DFIP vs. CPII

Last updated Jun 25, 2026

DFIP (Dimensional Inflation-Protected Securities ETF) and CPII (Ionic Inflation Protection ETF) are both Inflation-Protected Bonds funds. Both are actively managed. Over the past 3 years, DFIP returned 3.99%/yr vs 4.43%/yr for CPII. At a correlation of -0.27, they often move in opposite directions. DFIP charges 0.11%/yr vs 0.74%/yr for CPII.

Performance

DFIP vs. CPII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Inflation-Protected Securities ETF (DFIP) and Ionic Inflation Protection ETF (CPII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFIP achieves a 1.07% return, which is significantly lower than CPII's 2.46% return.

DFIP

• 1D: 0.37%
• 1M: 0.14%
• YTD: 1.07%
• 6M: 0.95%
• 1Y: 3.69%
• 3Y*: 3.99%
• 5Y*: —
• 10Y*: —

CPII

• 1D: -0.29%
• 1M: -1.22%
• YTD: 2.46%
• 6M: 2.43%
• 1Y: 3.20%
• 3Y*: 4.43%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFIP vs. CPII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFIP Dimensional Inflation-Protected Securities ETF	1.07%	7.54%	1.72%	4.07%	-3.02%
CPII Ionic Inflation Protection ETF	2.46%	2.76%	6.05%	1.79%	1.04%

Correlation

The correlation between DFIP and CPII is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	-0.33
Correlation (All Time) Calculated using the full available price history since Jun 29, 2022	-0.27

Over the past year, the inverse relationship between DFIP and CPII has weakened: their correlation has moved from -0.27 to -0.02, meaning they move in opposite directions less often than they have historically.

Return for Risk

DFIP vs. CPII — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFIP

DFIP Risk / Return Rank: 34
DFIP Sharpe Ratio Rank: 32
DFIP Sortino Ratio Rank: 32
DFIP Omega Ratio Rank: 30
DFIP Calmar Ratio Rank: 40
DFIP Martin Ratio Rank: 38

CPII

CPII Risk / Return Rank: 30
CPII Sharpe Ratio Rank: 29
CPII Sortino Ratio Rank: 28
CPII Omega Ratio Rank: 28
CPII Calmar Ratio Rank: 33
CPII Martin Ratio Rank: 32

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFIP vs. CPII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Inflation-Protected Securities ETF (DFIP) and Ionic Inflation Protection ETF (CPII). 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.

	DFIP	CPII	Difference
Sharpe ratio: Return per unit of total volatility	1.06	0.95	+0.10
Sortino ratio: Return per unit of downside risk	1.59	1.39	+0.20
Omega ratio: Gain probability vs. loss probability	1.19	1.18	+0.01
Calmar ratio: Return relative to maximum drawdown	1.80	1.51	+0.30
Martin ratio: Return relative to average drawdown	5.28	4.28	+1.00

DFIP vs. CPII - Sharpe Ratio Comparison

The current DFIP Sharpe Ratio is 1.06, which is comparable to the CPII Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of DFIP and CPII, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFIP vs. CPII - Drawdown Comparison

The maximum DFIP drawdown since its inception was -14.96%, which is greater than CPII's maximum drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for DFIP and CPII.

Drawdown Indicators

	DFIP	CPII	Difference
Max Drawdown Largest peak-to-trough decline	-14.96%	-6.40%	-8.56%
Max Drawdown (1Y) Largest decline over 1 year	-2.06%	-2.13%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-4.82%	-4.39%	-0.43%
Current Drawdown Current decline from peak	-0.87%	-2.13%	+1.26%
Average Drawdown Average peak-to-trough decline	-6.87%	-1.61%	-5.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.75%	-0.05%

Volatility

DFIP vs. CPII - Volatility Comparison

Dimensional Inflation-Protected Securities ETF (DFIP) has a higher volatility of 1.36% compared to Ionic Inflation Protection ETF (CPII) at 0.77%. This indicates that DFIP's price experiences larger fluctuations and is considered to be riskier than CPII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFIP	CPII	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	0.77%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	2.55%	2.84%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	3.43%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.79%	5.90%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.79%	5.90%	+0.89%

DFIP vs. CPII - Expense Ratio Comparison

DFIP has a 0.11% expense ratio, which is lower than CPII's 0.74% expense ratio.

Dividends

DFIP vs. CPII - Dividend Comparison

DFIP's dividend yield for the trailing twelve months is around 4.65%, more than CPII's 4.12% yield.

Position	TTM	2025	2024	2023	2022	2021
CPII Ionic Inflation Protection ETF	4.12%	4.20%	5.47%	5.86%	2.21%	0.00%
DFIP Dimensional Inflation-Protected Securities ETF	4.65%	4.70%	3.69%	3.68%	5.97%	0.56%

Frequently Asked Questions

Can I hold both DFIP and CPII in my portfolio?

DFIP and CPII have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFIP or CPII?

DFIP has higher volatility (1.36%) compared to CPII (0.77%). In terms of maximum drawdown, DFIP dropped -14.96% vs CPII's -6.40%.

Which ETF is better, DFIP or CPII?

On 3-year performance, CPII leads with 4.43% vs 3.99% for DFIP. On fees, DFIP is cheaper at 0.11% per year. On volatility, CPII has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFIP or CPII?

Over the 3-year period, CPII has performed better with a 4.43% return vs 3.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFIP or CPII?

DFIP is cheaper with a 0.11% expense ratio, compared with 0.74% for CPII.

Which ETF pays a higher dividend yield, DFIP or CPII?

DFIP has the higher dividend yield at 4.65%, compared with 4.12% for CPII.

What is the main difference between DFIP and CPII?

They also come from different issuers: Dimensional and Ionic. Their fees differ too: 0.11% for DFIP and 0.74% for CPII.

Which has better risk-adjusted returns?

DFIP currently has the higher Sharpe Ratio (1.06 vs 0.95), 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.