VTP vs. WIP

Last updated Jul 15, 2026

VTP (Vanguard Total Inflation-Protected Securities ETF) and WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) are both Inflation-Protected Bonds funds - VTP 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 year, VTP returned 3.27% vs 7.21% for WIP. At a 0.40 correlation, their price movements are largely independent. VTP charges 0.05%/yr vs 0.50%/yr for WIP.

Performance

VTP vs. WIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Inflation-Protected Securities ETF (VTP) and SPDR FTSE International Government Inflation-Protected Bond ETF (WIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTP achieves a 0.90% return, which is significantly lower than WIP's 2.79% return.

VTP

• 1D: 0.07%
• 1M: -0.50%
• 6M: 0.58%
• YTD: 0.90%
• 1Y: 3.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WIP

• 1D: 0.72%
• 1M: -1.38%
• 6M: 1.70%
• YTD: 2.79%
• 1Y: 7.21%
• 3Y*: 3.50%
• 5Y*: -0.53%
• 10Y*: 1.32%

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

VTP vs. WIP - Yearly Performance Comparison

	2026 (YTD)	2025
VTP Vanguard Total Inflation-Protected Securities ETF	0.90%	2.46%
WIP SPDR FTSE International Government Inflation-Protected Bond ETF	2.79%	3.29%

Correlation

The correlation between VTP and WIP is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.40

Return for Risk

VTP vs. WIP — Risk / Return Rank

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

VTP

VTP Risk / Return Rank: 35
VTP Sharpe Ratio Rank: 33
VTP Sortino Ratio Rank: 32
VTP Omega Ratio Rank: 30
VTP Calmar Ratio Rank: 42
VTP Martin Ratio Rank: 38

WIP

WIP Risk / Return Rank: 30
WIP Sharpe Ratio Rank: 28
WIP Sortino Ratio Rank: 26
WIP Omega Ratio Rank: 24
WIP Calmar Ratio Rank: 34
WIP Martin Ratio Rank: 36

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.

VTP vs. WIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Inflation-Protected Securities ETF (VTP) 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.

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.

	VTP	WIP	Difference
Sharpe ratio: Return per unit of total volatility	0.98	0.84	+0.14
Sortino ratio: Return per unit of downside risk	1.43	1.20	+0.23
Omega ratio: Gain probability vs. loss probability	1.17	1.14	+0.03
Calmar ratio: Return relative to maximum drawdown	1.71	1.40	+0.30
Martin ratio: Return relative to average drawdown	4.86	4.43	+0.43

VTP vs. WIP - Sharpe Ratio Comparison

The current VTP Sharpe Ratio is 0.98, which is comparable to the WIP Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of VTP and WIP, 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

VTP vs. WIP - Drawdown Comparison

The maximum VTP drawdown since its inception was -1.92%, smaller than the maximum WIP drawdown of -29.60%. Use the drawdown chart below to compare losses from any high point for VTP and WIP.

Drawdown Indicators

	VTP	WIP	Difference
Max Drawdown Largest peak-to-trough decline	-1.92%	-29.60%	+27.68%
Max Drawdown (1Y) Largest decline over 1 year	-1.92%	-5.16%	+3.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.16%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.84%	—
Current Drawdown Current decline from peak	-0.94%	-5.26%	+4.32%
Average Drawdown Average peak-to-trough decline	-0.53%	-8.56%	+8.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	1.63%	-0.96%

Volatility

VTP vs. WIP - Volatility Comparison

The current volatility for Vanguard Total Inflation-Protected Securities ETF (VTP) is 1.19%, while SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a volatility of 2.19%. This indicates that VTP 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.

Volatility by Period

	VTP	WIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	2.19%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	2.48%	7.08%	-4.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	8.64%	-5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.35%	11.45%	-8.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.35%	10.14%	-6.79%

VTP vs. WIP - Expense Ratio Comparison

VTP has a 0.05% expense ratio, which is lower than WIP's 0.50% expense ratio.

Dividends

VTP vs. WIP - Dividend Comparison

VTP's dividend yield for the trailing twelve months is around 2.98%, less than WIP's 6.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTP Vanguard Total Inflation-Protected Securities ETF	2.98%	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WIP SPDR FTSE International Government Inflation-Protected Bond ETF	6.00%	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

Can I hold both VTP and WIP in my portfolio?

VTP and WIP have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTP or WIP?

WIP has higher volatility (2.19%) compared to VTP (1.19%). In terms of maximum drawdown, VTP dropped -1.92% vs WIP's -29.60%.

Which ETF is better, VTP or WIP?

On 1-year performance, WIP leads with 7.21% vs 3.27% for VTP. On fees, VTP is cheaper at 0.05% per year. On volatility, VTP has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VTP or WIP?

Over the 1-year period, WIP has performed better with a 7.21% return vs 3.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VTP or WIP?

VTP is cheaper with a 0.05% expense ratio, compared with 0.50% for WIP.

Which ETF pays a higher dividend yield, VTP or WIP?

WIP has the higher dividend yield at 6.00%, compared with 2.98% for VTP.

What is the main difference between VTP and WIP?

VTP 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: Vanguard and State Street. Their fees differ too: 0.05% for VTP and 0.50% for WIP.

Which has better risk-adjusted returns?

VTP currently has the higher Sharpe Ratio (0.98 vs 0.84), 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.