PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
TIP vs. SPIP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TIP vs. SPIP

Last updated Jun 4, 2026

TIP (iShares TIPS Bond ETF) and SPIP (SPDR Portfolio TIPS ETF) are both Inflation-Protected Bonds funds - TIP tracks the ICE U.S. Treasury Inflation Linked Bond Index while SPIP tracks the Bloomberg Barclays US Government Inflation-linked Bond Index. Both are passively managed. Over the past 10 years, TIP returned 2.57%/yr vs 2.61%/yr for SPIP. Their correlation of 0.94 suggests significant overlap in exposure. TIP charges 0.18%/yr vs 0.12%/yr for SPIP.

Performance

TIP vs. SPIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares TIPS Bond ETF (TIP) and SPDR Portfolio TIPS ETF (SPIP). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

The year-to-date returns for both stocks are quite close, with TIP having a 1.54% return and SPIP slightly lower at 1.49%. Both investments have delivered pretty close results over the past 10 years, with TIP having a 2.57% annualized return and SPIP not far ahead at 2.61%.

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%

SPIP

1D
-0.16%
1M
0.02%
YTD
1.49%
6M
1.02%
1Y
4.97%
3Y*
3.85%
5Y*
0.87%
10Y*
2.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TIP vs. SPIP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TIP
iShares TIPS Bond ETF		1.54%6.77%1.65%3.80%-12.26%5.68%10.84%8.35%-1.42%2.92%
SPIP
SPDR Portfolio TIPS ETF		1.49%6.78%2.35%2.98%-12.84%5.80%11.41%9.14%-1.53%3.16%

Correlation

The correlation between TIP and SPIP 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

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.95

Correlation (10Y)
Calculated over the trailing 10-year period

0.96

Correlation (All Time)
Calculated using the full available price history since May 31, 2007

0.94

The correlation between TIP and SPIP has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares TIPS Bond ETF

SPDR Portfolio TIPS ETF

Often compared with TIP:
TIP vs. SCHPTIP vs. VTIPTIP vs. SGOVTIP vs. STIPTIP vs. FIPDXTIP vs. BNDTIP vs. IEF
Often compared with SPIP:
SPIP vs. VTIPSPIP vs. SCHPSPIP vs. TIPXSPIP vs. FIPDXSPIP vs. TDTTSPIP vs. BKLNSPIP vs. VPL

Return for Risk

TIP vs. SPIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TIP
TIP Risk / Return Rank: 4444
Overall Rank
TIP Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
TIP Sortino Ratio Rank: 4444
Sortino Ratio Rank
TIP Omega Ratio Rank: 3939
Omega Ratio Rank
TIP Calmar Ratio Rank: 5050
Calmar Ratio Rank
TIP Martin Ratio Rank: 4545
Martin Ratio Rank
SPIP
SPIP Risk / Return Rank: 4141
Overall Rank
SPIP Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
SPIP Sortino Ratio Rank: 3939
Sortino Ratio Rank
SPIP Omega Ratio Rank: 3737
Omega Ratio Rank
SPIP Calmar Ratio Rank: 4949
Calmar Ratio Rank
SPIP Martin Ratio Rank: 4444
Martin Ratio Rank
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.

TIP vs. SPIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) and SPDR Portfolio TIPS ETF (SPIP). 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.

TIPSPIPDifference
Sharpe ratioReturn per unit of total volatility
1.46
1.40

+0.06

Sortino ratioReturn per unit of downside risk
2.24
2.04

+0.20

Omega ratioGain probability vs. loss probability

1.26

1.25

+0.01

Calmar ratioReturn relative to maximum drawdown

2.52

2.44

+0.08

Martin ratioReturn relative to average drawdown

7.57

7.15

+0.42

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIP vs. SPIP - Sharpe Ratio Comparison

The current TIP Sharpe Ratio is 1.46, which is comparable to the SPIP Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of TIP and SPIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

TIPSPIPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.46

1.40

+0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

0.13

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.44

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.53

+0.04

Drawdowns

TIP vs. SPIP - Drawdown Comparison

The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum SPIP drawdown of -15.39%. Use the drawdown chart below to compare losses from any high point for TIP and SPIP.

Loading charts...

Drawdown Indicators

TIPSPIPDifference

Max Drawdown

Largest peak-to-trough decline

-14.57%

-15.39%

+0.82%

Max Drawdown (1Y)

Largest decline over 1 year

-1.98%

-2.04%

+0.06%

Max Drawdown (3Y)

Largest decline over 3 years

-4.54%

-4.76%

+0.22%

Max Drawdown (5Y)

Largest decline over 5 years

-14.51%

-15.39%

+0.88%

Max Drawdown (10Y)

Largest decline over 10 years

-14.51%

-15.39%

+0.88%

Current Drawdown

Current decline from peak

-0.32%

-1.02%

+0.70%

Average Drawdown

Average peak-to-trough decline

-3.43%

-4.10%

+0.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.66%

0.70%

-0.04%

Volatility

TIP vs. SPIP - Volatility Comparison

The current volatility for iShares TIPS Bond ETF (TIP) is 0.89%, while SPDR Portfolio TIPS ETF (SPIP) has a volatility of 0.95%. This indicates that TIP experiences smaller price fluctuations and is considered to be less risky than SPIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

TIPSPIPDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.89%

0.95%

-0.06%

Volatility (6M)

Calculated over the trailing 6-month period

2.29%

2.54%

-0.25%

Volatility (1Y)

Calculated over the trailing 1-year period

3.41%

3.57%

-0.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.21%

6.57%

-0.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.74%

6.01%

-0.27%

TIP vs. SPIP - Expense Ratio Comparison

TIP has a 0.18% expense ratio, which is higher than SPIP'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. SPIP - Dividend Comparison

TIP's dividend yield for the trailing twelve months is around 3.76%, less than SPIP's 4.75% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
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 SPIP 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.

SPIP has higher volatility (0.95%) compared to TIP (0.89%). In terms of maximum drawdown, TIP dropped -14.57% vs SPIP's -15.39%.

On 10-year performance, SPIP leads with 2.61% vs 2.57% for TIP. On fees, SPIP 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 10-year period, SPIP has performed better with a 2.61% return vs 2.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPIP is cheaper with a 0.12% expense ratio, compared with 0.18% for TIP.

SPIP has the higher dividend yield at 4.75%, compared with 3.76% for TIP.

TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.18% for TIP and 0.12% for SPIP.

TIP currently has the higher Sharpe Ratio (1.46 vs 1.40), 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.

Portfolio Optimizer

Find the right allocation for TIP and SPIP

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer