Where are you seeing real yield on TIPS? There is certainly that 0.125% positive fixed coupon rate subject to that principal inflation adjustment. Looking at https://www.treasurydirect.gov/instit/annceresult/annceresul... TIPS tab, all the recent auctions had a high yield of < 0% with the exception of the 30-year TIPS on 02/28/2022 at a high yield of 0.195%. Secondary market does seem to show some deals on 20+ years with some getting close to 0.50%. TIPSWatch [1] runs the numbers on I Series and TIPS. TIPS yields are improving but I'm not sure it has quite changed the balance yet. Of course, especially in tax deferred/exempt accounts, TIPS have that great attractiveness of principal adjustment (depending on one's inflation view versus nominals) and no annual limits so the time will probably arrive soon enough.

[1] https://tipswatch.com/2022/04/21/new-5-year-tips-auctions-wi...