CPII vs. IVOL

Last updated Jun 4, 2026

CPII (Ionic Inflation Protection ETF) and IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) are both Inflation-Protected Bonds funds. Both are actively managed. Over the past 3 years, CPII returned 5.05%/yr vs -3.54%/yr for IVOL. At a correlation of -0.01, they often move in opposite directions. CPII charges 0.74%/yr vs 0.99%/yr for IVOL.

Performance

CPII vs. IVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ionic Inflation Protection ETF (CPII) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPII achieves a 4.27% return, which is significantly higher than IVOL's -6.33% return.

CPII

• 1D: 0.13%
• 1M: 0.26%
• YTD: 4.27%
• 6M: 4.13%
• 1Y: 4.42%
• 3Y*: 5.05%
• 5Y*: —
• 10Y*: —

IVOL

• 1D: -0.34%
• 1M: -3.62%
• YTD: -6.33%
• 6M: -7.21%
• 1Y: -5.59%
• 3Y*: -3.54%
• 5Y*: -5.77%
• 10Y*: —

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

CPII vs. IVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CPII Ionic Inflation Protection ETF	4.27%	2.76%	6.05%	1.79%	1.22%
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	-6.33%	11.97%	-11.07%	-5.18%	-8.53%

Correlation

The correlation between CPII and IVOL is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022	-0.01

The correlation between CPII and IVOL shifts across timeframes, from -0.03 (3 years) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CPII vs. IVOL — Risk / Return Rank

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

CPII

CPII Risk / Return Rank: 41
CPII Sharpe Ratio Rank: 35
CPII Sortino Ratio Rank: 34
CPII Omega Ratio Rank: 38
CPII Calmar Ratio Rank: 56
CPII Martin Ratio Rank: 40

IVOL

IVOL Risk / Return Rank: 3
IVOL Sharpe Ratio Rank: 3
IVOL Sortino Ratio Rank: 3
IVOL Omega Ratio Rank: 3
IVOL Calmar Ratio Rank: 4
IVOL Martin Ratio Rank: 3

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. IVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ionic Inflation Protection ETF (CPII) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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	IVOL	Difference
Sharpe ratio: Return per unit of total volatility	1.28	-0.81	+2.09
Sortino ratio: Return per unit of downside risk	1.82	-1.14	+2.97
Omega ratio: Gain probability vs. loss probability	1.25	0.88	+0.37
Calmar ratio: Return relative to maximum drawdown	2.73	-0.57	+3.31
Martin ratio: Return relative to average drawdown	6.37	-1.28	+7.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPII vs. IVOL - Sharpe Ratio Comparison

The current CPII Sharpe Ratio is 1.28, which is higher than the IVOL Sharpe Ratio of -0.81. The chart below compares the historical Sharpe Ratios of CPII and IVOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPII	IVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	-0.81	+2.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	-0.11	+0.80

Drawdowns

CPII vs. IVOL - Drawdown Comparison

The maximum CPII drawdown since its inception was -6.40%, smaller than the maximum IVOL drawdown of -31.16%. Use the drawdown chart below to compare losses from any high point for CPII and IVOL.

Drawdown Indicators

	CPII	IVOL	Difference
Max Drawdown Largest peak-to-trough decline	-6.40%	-31.16%	+24.76%
Max Drawdown (1Y) Largest decline over 1 year	-1.62%	-9.81%	+8.19%
Max Drawdown (3Y) Largest decline over 3 years	-4.39%	-16.63%	+12.24%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.62%	—
Current Drawdown Current decline from peak	-0.40%	-26.33%	+25.93%
Average Drawdown Average peak-to-trough decline	-1.62%	-13.30%	+11.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	4.38%	-3.68%

Volatility

CPII vs. IVOL - Volatility Comparison

Ionic Inflation Protection ETF (CPII) has a higher volatility of 1.14% compared to Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) at 1.07%. This indicates that CPII's price experiences larger fluctuations and is considered to be riskier than IVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPII	IVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	1.07%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	4.44%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	3.48%	6.89%	-3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.93%	12.84%	-6.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.93%	11.99%	-6.06%

CPII vs. IVOL - Expense Ratio Comparison

CPII has a 0.74% expense ratio, which is lower than IVOL's 0.99% expense ratio.

Dividends

CPII vs. IVOL - Dividend Comparison

CPII's dividend yield for the trailing twelve months is around 4.05%, more than IVOL's 3.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CPII Ionic Inflation Protection ETF	4.05%	4.20%	5.47%	5.86%	2.21%	0.00%	0.00%	0.00%
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	3.89%	3.61%	3.83%	3.73%	3.92%	3.93%	3.44%	2.02%

Frequently Asked Questions

Can I hold both CPII and IVOL in my portfolio?

CPII and IVOL have a correlation of 0.14, 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 IVOL?

CPII has higher volatility (1.14%) compared to IVOL (1.07%). In terms of maximum drawdown, CPII dropped -6.40% vs IVOL's -31.16%.

Which ETF is better, CPII or IVOL?

On 3-year performance, CPII leads with 5.05% vs -3.54% for IVOL. On fees, CPII is cheaper at 0.74% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPII or IVOL?

Over the 3-year period, CPII has performed better with a 5.05% return vs -3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPII or IVOL?

CPII is cheaper with a 0.74% expense ratio, compared with 0.99% for IVOL.

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

CPII has the higher dividend yield at 4.05%, compared with 3.89% for IVOL.

What is the main difference between CPII and IVOL?

They also come from different issuers: Ionic and CICC. Their fees differ too: 0.74% for CPII and 0.99% for IVOL.

Which has better risk-adjusted returns?

CPII currently has the higher Sharpe Ratio (1.28 vs -0.81), 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.