CPII vs. TIP
CPII (Ionic Inflation Protection ETF) and TIP (iShares TIPS Bond ETF) are both Inflation-Protected Bonds funds. CPII is actively managed, while TIP is passively managed. Over the past 3 years, CPII returned 5.05%/yr vs 3.88%/yr for TIP. At a correlation of -0.27, they often move in opposite directions. CPII charges 0.74%/yr vs 0.18%/yr for TIP.
Performance
CPII vs. TIP - 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 TIP's 1.54% return.
CPII
- 1D
- 0.13%
- 1M
- 0.26%
- YTD
- 4.27%
- 6M
- 4.13%
- 1Y
- 4.42%
- 3Y*
- 5.05%
- 5Y*
- —
- 10Y*
- —
TIP
- 1D
- -0.18%
- 1M
- -0.09%
- YTD
- 1.54%
- 6M
- 1.06%
- 1Y
- 4.96%
- 3Y*
- 3.88%
- 5Y*
- 0.97%
- 10Y*
- 2.57%
CPII vs. TIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.27% | 2.76% | 6.05% | 1.79% | 1.22% |
TIP iShares TIPS Bond ETF | 1.54% | 6.77% | 1.65% | 3.80% | -3.61% |
Correlation
The correlation between CPII and TIP 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 30, 2022 | -0.27 |
Over the past year, the inverse relationship between CPII and TIP has weakened: their correlation has moved from -0.27 to -0.04, meaning they move in opposite directions less often than they have historically.
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Return for Risk
CPII vs. TIP — Risk / Return Rank
CPII
TIP
CPII vs. TIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ionic Inflation Protection ETF (CPII) and iShares TIPS Bond ETF (TIP). 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 | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.26 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.73 | 2.52 | +0.21 |
| Martin ratioReturn relative to average drawdown | 6.37 | 7.57 | -1.20 |
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 | TIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | 1.46 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.16 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.45 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 0.57 | +0.12 |
Drawdowns
CPII vs. TIP - Drawdown Comparison
The maximum CPII drawdown since its inception was -6.40%, smaller than the maximum TIP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for CPII and TIP.
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Drawdown Indicators
| CPII | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.40% | -14.57% | +8.17% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -1.98% | +0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -4.39% | -4.54% | +0.15% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.51% | — |
Current DrawdownCurrent decline from peak | -0.40% | -0.32% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -3.43% | +1.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.66% | +0.04% |
Volatility
CPII vs. TIP - Volatility Comparison
Ionic Inflation Protection ETF (CPII) has a higher volatility of 1.14% compared to iShares TIPS Bond ETF (TIP) at 0.89%. This indicates that CPII's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPII | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.89% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 2.29% | +0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.48% | 3.41% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 6.21% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.93% | 5.74% | +0.19% |
CPII vs. TIP - Expense Ratio Comparison
CPII has a 0.74% expense ratio, which is higher than TIP's 0.18% expense ratio.
Dividends
CPII vs. TIP - Dividend Comparison
CPII's dividend yield for the trailing twelve months is around 4.05%, more than TIP's 3.76% 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% |
TIP iShares TIPS Bond ETF | 3.76% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
CPII and TIP 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.
CPII has higher volatility (1.14%) compared to TIP (0.89%). In terms of maximum drawdown, CPII dropped -6.40% vs TIP's -14.57%.
On 3-year performance, CPII leads with 5.05% vs 3.88% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CPII has performed better with a 5.05% return vs 3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 0.74% for CPII.
CPII has the higher dividend yield at 4.05%, compared with 3.76% for TIP.
They also come from different issuers: Ionic and iShares. Their fees differ too: 0.74% for CPII and 0.18% for TIP.
TIP currently has the higher Sharpe Ratio (1.46 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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