iShares Barclays TIPS Bond ( TIP ) Treasury Inflation-Protected Securities, which are not part of the Barclays U.S. The current five-year TIPS break-even rate (the yield spread between a five-year TIPS bond and a five-year Treasury note) is at 1.36%. With the great performance of government bonds over the last 10 years and historically low interest rates, it may make sense to reduce exposure to this area of the market.