Data as of Oct 28, 2026.
SCHP vs SPIP: Differences, Returns & Fees
On Jun 30, 2026 SCHP's duration was 6.3 years and SPIP's 6.7; SCHP charges 0.03% to SPIP's 0.12%.
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Net assets: $16.5bn on Jun 30, 2026 for Schwab U.S. TIPS ETF, and $1.1bn on Oct 27, 2026 for State Street SPDR Portfolio TIPS ETF.
Pair scorecard
SCHP costs 0.09 points a year less; their one-year returns differ by 0.2 points.
| Measure | SCHP | SPIP |
|---|---|---|
| Return | ||
| Total return, 1 year | −0.8% | −1.0% |
| Benchmark | ||
| What it tracks | US TIPS | Bloomberg U.S. Government Inflation-Linked Bond Index |
| Cost and size | ||
| Expense ratio | 0.03% | 0.12% |
| Net assets, SCHP as of Jun 30, 2026 and SPIP as of Oct 27, 2026 | $16.5bn | $1.1bn |
| Holdings | ||
| Holdings in common | 91% | |
Holdings in common uses holdings dated Jun 30, 2026. Method
Risk and return
Aug 13, 2010 to Oct 23, 2026 · 845 weekly returns · each against AGGSCHP and SPIP returned about the same: +52.2% and +53.1%. SCHP swung slightly less: 5.5% to 5.8%. SCHP fell slightly less at its worst: −14.0% to −15.0%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SCHP | SPIP | AGG | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +52.2% | +53.1% | Tie | Price change plus distributions, reinvested. | |
| Annualized | +2.6% | +2.7% | Tie | Total return as a yearly rate. | |
| Price return | +1.8% | −6.0% | SCHP | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 5.5% | 5.8% | SCHP (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 4.0% | 4.2% | SCHP (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −14.0% | −15.0% | SCHP (slight) | Deepest fall from a high to the low after it. | |
| Upside capture | 100.6% | 108.6% | 100.0% | SPIP (slight) | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 95.5% | 102.5% | 100.0% | SCHP (slight) | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.93 | 1.00 | 1.00 | SCHP lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.61 | 0.62 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.21 | 0.21 | Tie | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.29 | 0.29 | Tie | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.012 | 0.012 | 0.006 | SCHP (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 0.19 | 0.18 | SCHP (slight) | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | AGG | AGG | AGG | The ETF each fund is measured against. | |
| Alpha | +0.6% a year | +0.6% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.73 | 0.72 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −1.0% to +2.3% | −1.1% to +2.4% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | 0.17 | 0.18 | SPIP (slight) | Return against its benchmark per unit of tracking error. | |
| Tracking error | 3.4% | 3.6% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 845 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SCHP and SPIP hold 91% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026.
half
91% in common
Only in one fund ↓
Side by side
SCHP and SPIP on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SCHP and SPIP are built for the same job. How do they differ in cost, holdings and results?
- What each follows. SCHP follows US TIPS and SPIP follows Bloomberg U.S. Government Inflation-Linked Bond Index.
- Holdings in common (similar). 91% of the weight is in the same securities (holdings dated Jun 30, 2026).
- One-year total return (similar). Over 1 year to Oct 28, 2026 SCHP returned −0.8% and SPIP −1.0% with distributions reinvested, a gap of 0.2 points.
Data as of Oct 28, 2026.
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SCHP
SCHP tracks an index of US TIPS. Over the year to Oct 28, 2026 it returned −0.8% with distributions reinvested, against −1.4% for its benchmark, the Bloomberg US Aggregate Bond Index. The prospectus expense ratio is 0.03% a year.
SPIP
SPIP tracks an index. Over the year to Oct 28, 2026 it returned −1.0% with distributions reinvested, against −1.4% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The prospectus expense ratio is 0.12% a year.
Questions people ask
- Which returned more over the last year, SCHP or SPIP?
- In the year to Oct 28, 2026, with distributions reinvested, SCHP returned −0.8% and SPIP −1.0%.
- Which is cheaper, SCHP or SPIP?
- SCHP is cheaper, by 0.09 percentage points a year. That is about $9 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, SCHP against SPIP, data as of Oct 28, 2026. https://etfiq.com/compare/any/schp-vs-spip
ETFIQ. (Oct 28, 2026). SCHP against SPIP. Retrieved from https://etfiq.com/compare/any/schp-vs-spip
[SCHP against SPIP (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/schp-vs-spip)
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