CPII vs. ICPI
CPII (Ionic Inflation Protection ETF) and ICPI (iShares 0-1 Year TIPS Bond ETF) are both Inflation-Protected Bonds funds. CPII is actively managed, while ICPI is passively managed. A 0.69 correlation means they provide meaningful diversification when combined. CPII charges 0.74%/yr vs 0.09%/yr for ICPI.
Performance
CPII vs. ICPI - Performance Comparison
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Returns By Period
In the year-to-date period, CPII achieves a 3.97% return, which is significantly higher than ICPI's 2.67% return.
CPII
- 1D
- -0.29%
- 1M
- 0.21%
- YTD
- 3.97%
- 6M
- 3.78%
- 1Y
- 4.50%
- 3Y*
- 4.91%
- 5Y*
- —
- 10Y*
- —
ICPI
- 1D
- -0.03%
- 1M
- 0.44%
- YTD
- 2.67%
- 6M
- 2.73%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPII vs. ICPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPII Ionic Inflation Protection ETF | 3.97% | -0.08% |
ICPI iShares 0-1 Year TIPS Bond ETF | 2.67% | 0.32% |
Correlation
The correlation between CPII and ICPI is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025 | 0.69 |
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Return for Risk
CPII vs. ICPI — Risk / Return Rank
CPII
ICPI
CPII vs. ICPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ionic Inflation Protection ETF (CPII) and iShares 0-1 Year TIPS Bond ETF (ICPI). 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 | ICPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.26 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | — | — |
| Martin ratioReturn relative to average drawdown | 6.47 | — | — |
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 | ICPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 6.09 | -5.41 |
Drawdowns
CPII vs. ICPI - Drawdown Comparison
The maximum CPII drawdown since its inception was -6.40%, which is greater than ICPI's maximum drawdown of -0.22%. Use the drawdown chart below to compare losses from any high point for CPII and ICPI.
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Drawdown Indicators
| CPII | ICPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.40% | -0.22% | -6.18% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.39% | — | — |
Current DrawdownCurrent decline from peak | -0.69% | -0.03% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -0.03% | -1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | — | — |
Volatility
CPII vs. ICPI - Volatility Comparison
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Volatility by Period
| CPII | ICPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.48% | 0.95% | +2.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 0.95% | +4.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.93% | 0.95% | +4.98% |
CPII vs. ICPI - Expense Ratio Comparison
CPII has a 0.74% expense ratio, which is higher than ICPI's 0.09% expense ratio.
Dividends
CPII vs. ICPI - Dividend Comparison
CPII's dividend yield for the trailing twelve months is around 4.06%, more than ICPI's 1.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.06% | 4.20% | 5.47% | 5.86% | 2.21% |
ICPI iShares 0-1 Year TIPS Bond ETF | 1.80% | 0.54% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CPII and ICPI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICPI is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICPI is cheaper with a 0.09% expense ratio, compared with 0.74% for CPII.
CPII has the higher dividend yield at 4.06%, compared with 1.80% for ICPI.
They also come from different issuers: Ionic and iShares. Their fees differ too: 0.74% for CPII and 0.09% for ICPI.
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