EPRF vs. CPII
EPRF (Innovator S&P High Quality Preferred ETF) and CPII (Ionic Inflation Protection ETF) are both exchange-traded funds - EPRF is a Preferred Stock/Convertible Bonds fund tracking the S&P U.S. High Quality Preferred Stock Index, while CPII is a Inflation-Protected Bonds fund actively managed by Ionic. EPRF is passively managed, while CPII is actively managed. Over the past 3 years, EPRF returned 2.89%/yr vs 4.53%/yr for CPII. At a correlation of -0.23, they often move in opposite directions. EPRF charges 0.47%/yr vs 0.74%/yr for CPII.
Performance
EPRF vs. CPII - Performance Comparison
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Returns By Period
In the year-to-date period, EPRF achieves a -2.88% return, which is significantly lower than CPII's 2.76% return.
EPRF
- 1D
- -0.33%
- 1M
- -0.69%
- YTD
- -2.88%
- 6M
- -3.70%
- 1Y
- 1.17%
- 3Y*
- 2.89%
- 5Y*
- -2.19%
- 10Y*
- —
CPII
- 1D
- -0.21%
- 1M
- -0.94%
- YTD
- 2.76%
- 6M
- 2.75%
- 1Y
- 2.83%
- 3Y*
- 4.53%
- 5Y*
- —
- 10Y*
- —
EPRF vs. CPII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EPRF Innovator S&P High Quality Preferred ETF | -2.88% | 2.69% | 3.46% | 9.43% | -5.35% |
CPII Ionic Inflation Protection ETF | 2.76% | 2.76% | 6.05% | 1.79% | 1.04% |
Correlation
The correlation between EPRF and CPII is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2022 | -0.23 |
The correlation between EPRF and CPII shifts across timeframes, from -0.31 (3 years) to -0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EPRF vs. CPII — Risk / Return Rank
EPRF
CPII
EPRF vs. CPII - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator S&P High Quality Preferred ETF (EPRF) 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.
| EPRF | CPII | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.16 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 1.54 | -1.40 |
| Martin ratioReturn relative to average drawdown | 0.28 | 3.85 | -3.57 |
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Drawdowns
EPRF vs. CPII - Drawdown Comparison
The maximum EPRF drawdown since its inception was -26.82%, which is greater than CPII's maximum drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for EPRF and CPII.
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Drawdown Indicators
| EPRF | CPII | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.82% | -6.40% | -20.42% |
Max Drawdown (1Y)Largest decline over 1 year | -8.59% | -1.85% | -6.74% |
Max Drawdown (3Y)Largest decline over 3 years | -12.29% | -4.39% | -7.90% |
Max Drawdown (5Y)Largest decline over 5 years | -25.23% | — | — |
Current DrawdownCurrent decline from peak | -11.51% | -1.85% | -9.66% |
Average DrawdownAverage peak-to-trough decline | -7.39% | -1.61% | -5.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.26% | 0.74% | +3.52% |
Volatility
EPRF vs. CPII - Volatility Comparison
Innovator S&P High Quality Preferred ETF (EPRF) has a higher volatility of 2.07% compared to Ionic Inflation Protection ETF (CPII) at 0.75%. This indicates that EPRF'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.
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Volatility by Period
| EPRF | CPII | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.07% | 0.75% | +1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 5.48% | 2.82% | +2.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.62% | 3.42% | +4.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.83% | 5.90% | +5.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.46% | 5.90% | +7.56% |
EPRF vs. CPII - Expense Ratio Comparison
EPRF has a 0.47% expense ratio, which is lower than CPII's 0.74% expense ratio.
Dividends
EPRF vs. CPII - Dividend Comparison
EPRF's dividend yield for the trailing twelve months is around 6.21%, more than CPII's 4.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.11% | 4.20% | 5.47% | 5.86% | 2.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EPRF Innovator S&P High Quality Preferred ETF | 6.21% | 6.03% | 6.13% | 5.71% | 5.67% | 4.70% | 4.92% | 5.01% | 5.27% | 2.59% |
Frequently Asked Questions
EPRF and CPII have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EPRF has higher volatility (2.07%) compared to CPII (0.75%). In terms of maximum drawdown, EPRF dropped -26.82% vs CPII's -6.40%.
On 3-year performance, CPII leads with 4.53% vs 2.89% for EPRF. On fees, EPRF is cheaper at 0.47% per year. On volatility, CPII has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CPII has performed better with a 4.53% return vs 2.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EPRF is cheaper with a 0.47% expense ratio, compared with 0.74% for CPII.
EPRF has the higher dividend yield at 6.21%, compared with 4.11% for CPII.
EPRF is categorized as Preferred Stock/Convertible Bonds, while CPII is Inflation-Protected Bonds. They also come from different issuers: Innovator and Ionic. Their fees differ too: 0.47% for EPRF and 0.74% for CPII.
CPII currently has the higher Sharpe Ratio (0.83 vs 0.15), 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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