14.57% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | 0.00% | -1.98% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | 0.00% | -4.54% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | 0.00% | -14.51% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | — | — |
Current DrawdownCurrent decline from peak | -0.46% | 0.00% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -3.43% | 0.00% | -3.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.00% | +0.66% |
Volatility
TIP vs. SPAXX - Volatility Comparison
iShares TIPS Bond ETF (TIP) has a higher volatility of 1.03% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that TIP's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TIP | SPAXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 0.28% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 0.66% | +1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.39% | 1.03% | +2.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 0.69% | +5.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 0.69% | +5.05% |
TIP vs. SPAXX - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is lower than SPAXX's 0.42% expense ratio.
Dividends
TIP vs. SPAXX - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 3.76%, more than SPAXX's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPAXX Fidelity Government Money Market Fund | 3.59% | 3.88% | 1.53% | 0.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
TIP and SPAXX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TIP has higher volatility (1.03%) compared to SPAXX (0.28%). In terms of maximum drawdown, TIP dropped -14.57% vs SPAXX's 0.00%.
SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.37), 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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