CPII vs. EMB
CPII (Ionic Inflation Protection ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both exchange-traded funds - CPII is a Inflation-Protected Bonds fund actively managed by Ionic, while EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index. CPII is actively managed, while EMB is passively managed. Over the past 3 years, CPII returned 5.05%/yr vs 9.74%/yr for EMB. At a correlation of -0.38, they often move in opposite directions. CPII charges 0.74%/yr vs 0.39%/yr for EMB.
Performance
CPII vs. EMB - Performance Comparison
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Returns By Period
In the year-to-date period, CPII achieves a 4.27% return, which is significantly higher than EMB's 1.80% return.
CPII
- 1D
- 0.13%
- 1M
- 0.26%
- YTD
- 4.27%
- 6M
- 4.13%
- 1Y
- 4.42%
- 3Y*
- 5.05%
- 5Y*
- —
- 10Y*
- —
EMB
- 1D
- -0.37%
- 1M
- 1.29%
- YTD
- 1.80%
- 6M
- 1.93%
- 1Y
- 11.56%
- 3Y*
- 9.74%
- 5Y*
- 1.86%
- 10Y*
- 3.29%
CPII vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.27% | 2.76% | 6.05% | 1.79% | 1.22% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 1.80% | 13.85% | 5.54% | 10.62% | 2.50% |
Correlation
The correlation between CPII and EMB is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | -0.38 |
The correlation between CPII and EMB shifts across timeframes, from -0.45 (3 years) to -0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CPII vs. EMB — Risk / Return Rank
CPII
EMB
CPII vs. EMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ionic Inflation Protection ETF (CPII) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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.
| CPII | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.41 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.73 | 2.58 | +0.16 |
| Martin ratioReturn relative to average drawdown | 6.37 | 11.01 | -4.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPII | EMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | 2.09 | -0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.19 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.33 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 0.44 | +0.26 |
Drawdowns
CPII vs. EMB - Drawdown Comparison
The maximum CPII drawdown since its inception was -6.40%, smaller than the maximum EMB drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for CPII and EMB.
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Drawdown Indicators
| CPII | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.40% | -34.70% | +28.30% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -4.51% | +2.89% |
Max Drawdown (3Y)Largest decline over 3 years | -4.39% | -7.95% | +3.56% |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.74% | — |
Current DrawdownCurrent decline from peak | -0.40% | -0.37% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -5.06% | +3.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 1.05% | -0.35% |
Volatility
CPII vs. EMB - Volatility Comparison
The current volatility for Ionic Inflation Protection ETF (CPII) is 1.14%, while iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) has a volatility of 1.85%. This indicates that CPII experiences smaller price fluctuations and is considered to be less risky than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPII | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.85% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 4.52% | -1.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.48% | 5.56% | -2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 9.75% | -3.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.93% | 9.96% | -4.03% |
CPII vs. EMB - Expense Ratio Comparison
CPII has a 0.74% expense ratio, which is higher than EMB's 0.39% expense ratio.
Dividends
CPII vs. EMB - Dividend Comparison
CPII's dividend yield for the trailing twelve months is around 4.05%, less than EMB's 5.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.05% | 4.20% | 5.47% | 5.86% | 2.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.06% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
Frequently Asked Questions
CPII and EMB have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMB has higher volatility (1.85%) compared to CPII (1.14%). In terms of maximum drawdown, CPII dropped -6.40% vs EMB's -34.70%.
On 3-year performance, EMB leads with 9.74% vs 5.05% for CPII. On fees, EMB is cheaper at 0.39% per year. On volatility, CPII has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EMB has performed better with a 9.74% return vs 5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMB is cheaper with a 0.39% expense ratio, compared with 0.74% for CPII.
EMB has the higher dividend yield at 5.06%, compared with 4.05% for CPII.
CPII is categorized as Inflation-Protected Bonds, while EMB is Emerging Markets Bonds. They also come from different issuers: Ionic and iShares. Their fees differ too: 0.74% for CPII and 0.39% for EMB.
EMB currently has the higher Sharpe Ratio (2.09 vs 1.28), 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.
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