WIP vs. ICPI
WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) and ICPI (iShares 0-1 Year TIPS Bond ETF) are both Inflation-Protected Bonds funds - WIP tracks the FTSE International Inflation-Linked Securities Select (USD) while ICPI tracks the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index. Both are passively managed. At a correlation of -0.37, they often move in opposite directions. WIP charges 0.50%/yr vs 0.09%/yr for ICPI.
Performance
WIP vs. ICPI - Performance Comparison
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Returns By Period
In the year-to-date period, WIP achieves a 4.31% return, which is significantly higher than ICPI's 2.70% return.
WIP
- 1D
- -0.72%
- 1M
- 0.70%
- YTD
- 4.31%
- 6M
- 4.96%
- 1Y
- 10.26%
- 3Y*
- 5.08%
- 5Y*
- -0.70%
- 10Y*
- 1.61%
ICPI
- 1D
- 0.05%
- 1M
- 0.44%
- YTD
- 2.70%
- 6M
- 2.76%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
WIP vs. ICPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.31% | 2.51% |
ICPI iShares 0-1 Year TIPS Bond ETF | 2.70% | 0.32% |
Correlation
The correlation between WIP and ICPI is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025 | -0.37 |
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Return for Risk
WIP vs. ICPI — Risk / Return Rank
WIP
ICPI
WIP vs. ICPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) and iShares 0-1 Year TIPS Bond ETF (ICPI). 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.
| WIP | ICPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.20 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | — | — |
| Martin ratioReturn relative to average drawdown | 5.98 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| WIP | ICPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.06 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 6.20 | -6.08 |
Drawdowns
WIP vs. ICPI - Drawdown Comparison
The maximum WIP drawdown since its inception was -29.60%, which is greater than ICPI's maximum drawdown of -0.22%. Use the drawdown chart below to compare losses from any high point for WIP and ICPI.
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Drawdown Indicators
| WIP | ICPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.60% | -0.22% | -29.38% |
Max Drawdown (1Y)Largest decline over 1 year | -5.16% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -11.16% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -28.84% | — | — |
Current DrawdownCurrent decline from peak | -3.87% | 0.00% | -3.87% |
Average DrawdownAverage peak-to-trough decline | -8.58% | -0.03% | -8.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | — | — |
Volatility
WIP vs. ICPI - Volatility Comparison
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Volatility by Period
| WIP | ICPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.95% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 6.89% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 8.72% | 0.95% | +7.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.45% | 0.95% | +10.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.16% | 0.95% | +9.21% |
WIP vs. ICPI - Expense Ratio Comparison
WIP has a 0.50% expense ratio, which is higher than ICPI's 0.09% expense ratio.
Dividends
WIP vs. ICPI - Dividend Comparison
WIP's dividend yield for the trailing twelve months is around 5.79%, more than ICPI's 1.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICPI iShares 0-1 Year TIPS Bond ETF | 1.80% | 0.54% | 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 | 5.79% | 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
WIP and ICPI have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICPI is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICPI is cheaper with a 0.09% expense ratio, compared with 0.50% for WIP.
WIP has the higher dividend yield at 5.79%, compared with 1.80% for ICPI.
WIP tracks FTSE International Inflation-Linked Securities Select (USD), while ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for WIP and 0.09% for ICPI.
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