Compare the price ratio of the iShares Treasury Inflation Protected Securities Bond ETF ( TIP ) to the iShares Treasury Bonds 7-10 Year ETF ( IEF ). As a reminder, a rising price ratio means the numerator/TIP is outperforming (up more/down less) the denominator (( IEF )). [Click all to enlarge] TIPS/Nominal Treasuries I've notated the price ratio trends to keep the environment at the time an important part of the discussion.