Data as of Oct 28, 2026.
SPIP vs TIP: Differences, Returns & Fees
SPIP's duration was 6.7 years on Jun 30, 2026 and TIP's 6.3 on Jul 31, 2026; SPIP charges 0.12% to TIP's 0.18%.
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Net assets on Oct 27, 2026: $1.1bn for State Street SPDR Portfolio TIPS ETF and $14.6bn for iShares TIPS Bond ETF.
Pair scorecard
SPIP costs 0.06 points a year less; both returned −1.0% over a year; TIP is 13.3 times larger.
| Measure | SPIP | TIP |
|---|---|---|
| Return | ||
| Total return, 1 year | −1.0% | −1.0% |
| Benchmark | ||
| What it tracks | Bloomberg U.S. Government Inflation-Linked Bond Index | ICE U.S. Treasury Inflation Linked Bond Index |
| Cost and size | ||
| Expense ratio | 0.12% | 0.18% |
| Net assets, as of Oct 27, 2026 | $1.1bn | $14.6bn |
| Holdings | ||
| Holdings in common | 90% | |
Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026. Method
Risk and return
Jun 8, 2007 to Oct 23, 2026 · 1,011 weekly returnsEach against its own benchmark: SPIP against AGG, Jun 8, 2007 to Oct 23, 2026; TIP against VTP, Jul 18, 2025 to Oct 23, 2026.
SPIP returned slightly more: +93.6% to +90.9%. TIP swung slightly less: 6.1% to 6.5%. TIP fell slightly less at its worst: −14.2% to −15.0%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SPIP | TIP | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +93.6% | +90.9% | SPIP (slight) | Price change plus distributions, reinvested. |
| Annualized | +3.5% | +3.4% | SPIP (slight) | Total return as a yearly rate. |
| Price return | +4.9% | +8.2% | TIP | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 6.5% | 6.1% | TIP (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 4.8% | 4.5% | TIP (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −15.0% | −14.2% | TIP (slight) | Deepest fall from a high to the low after it. |
| Upside capture | 103.0% | 99.7% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 98.4% | 101.8% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.89 | 0.99 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.54 | 0.98 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.32 | 0.32 | Tie | Return above Treasury bills per unit of volatility. |
| Sortino | 0.44 | 0.45 | TIP (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.023 | −0.023 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.23 | 0.24 | TIP (slight) | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | AGG | VTP | The ETF each fund is measured against. | |
| Alpha | +0.7% a year | −0.2% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.70 | −0.56 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −1.3% to +2.7% | −1.0% to +0.6% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.12 | −0.45 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 4.4% | 0.4% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,011 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SPIP and TIP hold 90% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Jul 31, 2026.
half
90% in common
Only in one fund ↓
Side by side
SPIP and TIP on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SPIP and TIP are built for the same job. How do they differ in cost, holdings and results?
- What each follows. SPIP follows Bloomberg U.S. Government Inflation-Linked Bond Index and TIP follows ICE U.S. Treasury Inflation Linked Bond Index.
- Size. SPIP has $1.1bn in net assets and TIP $14.6bn (net assets, as of Oct 27, 2026); TIP is 13.3 times larger.
- Holdings in common (similar). 90% of the weight is in the same securities (holdings dated Jun 30, 2026 and Jul 31, 2026).
Data as of Oct 28, 2026.
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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.
TIP
TIP tracks an index of TIPS Bond. Over the year to Oct 28, 2026 it returned −1.0% with distributions reinvested, against −0.8% for its benchmark, the ICE U.S. Treasury Inflation Linked Bond Index. The prospectus expense ratio is 0.18% a year.
Questions people ask
- Which returned more over the last year, SPIP or TIP?
- In the year to Oct 28, 2026, with distributions reinvested, SPIP returned −1.0% and TIP −1.0%.
- Which is cheaper, SPIP or TIP?
- SPIP is cheaper, by 0.06 percentage points a year. That is about $6 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, SPIP against TIP, data as of Oct 28, 2026. https://etfiq.com/compare/any/spip-vs-tip
ETFIQ. (Oct 28, 2026). SPIP against TIP. Retrieved from https://etfiq.com/compare/any/spip-vs-tip
[SPIP against TIP (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/spip-vs-tip)
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