TIPZ vs. SPIP

Last updated Jun 3, 2026

TIPZ (PIMCO Broad US TIPS Index ETF) and SPIP (SPDR Portfolio TIPS ETF) are both Inflation-Protected Bonds funds - TIPZ tracks the ICE BofA US Inflation-Linked Treasury while SPIP tracks the Bloomberg Barclays US Government Inflation-linked Bond Index. Both are passively managed. Over the past 10 years, TIPZ returned 2.51%/yr vs 2.63%/yr for SPIP. Their correlation of 0.91 suggests significant overlap in exposure. TIPZ charges 0.20%/yr vs 0.12%/yr for SPIP.

Performance

TIPZ vs. SPIP - Performance Comparison

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

Returns By Period

In the year-to-date period, TIPZ achieves a 2.79% return, which is significantly higher than SPIP's 1.65% return. Both investments have delivered pretty close results over the past 10 years, with TIPZ having a 2.51% annualized return and SPIP not far ahead at 2.63%.

TIPZ

• 1D: 0.02%
• 1M: -0.03%
• YTD: 2.79%
• 6M: 1.43%
• 1Y: 5.19%
• 3Y*: 3.93%
• 5Y*: 0.92%
• 10Y*: 2.51%

SPIP

• 1D: -0.02%
• 1M: -0.02%
• YTD: 1.65%
• 6M: 1.38%
• 1Y: 5.09%
• 3Y*: 3.91%
• 5Y*: 1.01%
• 10Y*: 2.63%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TIPZ vs. SPIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TIPZ PIMCO Broad US TIPS Index ETF	2.79%	5.87%	1.52%	3.37%	-12.67%	5.48%	10.98%	8.64%	-1.65%	3.12%
SPIP SPDR Portfolio TIPS ETF	1.65%	6.78%	2.35%	2.98%	-12.84%	5.80%	11.41%	9.14%	-1.53%	3.16%

Correlation

The correlation between TIPZ and SPIP is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 10, 2009	0.91

The correlation between TIPZ and SPIP has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

TIPZ vs. SPIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TIPZ

TIPZ Risk / Return Rank: 39
TIPZ Sharpe Ratio Rank: 37
TIPZ Sortino Ratio Rank: 37
TIPZ Omega Ratio Rank: 37
TIPZ Calmar Ratio Rank: 44
TIPZ Martin Ratio Rank: 42

SPIP

SPIP Risk / Return Rank: 41
SPIP Sharpe Ratio Rank: 40
SPIP Sortino Ratio Rank: 40
SPIP Omega Ratio Rank: 39
SPIP Calmar Ratio Rank: 46
SPIP Martin Ratio Rank: 42

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.

TIPZ vs. SPIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Broad US TIPS Index ETF (TIPZ) 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.

	TIPZ	SPIP	Difference
Sharpe ratio Return per unit of total volatility	1.33	1.43	-0.10
Sortino ratio Return per unit of downside risk	1.96	2.09	-0.13
Omega ratio Gain probability vs. loss probability	1.25	1.26	-0.01
Calmar ratio Return relative to maximum drawdown	2.21	2.32	-0.11
Martin ratio Return relative to average drawdown	6.91	6.79	+0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIPZ vs. SPIP - Sharpe Ratio Comparison

The current TIPZ Sharpe Ratio is 1.33, which is comparable to the SPIP Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of TIPZ 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.

Sharpe Ratios by Period

	TIPZ	SPIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.43	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.15	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.44	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.53	0.00

Drawdowns

TIPZ vs. SPIP - Drawdown Comparison

The maximum TIPZ drawdown since its inception was -15.77%, roughly equal to the maximum SPIP drawdown of -15.39%. Use the drawdown chart below to compare losses from any high point for TIPZ and SPIP.

Drawdown Indicators

	TIPZ	SPIP	Difference
Max Drawdown Largest peak-to-trough decline	-15.77%	-15.39%	-0.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-2.04%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	-4.76%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	-15.39%	-0.38%
Max Drawdown (10Y) Largest decline over 10 years	-15.77%	-15.39%	-0.38%
Current Drawdown Current decline from peak	-1.24%	-0.87%	-0.37%
Average Drawdown Average peak-to-trough decline	-4.33%	-4.10%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.70%	0.00%

Volatility

TIPZ vs. SPIP - Volatility Comparison

PIMCO Broad US TIPS Index ETF (TIPZ) and SPDR Portfolio TIPS ETF (SPIP) have volatilities of 0.97% and 0.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIPZ	SPIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	0.95%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	2.57%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	3.59%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.37%	6.58%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	6.01%	-0.17%

TIPZ vs. SPIP - Expense Ratio Comparison

TIPZ has a 0.20% 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

TIPZ vs. SPIP - Dividend Comparison

TIPZ's dividend yield for the trailing twelve months is around 5.10%, more than SPIP's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TIPZ PIMCO Broad US TIPS Index ETF	5.10%	4.74%	4.44%	4.69%	7.14%	4.41%	1.47%	1.65%	2.23%	1.70%	1.06%	0.56%

Frequently Asked Questions

Can I hold both TIPZ and SPIP in my portfolio?

With a correlation of 0.93, TIPZ 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.

Which is riskier, TIPZ or SPIP?

TIPZ has higher volatility (0.97%) compared to SPIP (0.95%). In terms of maximum drawdown, TIPZ dropped -15.77% vs SPIP's -15.39%.

Which ETF is better, TIPZ or SPIP?

On 10-year performance, SPIP leads with 2.63% vs 2.51% for TIPZ. 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.

Which ETF has performed better, TIPZ or SPIP?

Over the 10-year period, SPIP has performed better with a 2.63% return vs 2.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIPZ or SPIP?

SPIP is cheaper with a 0.12% expense ratio, compared with 0.20% for TIPZ.

Which ETF pays a higher dividend yield, TIPZ or SPIP?

TIPZ has the higher dividend yield at 5.10%, compared with 4.75% for SPIP.

What is the main difference between TIPZ and SPIP?

TIPZ tracks ICE BofA US Inflation-Linked Treasury, while SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index. They also come from different issuers: PIMCO and State Street. Their fees differ too: 0.20% for TIPZ and 0.12% for SPIP.

Which has better risk-adjusted returns?

SPIP currently has the higher Sharpe Ratio (1.43 vs 1.33), 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.