At a glance
SPIP charges 0.12% a year, below the 0.16% average of the 7 funds most like it (the 2nd cheapest of 8). It has $1.01B in assets, the 6th largest of that group; it paid 5.42% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −1.0% with distributions reinvested, 7th of those 8 funds; over three years it returned +4.5% a year. At its worst it fell 14.9% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high. Its ten largest positions make up 31.8% of the fund, out of 49 in all.
The short version
SPDR Portfolio TIPS ETF (SPIP), from State Street, is an index fund that holds Treasury Inflation-Protected Securities (TIPS). These are U.S. government bonds whose principal rises with inflation. The fund tracks the Bloomberg U.S. Government Inflation-Linked Bond Index. Its 0.12% expense ratio is below the 0.16% average of similar TIPS funds, but Schwab U.S. TIPS ETF (SCHP) charges just 0.03%.
Price history
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SPIP -1.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SPIP official prospectus, to Dec 31, 2025 | — | +6.67% | — | +0.78% | +2.94% | — |
| SPIP price data to Oct 27, 2026 | 0.0% | -1.0% | +4.5% | -0.3% | — | +1.5% |
- Over the year to Oct 27, 2026, SPIP returned -1.0%, 7th of 8 among similar funds.
- Its 5-year annualized return was -0.3%.
- Its worst full calendar year was 2022 (-12.8%); its best was 2025 (+6.8%).
- The deepest fall in its price history was 15.4% (Nov 9, 2021 to Oct 6, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.0% | — |
| 2025 | +6.8% | +6.67% |
| 2024 | +2.4% | +1.77% |
| 2023 | +3.0% | +3.74% |
| 2022 | -12.8% | -12.74% |
| 2021 | +5.8% | +5.80% |
| 2020 | — | +11.46% |
| 2019 | — | +8.58% |
| 2018 | — | -1.62% |
| 2017 | — | +3.14% |
| 2016 | — | +4.67% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.3% over that stretch · deepest drop along the way 14.9%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0600 | |
| 2025 | $1.0700 | +25.9% |
| 2024 | $0.8500 | -9.6% |
| 2023 | $0.9400 | -48.4% |
| 2022 | $1.8200 | +26.4% |
| 2021 | $1.4400 |
What's inside
As of Jun 30, 2026, the fund held 49 securities; the ten largest made up 31.82% of assets, and 2.22% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 3.59% | |
| United States Treasury Bonds and notes | 3.44% | |
| United States Treasury Bonds and notes | 3.32% | |
| United States Treasury Bonds and notes | 3.18% | |
| United States Treasury Bonds and notes | 3.17% | |
| United States Treasury Bonds and notes | 3.13% | |
| United States Treasury Bonds and notes | 3.09% | |
| United States Treasury Bonds and notes | 3.00% | |
| United States Treasury Bonds and notes | 2.98% | |
| United States Treasury Bonds and notes | 2.92% | |
| United States Treasury Bonds and notes | 2.90% | |
| United States Treasury Bonds and notes | 2.90% | |
| United States Treasury Bonds and notes | 2.88% | |
| United States Treasury Bonds and notes | 2.85% | |
| United States Treasury Bonds and notes | 2.84% |
By country
United States 99.52%By issuer
US Treasury 99.52%The bonds mature in 7.4 years on average (weighted by size), with an average coupon of 1.3%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $41.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.13%, +0.22%, -0.47%.
How it works
SPIP tracks the Bloomberg U.S. Government Inflation-Linked Bond Index. The index's sponsor, Bloomberg Index Services Limited, is not affiliated with the fund. Bloomberg decides which bonds are in the index and how much each one weighs. To qualify, a TIPS issue must have at least one year left to maturity, at least $500 million outstanding, and a fixed or zero coupon, paid in U.S. dollars. The index is updated on the last business day of each month. It held 48 securities as of July 31, 2026.
The fund's adviser, SSGA Funds Management, uses a "sampling" approach. That means it can buy a representative subset of the index or nearly all of it. The fund must keep at least 80% of its net assets in index securities. As of June 30, 2026, it held 49 issues, with 99.5% in U.S. Treasury debt. The largest single note was about 3.6% of assets, and the top 10 made up about 32%. Average time to maturity was 7.4 years, and portfolio turnover was 17%.
A TIPS bond's principal is adjusted up with inflation and down with deflation. Its price still moves opposite to interest rates, though. With maturities averaging 7.4 years, the fund can fall noticeably when rates rise. Shares trade at market prices, which can differ slightly from the fund's net asset value.
What it really costs
- SPIP charges 0.12% a year, versus an average of 0.16% for the similar funds below (2nd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $12 in the first year and $154 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPIP | $12 | $39 | $68 | $154 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
SPIP holds almost nothing but inflation-linked U.S. Treasury bonds, so its main job is protecting a portfolio's buying power.
SPIP could add inflation protection to the bond side of a portfolio. It had little connection to stocks, with a beta of 0.08 as of October 27, 2026. But TIPS are not shielded from rising interest rates. The fund lost 12.74% in 2022, its worst year from 2016 to 2025. From its November 9, 2021 peak, it fell 15.4% by October 6, 2023, and it had not regained that peak as of October 27, 2026. A retiree who had to sell shares in that stretch would have locked in losses. The fund's price data doesn't cover 2008 or the 2020 crash, but the prospectus shows an 11.46% gain for 2020 as a whole. The trailing yield was 5.42% as of October 27, 2026, paid quarterly. Because inflation adjustments drive TIPS income, payouts can swing from year to year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting inflation-linked U.S. Treasury bonds in one fund; 99.5% was in Treasury debt as of June 30, 2026.
- Cost-aware investors comfortable paying 0.12% a year, which is below the 0.16% average of similar TIPS funds.
- Those wanting broad, intermediate-term TIPS exposure across 49 issues, averaging 7.4 years to maturity.
Look elsewhere if
- Investors focused on the lowest TIPS fund cost; Schwab U.S. TIPS ETF (SCHP) charges 0.03% versus SPIP's 0.12%.
- Anyone who can't tolerate rate-driven losses; SPIP lost 12.74% in 2022 and hadn't regained its 2021 peak by October 27, 2026.
- Investors wanting less rate sensitivity, who may compare shorter TIPS funds such as STPZ, which averages 2.9 years to maturity.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPIP this fund | 7.4 yrs | 0.12% | $1.01B | -1.0% | +4.5% |
| TIPZ PIMCO Broad U.S. TIPS Index ETF | 7.4 yrs | 0.2% | $85.3M | -1.0% | +4.6% |
| SCHP Schwab U.S. TIPS ETF | 7.2 yrs | 0.03% | $16.52B | -0.3% | +4.3% |
| TIP iShares TIPS Bond ETF | 6.9 yrs | 0.18% | $14.60B | -0.3% | +4.1% |
| TDTF FlexShares iBoxx 5-Year Target Duration TIP… | 5.2 yrs | 0.18% | $1.04B | 0.0% | +4.8% |
| TIPX SPDR Bloomberg 1-10 Year TIPS ETF | 4.6 yrs | 0.15% | $1.91B | +0.5% | +4.8% |
| TDTT FlexShares iBoxx 3-Year Target Duration TIP… | 2.9 yrs | 0.18% | $2.55B | +1.4% | +4.9% |
| STPZ PIMCO 1-5 Year US TIPS Index Exchange-Trade… | 2.9 yrs | 0.2% | $526.5M | +1.4% | +4.8% |
Questions investors ask
Does SPIP pay monthly dividends?
No. SPIP pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $1.35 per share, a trailing yield of 5.42%. Much of a TIPS fund's income comes from inflation adjustments to the bonds' principal, not just their fixed coupons. When inflation is high, payouts tend to rise. When inflation cools, they can shrink sharply. So recent payouts are not a reliable guide to future income.
What's the difference between SPIP and SCHP?
Both hold U.S. TIPS with similar maturities: 7.4 years on average for SPIP and 7.2 years for SCHP. The main difference is cost. SCHP charges 0.03% a year and SPIP charges 0.12%. SCHP is also much larger, with about $16.5 billion in net assets versus SPIP's $1.0 billion as of June 30, 2026. SCHP's three-year annualized return was 4.8% as of October 30, 2026. SPIP's was 4.5% as of October 27, 2026.
Is SPIP a good hedge against inflation?
Partly. Its bonds' principal rises with inflation, which helps protect buying power over time. But TIPS prices still fall when interest rates rise. SPIP lost 12.74% in 2022, and its worst quarter was a 6.57% drop in the three months to June 30, 2022. Its drop from its November 2021 peak reached 15.4%, and the fund had not fully recovered as of October 27, 2026. Its protection works best over longer holding periods.
How has SPIP performed over 10 years?
SPIP returned an average of 2.94% a year over the 10 years ended December 31, 2025, according to its prospectus. Over five years, it averaged just 0.78% a year, dragged down by the 12.74% loss in 2022. In 2025 alone, it gained 6.67%. Its strongest calendar year in that record was 2020, at 11.46%. These figures are the fund's returns after fees.
How much does SPIP cost to own?
SPIP's expense ratio is 0.12% a year, according to its prospectus filed October 26, 2026. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, the cost would be about $12 after one year, $39 after three, $68 after five and $154 after ten. That is below the 0.16% average for similar TIPS funds, though SCHP is cheaper at 0.03%.