Not really. Everyone gets stuck thinking about 2008 (where VOO acted a lot like inflation), but 1999 is an example where the stock-market crashes, but inflation remained steady.
In 1999, VOO would have crashed, but inflation would have remained steady, so TIPS would have done well.
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If you want to "bet on CPI inflation", its hard to beat TIPS. Its literally indexed against CPI, and is the most direct investment into the biggest inflation statistic.
VOO would sometimes track inflation, but other times (such as 1999), it would not.
My comment was tongue in cheek that official CPI figures are not very relevant for someone saving for future expenses in higher cost of living areas, such as land, daycare, education, and healthcare.
A TIPS investment does little to mitigate your prospective house going up a few hundred thousand dollars.
In 1999, VOO would have crashed, but inflation would have remained steady, so TIPS would have done well.
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If you want to "bet on CPI inflation", its hard to beat TIPS. Its literally indexed against CPI, and is the most direct investment into the biggest inflation statistic.
VOO would sometimes track inflation, but other times (such as 1999), it would not.