How commodities and short-term TIPS help combat inflation

May 29, 2019 (Updated July 1, 2019)

Paul Bosse

Paul Bosse

If you're looking to help protect your clients' portfolios from the negative impact of inflation, you may want to consider short-term TIPS (Treasury Inflation-Protected Securities) and commodities. However, each of these asset classes comes with its own set of advantages and risks. In this white paper, Vanguard Senior Investment Strategist Paul Bosse analyzes these asset classes on their ability to reduce the impact of unexpected inflation.

Use this research to:

  • Learn more about unexpected inflation.
  • Understand how different asset classes react to inflation.
  • Uncover the factors that determine whether commodities or short-term TIPS are the right choice for each investor's portfolio.

Additional materials


  • All investing is subject to risk, including the possible loss of the money you invest.
  • Note that some or all of the income from the U.S. Treasury obligations held in the fund may be exempt from state or local taxes.
  • U.S. government backing of Treasury or agency securities applies only to the underlying securities and does not prevent share-price fluctuations. Unlike stocks and bonds, U.S. Treasury bills are guaranteed as to the timely payment of principal and interest.
  • Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility.


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