CPII vs. BIL

Last updated Jun 23, 2026

CPII (Ionic Inflation Protection ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - CPII is a Inflation-Protected Bonds fund actively managed by Ionic, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. CPII is actively managed, while BIL is passively managed. Over the past 3 years, CPII returned 4.60%/yr vs 4.60%/yr for BIL. At a correlation of -0.01, they often move in opposite directions. CPII charges 0.74%/yr vs 0.14%/yr for BIL.

Performance

CPII vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ionic Inflation Protection ETF (CPII) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPII achieves a 2.97% return, which is significantly higher than BIL's 1.66% return.

CPII

• 1D: -0.13%
• 1M: -0.73%
• YTD: 2.97%
• 6M: 2.83%
• 1Y: 3.20%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

BIL

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.66%
• 6M: 1.75%
• 1Y: 3.85%
• 3Y*: 4.60%
• 5Y*: 3.45%
• 10Y*: 2.20%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CPII vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CPII Ionic Inflation Protection ETF	2.97%	2.76%	6.05%	1.79%	1.04%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.66%	4.15%	5.19%	4.94%	1.30%

Correlation

The correlation between CPII and BIL is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jun 29, 2022	-0.01

Return for Risk

CPII vs. BIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CPII

CPII Risk / Return Rank: 30
CPII Sharpe Ratio Rank: 27
CPII Sortino Ratio Rank: 26
CPII Omega Ratio Rank: 27
CPII Calmar Ratio Rank: 40
CPII Martin Ratio Rank: 32

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CPII vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ionic Inflation Protection ETF (CPII) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CPII	BIL	Difference
Sharpe ratio: Return per unit of total volatility	0.94	19.37	-18.43
Sortino ratio: Return per unit of downside risk	1.36	173.17	-171.81
Omega ratio: Gain probability vs. loss probability	1.18	87.41	-86.23
Calmar ratio: Return relative to maximum drawdown	1.96	353.28	-351.32
Martin ratio: Return relative to average drawdown	4.37	2,801.35	-2,796.98

CPII vs. BIL - Sharpe Ratio Comparison

The current CPII Sharpe Ratio is 0.94, which is lower than the BIL Sharpe Ratio of 19.37. The chart below compares the historical Sharpe Ratios of CPII and BIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CPII vs. BIL - Drawdown Comparison

The maximum CPII drawdown since its inception was -6.40%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for CPII and BIL.

Drawdown Indicators

	CPII	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-6.40%	-0.78%	-5.62%
Max Drawdown (1Y) Largest decline over 1 year	-1.64%	-0.01%	-1.63%
Max Drawdown (3Y) Largest decline over 3 years	-4.39%	-0.01%	-4.38%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	-1.64%	0.00%	-1.64%
Average Drawdown Average peak-to-trough decline	-1.61%	-0.26%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.00%	+0.73%

Volatility

CPII vs. BIL - Volatility Comparison

Ionic Inflation Protection ETF (CPII) has a higher volatility of 0.76% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that CPII's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPII	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.07%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	2.82%	0.14%	+2.68%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	0.20%	+3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.90%	0.26%	+5.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.90%	0.26%	+5.64%

CPII vs. BIL - Expense Ratio Comparison

CPII has a 0.74% expense ratio, which is higher than BIL's 0.14% expense ratio.

Dividends

CPII vs. BIL - Dividend Comparison

CPII's dividend yield for the trailing twelve months is around 4.10%, more than BIL's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.85%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%
CPII Ionic Inflation Protection ETF	4.10%	4.20%	5.47%	5.86%	2.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPII and BIL in my portfolio?

CPII and BIL have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPII or BIL?

CPII has higher volatility (0.76%) compared to BIL (0.07%). In terms of maximum drawdown, CPII dropped -6.40% vs BIL's -0.78%.

Which ETF is better, CPII or BIL?

On 3-year performance, BIL leads with 4.60% vs 4.60% for CPII. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPII or BIL?

Over the 3-year period, BIL has performed better with a 4.60% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPII or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.74% for CPII.

Which ETF pays a higher dividend yield, CPII or BIL?

CPII has the higher dividend yield at 4.10%, compared with 3.85% for BIL.

What is the main difference between CPII and BIL?

CPII is categorized as Inflation-Protected Bonds, while BIL is Government Bonds. They also come from different issuers: Ionic and State Street. Their fees differ too: 0.74% for CPII and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.37 vs 0.94), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.