CPII vs. WIP
CPII (Ionic Inflation Protection ETF) and WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) are both Inflation-Protected Bonds funds. CPII is actively managed, while WIP is passively managed. Over the past 3 years, CPII returned 5.05%/yr vs 5.08%/yr for WIP. At a correlation of -0.29, they often move in opposite directions. CPII charges 0.74%/yr vs 0.50%/yr for WIP.
Performance
CPII vs. WIP - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with CPII having a 4.27% return and WIP slightly higher at 4.31%.
CPII
- 1D
- 0.13%
- 1M
- 0.26%
- YTD
- 4.27%
- 6M
- 4.13%
- 1Y
- 4.42%
- 3Y*
- 5.05%
- 5Y*
- —
- 10Y*
- —
WIP
- 1D
- -0.72%
- 1M
- 0.70%
- YTD
- 4.31%
- 6M
- 4.96%
- 1Y
- 10.26%
- 3Y*
- 5.08%
- 5Y*
- -0.70%
- 10Y*
- 1.61%
CPII vs. WIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.27% | 2.76% | 6.05% | 1.79% | 1.22% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.31% | 15.18% | -8.71% | 8.84% | -3.13% |
Correlation
The correlation between CPII and WIP is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | -0.29 |
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Return for Risk
CPII vs. WIP — Risk / Return Rank
CPII
WIP
CPII vs. WIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ionic Inflation Protection ETF (CPII) and SPDR FTSE International Government Inflation-Protected Bond ETF (WIP). 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 | WIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.20 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.73 | 2.00 | +0.74 |
| Martin ratioReturn relative to average drawdown | 6.37 | 5.98 | +0.39 |
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 | WIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | 1.18 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.06 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.16 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 0.12 | +0.57 |
Drawdowns
CPII vs. WIP - Drawdown Comparison
The maximum CPII drawdown since its inception was -6.40%, smaller than the maximum WIP drawdown of -29.60%. Use the drawdown chart below to compare losses from any high point for CPII and WIP.
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Drawdown Indicators
| CPII | WIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.40% | -29.60% | +23.20% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -5.16% | +3.54% |
Max Drawdown (3Y)Largest decline over 3 years | -4.39% | -11.16% | +6.77% |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.84% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.84% | — |
Current DrawdownCurrent decline from peak | -0.40% | -3.87% | +3.47% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -8.58% | +6.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 1.72% | -1.02% |
Volatility
CPII vs. WIP - Volatility Comparison
The current volatility for Ionic Inflation Protection ETF (CPII) is 1.14%, while SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a volatility of 2.95%. This indicates that CPII experiences smaller price fluctuations and is considered to be less risky than WIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPII | WIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 2.95% | -1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 6.89% | -4.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.48% | 8.72% | -5.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 11.45% | -5.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.93% | 10.16% | -4.23% |
CPII vs. WIP - Expense Ratio Comparison
CPII has a 0.74% expense ratio, which is higher than WIP's 0.50% expense ratio.
Dividends
CPII vs. WIP - Dividend Comparison
CPII's dividend yield for the trailing twelve months is around 4.05%, less than WIP's 5.79% 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% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 5.79% | 5.51% | 6.06% | 6.54% | 11.15% | 4.63% | 1.59% | 2.49% | 4.05% | 1.91% | 1.27% | 1.14% |
Frequently Asked Questions
CPII and WIP 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.
WIP has higher volatility (2.95%) compared to CPII (1.14%). In terms of maximum drawdown, CPII dropped -6.40% vs WIP's -29.60%.
On 3-year performance, WIP leads with 5.08% vs 5.05% for CPII. On fees, WIP is cheaper at 0.50% 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, WIP has performed better with a 5.08% return vs 5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
WIP is cheaper with a 0.50% expense ratio, compared with 0.74% for CPII.
WIP has the higher dividend yield at 5.79%, compared with 4.05% for CPII.
They also come from different issuers: Ionic and State Street. Their fees differ too: 0.74% for CPII and 0.50% for WIP.
CPII currently has the higher Sharpe Ratio (1.28 vs 1.18), 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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