CPII vs. HYGI

Last updated Apr 2, 2026

Compare and contrast key facts about Ionic Inflation Protection ETF (CPII) and iShares Inflation Hedged High Yield Bond ETF (HYGI).

CPII and HYGI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CPII is an actively managed fund by Ionic. It was launched on Jun 28, 2022. HYGI is a passively managed fund by iShares that tracks the performance of the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. It was launched on Jun 22, 2022.

Performance

CPII vs. HYGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ionic Inflation Protection ETF (CPII) and iShares Inflation Hedged High Yield Bond ETF (HYGI). The values are adjusted to include any dividend payments, if applicable.

CPII vs. HYGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CPII Ionic Inflation Protection ETF	1.57%	2.76%	6.05%	1.79%	1.22%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	3.19%

Returns By Period

CPII

• 1D: -0.10%
• 1M: 1.16%
• YTD: 1.57%
• 6M: 0.74%
• 1Y: 2.18%
• 3Y*: 3.96%
• 5Y*: —
• 10Y*: —

HYGI

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPII vs. HYGI - Expense Ratio Comparison

CPII has a 0.74% expense ratio, which is higher than HYGI's 0.52% expense ratio.

CPII

Ionic Inflation Protection ETF

HYGI

iShares Inflation Hedged High Yield Bond ETF

Return for Risk

CPII vs. HYGI — 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: 28
CPII Sortino Ratio Rank: 26
CPII Omega Ratio Rank: 25
CPII Calmar Ratio Rank: 43
CPII Martin Ratio Rank: 29

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. HYGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ionic Inflation Protection ETF (CPII) and iShares Inflation Hedged High Yield Bond ETF (HYGI). 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	HYGI	Difference
Sharpe ratio Return per unit of total volatility	0.56	—	—
Sortino ratio Return per unit of downside risk	0.82	—	—
Omega ratio Gain probability vs. loss probability	1.11	—	—
Calmar ratio Return relative to maximum drawdown	1.23	—	—
Martin ratio Return relative to average drawdown	2.72	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CPII	HYGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	—	—

Correlation

The correlation between CPII and HYGI is -0.07. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

CPII vs. HYGI - Dividend Comparison

CPII's dividend yield for the trailing twelve months is around 3.41%, more than HYGI's 2.46% yield.

	TTM	2025	2024	2023	2022
CPII Ionic Inflation Protection ETF	3.41%	4.20%	5.47%	5.86%	2.21%
HYGI iShares Inflation Hedged High Yield Bond ETF	2.46%	3.41%	6.08%	6.22%	3.19%

Drawdowns

Drawdown Indicators

	CPII	HYGI	Difference
Max Drawdown Largest peak-to-trough decline	-6.40%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.62%	—	—
Current Drawdown Current decline from peak	-1.16%	—	—
Average Drawdown Average peak-to-trough decline	-1.67%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	—	—

Volatility

Volatility by Period

	CPII	HYGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.92%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	—	—