5-Year Treasury Inflation-Protected Securities (TIPS)
Returns the yield on 5-year TIPS, which are Treasury securities indexed to inflation. The yield represents the real (inflation-adjusted) return.
Data Source
Federal Reserve Statistical Release H.15 - Selected Interest Rates.
Usage Notes
- No parameters required
- Returns yield as a percentage
- Data updated daily
- Represents real (inflation-adjusted) yield
Understanding TIPS Yields
| TIPS Yield | Interpretation |
|---|---|
| Positive | Real return above inflation |
| Negative | Real return below inflation |
| Rising | Market expects tighter policy / higher real rates |
| Falling | Market expects easier policy / lower real rates |
Breakeven Inflation
The difference between nominal Treasury yields and TIPS yields equals the market's inflation expectation (breakeven inflation).
Syntax
=TreasuryInflationProtectedSecurities5y()Examples
When to Use
- Analyzing real interest rates
- Calculating breakeven inflation expectations
- Building fixed income dashboards
- Inflation-protected investment analysis
When NOT to Use
| Scenario | Use Instead |
|---|---|
| Need 10-year TIPS | TreasuryInflationProtectedSecurities10y() |
| Need corporate bond yields | CorporateBondIndexAA() |
| Need Fed funds rate | FederalFundsRate() |
Common Issues & FAQ
Why are TIPS yields sometimes negative?
Negative TIPS yields mean investors accept a return below inflation for the safety of Treasury securities.
How do I calculate breakeven inflation?
Breakeven inflation = Nominal Treasury yield - TIPS yield (for same maturity).
Related Formulas
More MarketXLS Economic Data formulas you can use in the same worksheet:
- Consumer Credit Outstanding
- Consumer Price Index
- Consumer Price Index - energy
- Consumer Price Index - excluding food & energy
- Consumer Price Index - food
- Corporate Profits After Tax
- Crude Oil Prices
- Currency In Circulation
See TreasuryInflationProtectedSecurities5y used in a complete workbook: Yield Curve Dashboard Excel: June 2026 Recession Indicator and Treasury Spread Tracker
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