CPII vs. DYLG

Last updated Jun 24, 2026

CPII (Ionic Inflation Protection ETF) and DYLG (Global X Dow 30 Covered Call & Growth ETF) are both exchange-traded funds - CPII is a Inflation-Protected Bonds fund actively managed by Ionic, while DYLG is a Derivative Income fund tracking the Cboe DJIA Half BuyWrite Index - Benchmark TR Gross. CPII is actively managed, while DYLG is passively managed. Over the past year, CPII returned 2.83% vs 18.56% for DYLG. At a correlation of -0.13, they often move in opposite directions. CPII charges 0.74%/yr vs 0.35%/yr for DYLG.

Performance

CPII vs. DYLG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ionic Inflation Protection ETF (CPII) and Global X Dow 30 Covered Call & Growth ETF (DYLG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPII achieves a 2.76% return, which is significantly lower than DYLG's 5.72% return.

CPII

• 1D: -0.21%
• 1M: -0.94%
• YTD: 2.76%
• 6M: 2.75%
• 1Y: 2.83%
• 3Y*: 4.53%
• 5Y*: —
• 10Y*: —

DYLG

• 1D: -0.11%
• 1M: 1.56%
• YTD: 5.72%
• 6M: 5.32%
• 1Y: 18.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPII vs. DYLG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CPII Ionic Inflation Protection ETF	2.76%	2.76%	6.05%	0.85%
DYLG Global X Dow 30 Covered Call & Growth ETF	5.72%	12.50%	14.46%	4.05%

Correlation

The correlation between CPII and DYLG is -0.34, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.34
Correlation (All Time) Calculated using the full available price history since Jul 26, 2023	-0.13

Over the past year, the inverse relationship between CPII and DYLG has strengthened: their correlation has moved from -0.13 to -0.34, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

CPII vs. DYLG — Risk / Return Rank

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

CPII

CPII Risk / Return Rank: 26
CPII Sharpe Ratio Rank: 24
CPII Sortino Ratio Rank: 23
CPII Omega Ratio Rank: 24
CPII Calmar Ratio Rank: 32
CPII Martin Ratio Rank: 29

DYLG

DYLG Risk / Return Rank: 60
DYLG Sharpe Ratio Rank: 65
DYLG Sortino Ratio Rank: 67
DYLG Omega Ratio Rank: 65
DYLG Calmar Ratio Rank: 48
DYLG Martin Ratio Rank: 56

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. DYLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ionic Inflation Protection ETF (CPII) and Global X Dow 30 Covered Call & Growth ETF (DYLG). 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	DYLG	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.97	-1.14
Sortino ratio: Return per unit of downside risk	1.20	2.85	-1.65
Omega ratio: Gain probability vs. loss probability	1.16	1.37	-0.21
Calmar ratio: Return relative to maximum drawdown	1.54	2.24	-0.71
Martin ratio: Return relative to average drawdown	3.85	9.12	-5.27

CPII vs. DYLG - Sharpe Ratio Comparison

The current CPII Sharpe Ratio is 0.83, which is lower than the DYLG Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of CPII and DYLG, 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. DYLG - Drawdown Comparison

The maximum CPII drawdown since its inception was -6.40%, smaller than the maximum DYLG drawdown of -13.98%. Use the drawdown chart below to compare losses from any high point for CPII and DYLG.

Drawdown Indicators

	CPII	DYLG	Difference
Max Drawdown Largest peak-to-trough decline	-6.40%	-13.98%	+7.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.85%	-8.31%	+6.46%
Max Drawdown (3Y) Largest decline over 3 years	-4.39%	—	—
Current Drawdown Current decline from peak	-1.85%	-0.56%	-1.29%
Average Drawdown Average peak-to-trough decline	-1.61%	-1.83%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	2.04%	-1.30%

Volatility

CPII vs. DYLG - Volatility Comparison

The current volatility for Ionic Inflation Protection ETF (CPII) is 0.75%, while Global X Dow 30 Covered Call & Growth ETF (DYLG) has a volatility of 2.70%. This indicates that CPII experiences smaller price fluctuations and is considered to be less risky than DYLG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPII	DYLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	2.70%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	2.82%	7.75%	-4.93%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	9.48%	-6.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.90%	11.42%	-5.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.90%	11.42%	-5.52%

CPII vs. DYLG - Expense Ratio Comparison

CPII has a 0.74% expense ratio, which is higher than DYLG's 0.35% expense ratio.

Dividends

CPII vs. DYLG - Dividend Comparison

CPII's dividend yield for the trailing twelve months is around 4.11%, less than DYLG's 9.45% yield.

Position	TTM	2025	2024	2023	2022
CPII Ionic Inflation Protection ETF	4.11%	4.20%	5.47%	5.86%	2.21%
DYLG Global X Dow 30 Covered Call & Growth ETF	9.45%	9.63%	16.55%	1.38%	0.00%

Frequently Asked Questions

Can I hold both CPII and DYLG in my portfolio?

CPII and DYLG have a correlation of -0.34, 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 DYLG?

DYLG has higher volatility (2.70%) compared to CPII (0.75%). In terms of maximum drawdown, CPII dropped -6.40% vs DYLG's -13.98%.

Which ETF is better, CPII or DYLG?

On 1-year performance, DYLG leads with 18.56% vs 2.83% for CPII. On fees, DYLG is cheaper at 0.35% per year. On volatility, CPII has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPII or DYLG?

Over the 1-year period, DYLG has performed better with a 18.56% return vs 2.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPII or DYLG?

DYLG is cheaper with a 0.35% expense ratio, compared with 0.74% for CPII.

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

DYLG has the higher dividend yield at 9.45%, compared with 4.11% for CPII.

What is the main difference between CPII and DYLG?

CPII is categorized as Inflation-Protected Bonds, while DYLG is Derivative Income. They also come from different issuers: Ionic and Global X. Their fees differ too: 0.74% for CPII and 0.35% for DYLG.

Which has better risk-adjusted returns?

DYLG currently has the higher Sharpe Ratio (1.97 vs 0.83), 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.