CPII vs. VWOB
CPII (Ionic Inflation Protection ETF) and VWOB (Vanguard Emerging Markets Government Bond ETF) are both exchange-traded funds - CPII is a Inflation-Protected Bonds fund actively managed by Ionic, while VWOB is a Emerging Markets Bonds fund tracking the Barclays USD Emerging Markets Government RIC Capped Index. CPII is actively managed, while VWOB is passively managed. Over the past 3 years, CPII returned 5.05%/yr vs 9.39%/yr for VWOB. At a correlation of -0.37, they often move in opposite directions. CPII charges 0.74%/yr vs 0.20%/yr for VWOB.
Performance
CPII vs. VWOB - 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 VWOB'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*
- —
VWOB
- 1D
- -0.31%
- 1M
- 1.13%
- YTD
- 1.54%
- 6M
- 1.55%
- 1Y
- 10.87%
- 3Y*
- 9.39%
- 5Y*
- 2.08%
- 10Y*
- 3.53%
CPII vs. VWOB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.27% | 2.76% | 6.05% | 1.79% | 1.22% |
VWOB Vanguard Emerging Markets Government Bond ETF | 1.54% | 13.49% | 5.20% | 10.68% | 2.96% |
Correlation
The correlation between CPII and VWOB is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | -0.37 |
The correlation between CPII and VWOB shifts across timeframes, from -0.45 (3 years) to -0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CPII vs. VWOB — Risk / Return Rank
CPII
VWOB
CPII vs. VWOB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ionic Inflation Protection ETF (CPII) and Vanguard Emerging Markets Government Bond ETF (VWOB). 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 | VWOB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.41 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.73 | 2.44 | +0.30 |
| Martin ratioReturn relative to average drawdown | 6.37 | 10.30 | -3.94 |
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 | VWOB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | 2.12 | -0.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.23 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 0.42 | +0.28 |
Drawdowns
CPII vs. VWOB - Drawdown Comparison
The maximum CPII drawdown since its inception was -6.40%, smaller than the maximum VWOB drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for CPII and VWOB.
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Drawdown Indicators
| CPII | VWOB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.40% | -26.98% | +20.58% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -4.48% | +2.86% |
Max Drawdown (3Y)Largest decline over 3 years | -4.39% | -7.71% | +3.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.98% | — |
Current DrawdownCurrent decline from peak | -0.40% | -0.36% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -4.78% | +3.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 1.06% | -0.36% |
Volatility
CPII vs. VWOB - Volatility Comparison
The current volatility for Ionic Inflation Protection ETF (CPII) is 1.14%, while Vanguard Emerging Markets Government Bond ETF (VWOB) has a volatility of 1.72%. This indicates that CPII experiences smaller price fluctuations and is considered to be less risky than VWOB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPII | VWOB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.72% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 4.17% | -1.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.48% | 5.15% | -1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 9.18% | -3.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.93% | 9.34% | -3.41% |
CPII vs. VWOB - Expense Ratio Comparison
CPII has a 0.74% expense ratio, which is higher than VWOB's 0.20% expense ratio.
Dividends
CPII vs. VWOB - Dividend Comparison
CPII's dividend yield for the trailing twelve months is around 4.05%, less than VWOB's 5.85% 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% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.85% | 5.92% | 6.08% | 5.50% | 5.30% | 4.04% | 4.18% | 4.58% | 4.52% | 4.61% | 4.71% | 4.93% |
Frequently Asked Questions
CPII and VWOB have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWOB has higher volatility (1.72%) compared to CPII (1.14%). In terms of maximum drawdown, CPII dropped -6.40% vs VWOB's -26.98%.
On 3-year performance, VWOB leads with 9.39% vs 5.05% for CPII. On fees, VWOB is cheaper at 0.20% per year. On volatility, CPII has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VWOB has performed better with a 9.39% return vs 5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VWOB is cheaper with a 0.20% expense ratio, compared with 0.74% for CPII.
VWOB has the higher dividend yield at 5.85%, compared with 4.05% for CPII.
CPII is categorized as Inflation-Protected Bonds, while VWOB is Emerging Markets Bonds. They also come from different issuers: Ionic and Vanguard. Their fees differ too: 0.74% for CPII and 0.20% for VWOB.
VWOB currently has the higher Sharpe Ratio (2.12 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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