TIP vs. WIP
TIP (iShares TIPS Bond ETF) and WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) are both Inflation-Protected Bonds funds - TIP tracks the ICE U.S. Treasury Inflation Linked Bond Index while WIP tracks the FTSE International Inflation-Linked Securities Select (USD). Both are passively managed. Over the past 10 years, TIP returned 2.57%/yr vs 1.61%/yr for WIP. At a 0.33 correlation, their price movements are largely independent. TIP charges 0.18%/yr vs 0.50%/yr for WIP.
Performance
TIP vs. WIP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TIP achieves a 1.54% return, which is significantly lower than WIP's 4.31% return. Over the past 10 years, TIP has outperformed WIP with an annualized return of 2.57%, while WIP has yielded a comparatively lower 1.61% annualized 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%
WIP
- 1D
- -0.72%
- 1M
- 0.70%
- YTD
- 4.31%
- 6M
- 4.96%
- 1Y
- 10.26%
- 3Y*
- 5.08%
- 5Y*
- -0.70%
- 10Y*
- 1.61%
TIP vs. WIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.31% | 15.18% | -8.71% | 8.84% | -15.54% | -4.15% | 8.37% | 8.62% | -5.97% | 12.73% |
Correlation
The correlation between TIP and WIP is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2008 | 0.33 |
The correlation between TIP and WIP shifts across timeframes, from 0.33 (all time) to 0.49 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TIP vs. WIP — Risk / Return Rank
TIP
WIP
TIP vs. WIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) and SPDR FTSE International Government Inflation-Protected Bond ETF (WIP). 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 | WIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.20 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 2.00 | +0.53 |
| Martin ratioReturn relative to average drawdown | 7.57 | 5.98 | +1.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TIP | WIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 1.18 | +0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | -0.06 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.16 | +0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.12 | +0.45 |
Drawdowns
TIP vs. WIP - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum WIP drawdown of -29.60%. Use the drawdown chart below to compare losses from any high point for TIP and WIP.
Loading charts...
Drawdown Indicators
| TIP | WIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -29.60% | +15.03% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -5.16% | +3.18% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -11.16% | +6.62% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -28.84% | +14.33% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | -28.84% | +14.33% |
Current DrawdownCurrent decline from peak | -0.32% | -3.87% | +3.55% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -8.58% | +5.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 1.72% | -1.06% |
Volatility
TIP vs. WIP - Volatility Comparison
The current volatility for iShares TIPS Bond ETF (TIP) is 0.89%, while SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a volatility of 2.95%. This indicates that TIP experiences smaller price fluctuations and is considered to be less risky than WIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TIP | WIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 2.95% | -2.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.29% | 6.89% | -4.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.41% | 8.72% | -5.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 11.45% | -5.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 10.16% | -4.42% |
TIP vs. WIP - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is lower than WIP's 0.50% expense ratio.
Dividends
TIP vs. WIP - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 3.76%, less than WIP's 5.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 5.79% | 5.51% | 6.06% | 6.54% | 11.15% | 4.63% | 1.59% | 2.49% | 4.05% | 1.91% | 1.27% | 1.14% |
Frequently Asked Questions
TIP and WIP have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WIP has higher volatility (2.95%) compared to TIP (0.89%). In terms of maximum drawdown, TIP dropped -14.57% vs WIP's -29.60%.
On 10-year performance, TIP leads with 2.57% vs 1.61% for WIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TIP has performed better with a 2.57% return vs 1.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 0.50% for WIP.
WIP has the higher dividend yield at 5.79%, compared with 3.76% for TIP.
TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while WIP tracks FTSE International Inflation-Linked Securities Select (USD). They also come from different issuers: iShares and State Street. Their fees differ too: 0.18% for TIP and 0.50% for WIP.
TIP currently has the higher Sharpe Ratio (1.46 vs 1.18), 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.
Find the right allocation for TIP and WIP
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