TIP’s worst drop since 2003 was 15%
iShares TIPS Bond ETF (TIP) fell 15% from Nov 2021 to Oct 2023. It took 4.3 years from that peak to close at a new high, in Feb 2026. Over the same years the S&P 500 fell as much as 55%.
That drop is milder than most. It ranks 186th of the 203 ETFs PortfolioAutopsy tracks, counted from the deepest.
Drawdown from the last high, 2003 to now
How TIP held up in each crash
| Crash | Years | TIP | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −14.4% | −55.2% |
| COVID crash | 2020 | −11.2% | −33.7% |
| 2022 rate shock | 2022 | −14.4% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was TIP’s maximum drawdown?
TIP’s deepest fall since 2003 was 14.6%, from its high on November 9, 2021 to its low on October 6, 2023. The figure uses daily prices with dividends reinvested.
How long did TIP take to recover?
4.3 years. TIP first closed above its Nov 2021 high again on February 27, 2026.
Was TIP riskier than the S&P 500?
Over the same years, TIP’s worst drop was 14.6% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −14.0% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, December 8, 2003 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.