Take IPE over WIP. Inflation-Protected Bonds are supposed to protect you against the threat of inflation, right? Unless you have large assets in foreign currency, why would you need protection against foreign inflation? Even if you did hold large amounts of foreign currency, you probably don't hold all the different currencies in the same ratio as WIP. So why purchase insurance on something you don't own? The other problem with WIP, and BWX for that matter, is price. How can you justify paying out such a large expense ratio for bonds? It throws the risk/reward ratio way out of whack IMO. If you think you need more international exposure, you could put more in VEU. If you think you need more bond diversification, you could add long-term bonds to compliment short-term, corporate to compliment government, or just put more in BND.
