TIPZ vs. SPIP

Last updated Apr 1, 2026

Compare and contrast key facts about PIMCO Broad US TIPS Index ETF (TIPZ) and SPDR Portfolio TIPS ETF (SPIP).

TIPZ and SPIP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TIPZ is a passively managed fund by PIMCO that tracks the performance of the ICE BofA US Inflation-Linked Treasury. It was launched on Sep 3, 2009. SPIP is a passively managed fund by State Street that tracks the performance of the Bloomberg Barclays US Government Inflation-linked Bond Index. It was launched on May 25, 2007. Both TIPZ and SPIP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

TIPZ vs. SPIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TIPZ PIMCO Broad US TIPS Index ETF	1.47%	5.87%	1.52%	3.37%	-12.67%	5.48%	10.98%	8.64%	-1.65%	3.12%
SPIP SPDR Portfolio TIPS ETF	0.27%	6.78%	2.35%	2.98%	-12.84%	5.80%	11.41%	9.14%	-1.53%	3.16%

Returns By Period

In the year-to-date period, TIPZ achieves a 1.47% return, which is significantly higher than SPIP's 0.27% return. Over the past 10 years, TIPZ has underperformed SPIP with an annualized return of 2.40%, while SPIP has yielded a comparatively higher 2.53% annualized return.

TIPZ

• 1D: 0.08%
• 1M: -1.41%
• YTD: 1.47%
• 6M: 0.35%
• 1Y: 2.98%
• 3Y*: 2.97%
• 5Y*: 1.07%
• 10Y*: 2.40%

SPIP

• 1D: -0.06%
• 1M: -1.48%
• YTD: 0.27%
• 6M: 0.20%
• 1Y: 2.65%
• 3Y*: 2.91%
• 5Y*: 1.15%
• 10Y*: 2.53%

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

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%.

TIPZ

PIMCO Broad US TIPS Index ETF

SPIP

SPDR Portfolio TIPS ETF

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: 37
TIPZ Sharpe Ratio Rank: 36
TIPZ Sortino Ratio Rank: 32
TIPZ Omega Ratio Rank: 31
TIPZ Calmar Ratio Rank: 48
TIPZ Martin Ratio Rank: 38

SPIP

SPIP Risk / Return Rank: 34
SPIP Sharpe Ratio Rank: 34
SPIP Sortino Ratio Rank: 30
SPIP Omega Ratio Rank: 29
SPIP Calmar Ratio Rank: 44
SPIP Martin Ratio Rank: 35

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	0.65	0.61	+0.04
Sortino ratio Return per unit of downside risk	0.90	0.83	+0.07
Omega ratio Gain probability vs. loss probability	1.12	1.11	+0.01
Calmar ratio Return relative to maximum drawdown	1.19	1.05	+0.14
Martin ratio Return relative to average drawdown	3.44	3.04	+0.40
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 0.65, which is comparable to the SPIP Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of TIPZ and SPIP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TIPZ	SPIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	0.61	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.18	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.42	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.52	0.00

Correlation

The correlation between TIPZ and SPIP is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TIPZ vs. SPIP - Dividend Comparison

TIPZ's dividend yield for the trailing twelve months is around 4.44%, more than SPIP's 4.05% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TIPZ PIMCO Broad US TIPS Index ETF	4.44%	4.74%	4.44%	4.69%	7.14%	4.41%	1.47%	1.65%	2.23%	1.70%	1.06%	0.56%
SPIP SPDR Portfolio TIPS ETF	4.05%	4.09%	3.36%	3.70%	7.05%	4.53%	1.97%	2.91%	2.80%	3.02%	1.88%	0.14%

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	-2.86%	-2.92%	+0.06%
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	-2.51%	-2.21%	-0.30%
Average Drawdown Average peak-to-trough decline	-4.36%	-4.13%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	1.01%	-0.02%

Volatility

TIPZ vs. SPIP - Volatility Comparison

The current volatility for PIMCO Broad US TIPS Index ETF (TIPZ) is 1.45%, while SPDR Portfolio TIPS ETF (SPIP) has a volatility of 1.75%. This indicates that TIPZ 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.

Volatility by Period

	TIPZ	SPIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	1.75%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	2.55%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	4.60%	4.39%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	6.59%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.86%	6.03%	-0.17%