WIP vs. TIP

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) and iShares TIPS Bond ETF (TIP).

WIP and TIP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. WIP is a passively managed fund by State Street that tracks the performance of the FTSE International Inflation-Linked Securities Select (USD). It was launched on Mar 13, 2008. TIP is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). It was launched on Dec 4, 2003. Both WIP and TIP 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

WIP vs. TIP - Performance Comparison

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

WIP vs. TIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WIP SPDR FTSE International Government Inflation-Protected Bond ETF	1.01%	15.18%	-8.71%	8.84%	-15.54%	-4.15%	8.37%	8.62%	-5.97%	12.73%
TIP iShares TIPS Bond ETF	0.41%	6.77%	1.65%	3.80%	-12.26%	5.68%	10.84%	8.35%	-1.42%	2.92%

Returns By Period

In the year-to-date period, WIP achieves a 1.01% return, which is significantly higher than TIP's 0.41% return. Over the past 10 years, WIP has underperformed TIP with an annualized return of 1.28%, while TIP has yielded a comparatively higher 2.49% annualized return.

WIP

• 1D: 1.59%
• 1M: -3.65%
• YTD: 1.01%
• 6M: 3.15%
• 1Y: 11.57%
• 3Y*: 2.96%
• 5Y*: -0.36%
• 10Y*: 1.28%

TIP

• 1D: 0.01%
• 1M: -1.36%
• YTD: 0.41%
• 6M: 0.33%
• 1Y: 2.82%
• 3Y*: 2.98%
• 5Y*: 1.24%
• 10Y*: 2.49%

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

WIP vs. TIP - Expense Ratio Comparison

WIP has a 0.50% expense ratio, which is higher than TIP's 0.19% expense ratio.

WIP

SPDR FTSE International Government Inflation-Protected Bond ETF

TIP

iShares TIPS Bond ETF

Return for Risk

WIP vs. TIP — Risk / Return Rank

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

WIP

WIP Risk / Return Rank: 70
WIP Sharpe Ratio Rank: 71
WIP Sortino Ratio Rank: 68
WIP Omega Ratio Rank: 61
WIP Calmar Ratio Rank: 81
WIP Martin Ratio Rank: 68

TIP

TIP Risk / Return Rank: 40
TIP Sharpe Ratio Rank: 39
TIP Sortino Ratio Rank: 35
TIP Omega Ratio Rank: 33
TIP Calmar Ratio Rank: 51
TIP Martin Ratio Rank: 39

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.

WIP vs. TIP - 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 TIPS Bond ETF (TIP). 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	TIP	Difference
Sharpe ratio Return per unit of total volatility	1.22	0.68	+0.54
Sortino ratio Return per unit of downside risk	1.68	0.95	+0.73
Omega ratio Gain probability vs. loss probability	1.22	1.12	+0.10
Calmar ratio Return relative to maximum drawdown	2.25	1.18	+1.08
Martin ratio Return relative to average drawdown	6.69	3.44	+3.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WIP vs. TIP - Sharpe Ratio Comparison

The current WIP Sharpe Ratio is 1.22, which is higher than the TIP Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of WIP and TIP, 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

	WIP	TIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	0.68	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.20	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.43	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.57	-0.46

Correlation

The correlation between WIP and TIP is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

WIP vs. TIP - Dividend Comparison

WIP's dividend yield for the trailing twelve months is around 5.41%, more than TIP's 3.45% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WIP SPDR FTSE International Government Inflation-Protected Bond ETF	5.41%	5.51%	6.06%	6.54%	11.15%	4.63%	1.59%	2.49%	4.05%	1.91%	1.27%	1.14%
TIP iShares TIPS Bond ETF	3.45%	3.46%	2.52%	2.73%	6.96%	4.28%	1.17%	1.75%	2.71%	2.07%	1.48%	0.34%

Drawdowns

WIP vs. TIP - Drawdown Comparison

The maximum WIP drawdown since its inception was -29.60%, which is greater than TIP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for WIP and TIP.

Drawdown Indicators

	WIP	TIP	Difference
Max Drawdown Largest peak-to-trough decline	-29.60%	-14.57%	-15.03%
Max Drawdown (1Y) Largest decline over 1 year	-5.16%	-2.74%	-2.42%
Max Drawdown (5Y) Largest decline over 5 years	-28.84%	-14.51%	-14.33%
Max Drawdown (10Y) Largest decline over 10 years	-28.84%	-14.51%	-14.33%
Current Drawdown Current decline from peak	-6.90%	-1.36%	-5.54%
Average Drawdown Average peak-to-trough decline	-8.63%	-3.46%	-5.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	0.94%	+0.80%

Volatility

WIP vs. TIP - Volatility Comparison

SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a higher volatility of 4.29% compared to iShares TIPS Bond ETF (TIP) at 1.41%. This indicates that WIP's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WIP	TIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	1.41%	+2.88%
Volatility (6M) Calculated over the trailing 6-month period	6.01%	2.35%	+3.66%
Volatility (1Y) Calculated over the trailing 1-year period	9.49%	4.17%	+5.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	6.23%	+5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.12%	5.75%	+4.37%