TSBIX vs. SPUS

Last updated Jun 24, 2026

TSBIX (TIAA-CREF Core Impact Bond Fund Institutional Class) and SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) are both funds - TSBIX is a Total Bond Market fund managed by TIAA Investments, while SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions Index. Over the past 5 years, TSBIX returned 0.52%/yr vs 15.64%/yr for SPUS. At a 0.10 correlation, their price movements are largely independent. TSBIX charges 0.35%/yr vs 0.45%/yr for SPUS.

Performance

TSBIX vs. SPUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Core Impact Bond Fund Institutional Class (TSBIX) and SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSBIX achieves a 0.46% return, which is significantly lower than SPUS's 10.08% return.

TSBIX

• 1D: -0.22%
• 1M: 0.69%
• YTD: 0.46%
• 6M: 1.20%
• 1Y: 5.39%
• 3Y*: 5.28%
• 5Y*: 0.52%
• 10Y*: 2.05%

SPUS

• 1D: -2.44%
• 1M: -1.97%
• YTD: 10.08%
• 6M: 9.02%
• 1Y: 31.44%
• 3Y*: 21.93%
• 5Y*: 15.64%
• 10Y*: —

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

TSBIX vs. SPUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TSBIX TIAA-CREF Core Impact Bond Fund Institutional Class	0.46%	8.69%	3.32%	6.05%	-14.43%	-1.03%	7.43%	0.22%
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	10.08%	19.77%	26.49%	34.24%	-22.76%	35.92%	25.68%	0.95%

Correlation

The correlation between TSBIX and SPUS is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Dec 18, 2019	0.10

The correlation between TSBIX and SPUS shifts across timeframes, from 0.10 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TSBIX vs. SPUS — Risk / Return Rank

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

TSBIX

TSBIX Risk / Return Rank: 30
TSBIX Sharpe Ratio Rank: 31
TSBIX Sortino Ratio Rank: 34
TSBIX Omega Ratio Rank: 30
TSBIX Calmar Ratio Rank: 31
TSBIX Martin Ratio Rank: 25

SPUS

SPUS Risk / Return Rank: 63
SPUS Sharpe Ratio Rank: 66
SPUS Sortino Ratio Rank: 61
SPUS Omega Ratio Rank: 62
SPUS Calmar Ratio Rank: 62
SPUS Martin Ratio Rank: 67

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.

TSBIX vs. SPUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Core Impact Bond Fund Institutional Class (TSBIX) and SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS). 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.

	TSBIX	SPUS	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.07	-0.59
Sortino ratio: Return per unit of downside risk	2.26	2.75	-0.49
Omega ratio: Gain probability vs. loss probability	1.26	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	1.98	2.96	-0.99
Martin ratio: Return relative to average drawdown	5.59	11.81	-6.22

TSBIX vs. SPUS - Sharpe Ratio Comparison

The current TSBIX Sharpe Ratio is 1.48, which is comparable to the SPUS Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of TSBIX and SPUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TSBIX vs. SPUS - Drawdown Comparison

The maximum TSBIX drawdown since its inception was -19.21%, smaller than the maximum SPUS drawdown of -30.80%. Use the drawdown chart below to compare losses from any high point for TSBIX and SPUS.

Drawdown Indicators

	TSBIX	SPUS	Difference
Max Drawdown Largest peak-to-trough decline	-19.21%	-30.80%	+11.59%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-10.66%	+7.79%
Max Drawdown (3Y) Largest decline over 3 years	-6.11%	-22.82%	+16.71%
Max Drawdown (5Y) Largest decline over 5 years	-19.21%	-28.06%	+8.85%
Max Drawdown (10Y) Largest decline over 10 years	-19.21%	—	—
Current Drawdown Current decline from peak	-1.54%	-5.76%	+4.22%
Average Drawdown Average peak-to-trough decline	-3.55%	-6.19%	+2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	2.67%	-1.66%

Volatility

TSBIX vs. SPUS - Volatility Comparison

The current volatility for TIAA-CREF Core Impact Bond Fund Institutional Class (TSBIX) is 1.09%, while SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) has a volatility of 6.81%. This indicates that TSBIX experiences smaller price fluctuations and is considered to be less risky than SPUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSBIX	SPUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	6.81%	-5.72%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	12.29%	-9.43%
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	15.27%	-11.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.84%	19.41%	-13.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	21.33%	-16.48%

TSBIX vs. SPUS - Expense Ratio Comparison

TSBIX has a 0.35% expense ratio, which is lower than SPUS's 0.45% expense ratio.

Dividends

TSBIX vs. SPUS - Dividend Comparison

TSBIX's dividend yield for the trailing twelve months is around 4.73%, more than SPUS's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	0.55%	0.60%	0.70%	0.87%	1.21%	1.15%	1.04%	0.00%	0.00%	0.00%	0.00%	0.00%
TSBIX TIAA-CREF Core Impact Bond Fund Institutional Class	4.73%	5.38%	5.10%	3.77%	2.31%	1.69%	4.56%	3.68%	2.63%	2.45%	3.19%	2.89%

Frequently Asked Questions

Can I hold both TSBIX and SPUS in my portfolio?

TSBIX and SPUS have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSBIX or SPUS?

SPUS has higher volatility (6.81%) compared to TSBIX (1.09%). In terms of maximum drawdown, TSBIX dropped -19.21% vs SPUS's -30.80%.

Which has better risk-adjusted returns?

SPUS currently has the higher Sharpe Ratio (2.07 vs 1.48), 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.