CPII vs. SCHP

Last updated Jun 23, 2026

CPII (Ionic Inflation Protection ETF) and SCHP (Schwab U.S. TIPS ETF) are both Inflation-Protected Bonds funds. CPII is actively managed, while SCHP is passively managed. Over the past 3 years, CPII returned 4.60%/yr vs 3.67%/yr for SCHP. At a correlation of -0.28, they often move in opposite directions. CPII charges 0.74%/yr vs 0.03%/yr for SCHP.

Performance

CPII vs. SCHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ionic Inflation Protection ETF (CPII) and Schwab U.S. TIPS ETF (SCHP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPII achieves a 2.97% return, which is significantly higher than SCHP's 0.81% return.

CPII

• 1D: -0.13%
• 1M: -0.73%
• YTD: 2.97%
• 6M: 2.83%
• 1Y: 3.20%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

SCHP

• 1D: -0.42%
• 1M: -0.18%
• YTD: 0.81%
• 6M: 0.92%
• 1Y: 3.57%
• 3Y*: 3.67%
• 5Y*: 0.94%
• 10Y*: 2.52%

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

CPII vs. SCHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CPII Ionic Inflation Protection ETF	2.97%	2.76%	6.05%	1.79%	1.04%
SCHP Schwab U.S. TIPS ETF	0.81%	6.76%	1.95%	3.91%	-3.62%

Correlation

The correlation between CPII and SCHP is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.35
Correlation (All Time) Calculated using the full available price history since Jun 29, 2022	-0.28

Over the past year, the inverse relationship between CPII and SCHP has weakened: their correlation has moved from -0.28 to -0.04, meaning they move in opposite directions less often than they have historically.

Return for Risk

CPII vs. SCHP — 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: 27
CPII Sortino Ratio Rank: 26
CPII Omega Ratio Rank: 27
CPII Calmar Ratio Rank: 40
CPII Martin Ratio Rank: 32

SCHP

SCHP Risk / Return Rank: 33
SCHP Sharpe Ratio Rank: 31
SCHP Sortino Ratio Rank: 30
SCHP Omega Ratio Rank: 28
SCHP Calmar Ratio Rank: 38
SCHP Martin Ratio Rank: 37

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. SCHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ionic Inflation Protection ETF (CPII) and Schwab U.S. TIPS ETF (SCHP). 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	SCHP	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.07	-0.13
Sortino ratio: Return per unit of downside risk	1.36	1.58	-0.22
Omega ratio: Gain probability vs. loss probability	1.18	1.19	-0.01
Calmar ratio: Return relative to maximum drawdown	1.96	1.86	+0.10
Martin ratio: Return relative to average drawdown	4.37	5.54	-1.17

CPII vs. SCHP - Sharpe Ratio Comparison

The current CPII Sharpe Ratio is 0.94, which is comparable to the SCHP Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of CPII and SCHP, 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. SCHP - Drawdown Comparison

The maximum CPII drawdown since its inception was -6.40%, smaller than the maximum SCHP drawdown of -14.26%. Use the drawdown chart below to compare losses from any high point for CPII and SCHP.

Drawdown Indicators

	CPII	SCHP	Difference
Max Drawdown Largest peak-to-trough decline	-6.40%	-14.26%	+7.86%
Max Drawdown (1Y) Largest decline over 1 year	-1.64%	-1.93%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-4.39%	-4.48%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.26%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.26%	—
Current Drawdown Current decline from peak	-1.64%	-1.04%	-0.60%
Average Drawdown Average peak-to-trough decline	-1.61%	-3.93%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.65%	+0.08%

Volatility

CPII vs. SCHP - Volatility Comparison

The current volatility for Ionic Inflation Protection ETF (CPII) is 0.76%, while Schwab U.S. TIPS ETF (SCHP) has a volatility of 1.20%. This indicates that CPII experiences smaller price fluctuations and is considered to be less risky than SCHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPII	SCHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	1.20%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	2.82%	2.39%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	3.35%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.90%	6.11%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.90%	5.60%	+0.30%

CPII vs. SCHP - Expense Ratio Comparison

CPII has a 0.74% expense ratio, which is higher than SCHP's 0.03% expense ratio.

Dividends

CPII vs. SCHP - Dividend Comparison

CPII's dividend yield for the trailing twelve months is around 4.10%, more than SCHP's 4.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPII Ionic Inflation Protection ETF	4.10%	4.20%	5.47%	5.86%	2.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SCHP Schwab U.S. TIPS ETF	4.02%	4.06%	2.99%	3.02%	7.19%	4.39%	1.11%	2.02%	2.26%	1.90%	1.38%	0.28%

Frequently Asked Questions

Can I hold both CPII and SCHP in my portfolio?

CPII and SCHP have a correlation of -0.04, 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 SCHP?

SCHP has higher volatility (1.20%) compared to CPII (0.76%). In terms of maximum drawdown, CPII dropped -6.40% vs SCHP's -14.26%.

Which ETF is better, CPII or SCHP?

On 3-year performance, CPII leads with 4.60% vs 3.67% for SCHP. On fees, SCHP is cheaper at 0.03% per year. On volatility, CPII has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPII or SCHP?

Over the 3-year period, CPII has performed better with a 4.60% return vs 3.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPII or SCHP?

SCHP is cheaper with a 0.03% expense ratio, compared with 0.74% for CPII.

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

CPII has the higher dividend yield at 4.10%, compared with 4.02% for SCHP.

What is the main difference between CPII and SCHP?

They also come from different issuers: Ionic and Charles Schwab. Their fees differ too: 0.74% for CPII and 0.03% for SCHP.

Which has better risk-adjusted returns?

SCHP currently has the higher Sharpe Ratio (1.07 vs 0.94), 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.