CPII vs. VTIP
CPII (Ionic Inflation Protection ETF) and VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) are both Inflation-Protected Bonds funds. CPII is actively managed, while VTIP is passively managed. Over the past 3 years, CPII returned 5.05%/yr vs 5.26%/yr for VTIP. At a correlation of -0.08, they often move in opposite directions. CPII charges 0.74%/yr vs 0.03%/yr for VTIP.
Performance
CPII vs. VTIP - 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 VTIP's 2.05% return.
CPII
- 1D
- 0.13%
- 1M
- 0.26%
- YTD
- 4.27%
- 6M
- 4.13%
- 1Y
- 4.42%
- 3Y*
- 5.05%
- 5Y*
- —
- 10Y*
- —
VTIP
- 1D
- 0.00%
- 1M
- 0.04%
- YTD
- 2.05%
- 6M
- 2.03%
- 1Y
- 4.70%
- 3Y*
- 5.26%
- 5Y*
- 3.37%
- 10Y*
- 3.14%
CPII vs. VTIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.27% | 2.76% | 6.05% | 1.79% | 1.22% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 2.05% | 6.07% | 4.74% | 4.62% | -1.44% |
Correlation
The correlation between CPII and VTIP is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | -0.08 |
The correlation between CPII and VTIP shifts across timeframes, from -0.13 (3 years) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CPII vs. VTIP — Risk / Return Rank
CPII
VTIP
CPII vs. VTIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ionic Inflation Protection ETF (CPII) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). 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 | VTIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.87 | ||
| Sortino ratioReturn per unit of downside risk | -3.54 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.67 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.73 | 6.75 | -4.01 |
| Martin ratioReturn relative to average drawdown | 6.37 | 26.06 | -19.69 |
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 | VTIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | 3.15 | -1.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.22 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 0.89 | -0.20 |
Drawdowns
CPII vs. VTIP - Drawdown Comparison
The maximum CPII drawdown since its inception was -6.40%, roughly equal to the maximum VTIP drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for CPII and VTIP.
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Drawdown Indicators
| CPII | VTIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.40% | -6.27% | -0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -0.70% | -0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -4.39% | -0.98% | -3.41% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -6.27% | — |
Current DrawdownCurrent decline from peak | -0.40% | -0.02% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -1.04% | -0.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.18% | +0.52% |
Volatility
CPII vs. VTIP - Volatility Comparison
Ionic Inflation Protection ETF (CPII) has a higher volatility of 1.14% compared to Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) at 0.43%. This indicates that CPII's price experiences larger fluctuations and is considered to be riskier than VTIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPII | VTIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.43% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 1.02% | +1.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.48% | 1.50% | +1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 2.77% | +3.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.93% | 2.74% | +3.19% |
CPII vs. VTIP - Expense Ratio Comparison
CPII has a 0.74% expense ratio, which is higher than VTIP's 0.03% expense ratio.
Dividends
CPII vs. VTIP - Dividend Comparison
CPII's dividend yield for the trailing twelve months is around 4.05%, more than VTIP's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 3.58% | 3.81% | 2.70% | 2.86% | 6.84% | 4.68% | 1.20% | 1.95% | 2.45% | 1.52% | 0.76% |
Frequently Asked Questions
CPII and VTIP have a correlation of 0.27, 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 VTIP (0.43%). In terms of maximum drawdown, CPII dropped -6.40% vs VTIP's -6.27%.
On 3-year performance, VTIP leads with 5.26% vs 5.05% for CPII. On fees, VTIP is cheaper at 0.03% per year. On volatility, VTIP has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VTIP has performed better with a 5.26% return vs 5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTIP is cheaper with a 0.03% expense ratio, compared with 0.74% for CPII.
CPII has the higher dividend yield at 4.05%, compared with 3.58% for VTIP.
They also come from different issuers: Ionic and Vanguard. Their fees differ too: 0.74% for CPII and 0.03% for VTIP.
VTIP currently has the higher Sharpe Ratio (3.15 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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