TIPX vs. LTPZ
TIPX (SPDR Bloomberg Barclays 1-10 Year TIPS ETF) and LTPZ (PIMCO 15+ Year US TIPS Index ETF) are both Inflation-Protected Bonds funds - TIPX tracks the Bloomberg US Govt Inflation-Linked (1-10 Y) while LTPZ tracks the ICE BofA US Inflation-Linked Treasury (15+ Y). Both are passively managed. Over the past 10 years, TIPX returned 2.82%/yr vs 0.63%/yr for LTPZ. A 0.63 correlation means they provide meaningful diversification when combined. TIPX charges 0.15%/yr vs 0.20%/yr for LTPZ.
Performance
TIPX vs. LTPZ - Performance Comparison
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Returns By Period
In the year-to-date period, TIPX achieves a 0.86% return, which is significantly higher than LTPZ's 0.16% return. Over the past 10 years, TIPX has outperformed LTPZ with an annualized return of 2.82%, while LTPZ has yielded a comparatively lower 0.63% annualized return.
TIPX
- 1D
- -0.32%
- 1M
- -0.26%
- YTD
- 0.86%
- 6M
- 1.02%
- 1Y
- 3.61%
- 3Y*
- 4.53%
- 5Y*
- 2.14%
- 10Y*
- 2.82%
LTPZ
- 1D
- -1.08%
- 1M
- 0.98%
- YTD
- 0.16%
- 6M
- 0.42%
- 1Y
- 3.04%
- 3Y*
- -1.54%
- 5Y*
- -5.63%
- 10Y*
- 0.63%
TIPX vs. LTPZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF | 0.86% | 7.15% | 3.08% | 4.43% | -7.58% | 5.42% | 8.51% | 6.60% | -0.32% | 2.54% |
LTPZ PIMCO 15+ Year US TIPS Index ETF | 0.16% | 4.00% | -4.80% | 0.96% | -31.71% | 7.02% | 24.89% | 17.47% | -7.22% | 9.07% |
Correlation
The correlation between TIPX and LTPZ is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since May 30, 2013 | 0.63 |
The correlation between TIPX and LTPZ shifts across timeframes, from 0.63 (all time) to 0.76 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TIPX vs. LTPZ — Risk / Return Rank
TIPX
LTPZ
TIPX vs. LTPZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) and PIMCO 15+ Year US TIPS Index ETF (LTPZ). 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.
| TIPX | LTPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.06 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 0.44 | +2.37 |
| Martin ratioReturn relative to average drawdown | 8.88 | 0.92 | +7.97 |
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Drawdowns
TIPX vs. LTPZ - Drawdown Comparison
The maximum TIPX drawdown since its inception was -10.06%, smaller than the maximum LTPZ drawdown of -40.99%. Use the drawdown chart below to compare losses from any high point for TIPX and LTPZ.
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Drawdown Indicators
| TIPX | LTPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.06% | -40.99% | +30.93% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -7.00% | +5.71% |
Max Drawdown (3Y)Largest decline over 3 years | -2.45% | -16.05% | +13.60% |
Max Drawdown (5Y)Largest decline over 5 years | -10.06% | -40.99% | +30.93% |
Max Drawdown (10Y)Largest decline over 10 years | -10.06% | -40.99% | +30.93% |
Current DrawdownCurrent decline from peak | -1.14% | -32.91% | +31.77% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -12.46% | +10.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 3.33% | -2.92% |
Volatility
TIPX vs. LTPZ - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) is 1.02%, while PIMCO 15+ Year US TIPS Index ETF (LTPZ) has a volatility of 2.52%. This indicates that TIPX experiences smaller price fluctuations and is considered to be less risky than LTPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TIPX | LTPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 2.52% | -1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 1.94% | 6.64% | -4.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 9.14% | -6.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.63% | 15.86% | -11.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.37% | 15.07% | -10.70% |
TIPX vs. LTPZ - Expense Ratio Comparison
TIPX has a 0.15% expense ratio, which is lower than LTPZ's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TIPX vs. LTPZ - Dividend Comparison
TIPX's dividend yield for the trailing twelve months is around 4.58%, less than LTPZ's 5.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year US TIPS Index ETF | 5.24% | 4.64% | 3.71% | 3.71% | 8.38% | 3.56% | 1.42% | 1.74% | 3.05% | 2.25% | 2.32% | 0.71% |
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF | 4.58% | 3.78% | 3.57% | 3.57% | 6.08% | 4.26% | 1.73% | 2.53% | 1.90% | 2.84% | 1.04% | 0.06% |
Frequently Asked Questions
TIPX and LTPZ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LTPZ has higher volatility (2.52%) compared to TIPX (1.02%). In terms of maximum drawdown, TIPX dropped -10.06% vs LTPZ's -40.99%.
On 10-year performance, TIPX leads with 2.82% vs 0.63% for LTPZ. On fees, TIPX is cheaper at 0.15% per year. On volatility, TIPX has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TIPX has performed better with a 2.82% return vs 0.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIPX is cheaper with a 0.15% expense ratio, compared with 0.20% for LTPZ.
LTPZ has the higher dividend yield at 5.24%, compared with 4.58% for TIPX.
TIPX tracks Bloomberg US Govt Inflation-Linked (1-10 Y), while LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y). They also come from different issuers: State Street and PIMCO. Their fees differ too: 0.15% for TIPX and 0.20% for LTPZ.
TIPX currently has the higher Sharpe Ratio (1.36 vs 0.33), 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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