CPII vs. XTN
CPII (Ionic Inflation Protection ETF) and XTN (SPDR S&P Transportation ETF) are both exchange-traded funds - CPII is a Inflation-Protected Bonds fund actively managed by Ionic, while XTN is a Transportation Equities fund tracking the S&P Transportation Select Industry Index. CPII is actively managed, while XTN is passively managed. Over the past 3 years, CPII returned 4.62%/yr vs 12.74%/yr for XTN. At a correlation of -0.05, they often move in opposite directions. CPII charges 0.74%/yr vs 0.35%/yr for XTN.
Performance
CPII vs. XTN - Performance Comparison
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Returns By Period
In the year-to-date period, CPII achieves a 3.22% return, which is significantly lower than XTN's 29.29% return.
CPII
- 1D
- -0.03%
- 1M
- -0.07%
- 6M
- 3.11%
- YTD
- 3.22%
- 1Y
- 2.71%
- 3Y*
- 4.62%
- 5Y*
- —
- 10Y*
- —
XTN
- 1D
- 2.64%
- 1M
- 2.04%
- 6M
- 19.21%
- YTD
- 29.29%
- 1Y
- 39.86%
- 3Y*
- 12.74%
- 5Y*
- 8.66%
- 10Y*
- 10.70%
CPII vs. XTN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 3.22% | 2.76% | 6.05% | 1.79% | 1.04% |
XTN SPDR S&P Transportation ETF | 29.29% | 6.33% | 4.86% | 25.22% | -1.97% |
Correlation
The correlation between CPII and XTN 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 | -0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2022 | -0.05 |
Over the past year, the inverse relationship between CPII and XTN has strengthened: their correlation has moved from -0.05 to -0.33, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CPII vs. XTN — Risk / Return Rank
CPII
XTN
CPII vs. XTN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ionic Inflation Protection ETF (CPII) and SPDR S&P Transportation ETF (XTN). 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 | XTN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.26 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 2.32 | -1.04 |
| Martin ratioReturn relative to average drawdown | 3.24 | 6.37 | -3.13 |
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Drawdowns
CPII vs. XTN - Drawdown Comparison
The maximum CPII drawdown since its inception was -6.40%, smaller than the maximum XTN drawdown of -43.77%. Use the drawdown chart below to compare losses from any high point for CPII and XTN.
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Drawdown Indicators
| CPII | XTN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.40% | -43.77% | +37.37% |
Max Drawdown (1Y)Largest decline over 1 year | -2.13% | -17.28% | +15.15% |
Max Drawdown (3Y)Largest decline over 3 years | -4.39% | -33.69% | +29.30% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.05% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.77% | — |
Current DrawdownCurrent decline from peak | -1.40% | 0.00% | -1.40% |
Average DrawdownAverage peak-to-trough decline | -1.61% | -10.87% | +9.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 6.27% | -5.43% |
Volatility
CPII vs. XTN - Volatility Comparison
The current volatility for Ionic Inflation Protection ETF (CPII) is 0.86%, while SPDR S&P Transportation ETF (XTN) has a volatility of 6.07%. This indicates that CPII experiences smaller price fluctuations and is considered to be less risky than XTN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPII | XTN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 6.07% | -5.21% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 22.60% | -19.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.32% | 27.85% | -24.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.87% | 26.91% | -21.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.87% | 26.16% | -20.29% |
CPII vs. XTN - Expense Ratio Comparison
CPII has a 0.74% expense ratio, which is higher than XTN's 0.35% expense ratio.
Dividends
CPII vs. XTN - Dividend Comparison
CPII's dividend yield for the trailing twelve months is around 4.64%, more than XTN's 0.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.64% | 4.20% | 5.47% | 5.86% | 2.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XTN SPDR S&P Transportation ETF | 0.62% | 0.78% | 0.93% | 0.73% | 1.04% | 1.02% | 0.75% | 1.17% | 0.98% | 0.63% | 0.66% | 1.03% |
Frequently Asked Questions
CPII and XTN 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.
XTN has higher volatility (6.07%) compared to CPII (0.86%). In terms of maximum drawdown, CPII dropped -6.40% vs XTN's -43.77%.
On 3-year performance, XTN leads with 12.74% vs 4.62% for CPII. On fees, XTN is cheaper at 0.35% per year. On volatility, CPII has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XTN has performed better with a 12.74% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTN is cheaper with a 0.35% expense ratio, compared with 0.74% for CPII.
CPII has the higher dividend yield at 4.64%, compared with 0.62% for XTN.
CPII is categorized as Inflation-Protected Bonds, while XTN is Transportation Equities. They also come from different issuers: Ionic and State Street. Their fees differ too: 0.74% for CPII and 0.35% for XTN.
XTN currently has the higher Sharpe Ratio (1.44 vs 0.82), 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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