GTIP vs. CPII

Last updated Apr 1, 2026

Compare and contrast key facts about Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) and Ionic Inflation Protection ETF (CPII).

GTIP and CPII are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GTIP is a passively managed fund by Goldman Sachs that tracks the performance of the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index. It was launched on Oct 2, 2018. CPII is an actively managed fund by Ionic. It was launched on Jun 28, 2022.

Performance

GTIP vs. CPII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) and Ionic Inflation Protection ETF (CPII). The values are adjusted to include any dividend payments, if applicable.

GTIP vs. CPII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF	0.49%	6.63%	2.04%	3.88%	-3.52%
CPII Ionic Inflation Protection ETF	1.67%	2.76%	6.05%	1.79%	1.22%

Returns By Period

In the year-to-date period, GTIP achieves a 0.49% return, which is significantly lower than CPII's 1.67% return.

GTIP

• 1D: 0.04%
• 1M: -1.35%
• YTD: 0.49%
• 6M: 0.38%
• 1Y: 2.93%
• 3Y*: 3.06%
• 5Y*: 1.34%
• 10Y*: —

CPII

• 1D: -0.16%
• 1M: 1.19%
• YTD: 1.67%
• 6M: 0.95%
• 1Y: 2.10%
• 3Y*: 3.99%
• 5Y*: —
• 10Y*: —

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

GTIP vs. CPII - Expense Ratio Comparison

GTIP has a 0.12% expense ratio, which is lower than CPII's 0.74% expense ratio.

CPII

Ionic Inflation Protection ETF

GTIP

Goldman Sachs Access Inflation Protected USD Bond ETF

Return for Risk

GTIP vs. CPII — Risk / Return Rank

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

GTIP

GTIP Risk / Return Rank: 39
GTIP Sharpe Ratio Rank: 40
GTIP Sortino Ratio Rank: 37
GTIP Omega Ratio Rank: 33
GTIP Calmar Ratio Rank: 46
GTIP Martin Ratio Rank: 38

CPII

CPII Risk / Return Rank: 34
CPII Sharpe Ratio Rank: 29
CPII Sortino Ratio Rank: 27
CPII Omega Ratio Rank: 26
CPII Calmar Ratio Rank: 53
CPII Martin Ratio Rank: 33

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.

GTIP vs. CPII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) 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.

	GTIP	CPII	Difference
Sharpe ratio Return per unit of total volatility	0.73	0.54	+0.19
Sortino ratio Return per unit of downside risk	1.03	0.79	+0.24
Omega ratio Gain probability vs. loss probability	1.13	1.11	+0.03
Calmar ratio Return relative to maximum drawdown	1.15	1.36	-0.21
Martin ratio Return relative to average drawdown	3.44	3.02	+0.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GTIP vs. CPII - Sharpe Ratio Comparison

The current GTIP Sharpe Ratio is 0.73, which is higher than the CPII Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of GTIP and CPII, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GTIP	CPII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.73	0.54	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.60	-0.06

Correlation

The correlation between GTIP and CPII is -0.29. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

GTIP vs. CPII - Dividend Comparison

GTIP's dividend yield for the trailing twelve months is around 4.43%, more than CPII's 4.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF	4.43%	4.58%	3.52%	2.77%	6.47%	3.82%	1.04%	2.34%	0.66%
CPII Ionic Inflation Protection ETF	4.03%	4.20%	5.47%	5.86%	2.21%	0.00%	0.00%	0.00%	0.00%

Drawdowns

GTIP vs. CPII - Drawdown Comparison

The maximum GTIP drawdown since its inception was -14.31%, which is greater than CPII's maximum drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for GTIP and CPII.

Drawdown Indicators

	GTIP	CPII	Difference
Max Drawdown Largest peak-to-trough decline	-14.31%	-6.40%	-7.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-1.62%	-1.24%
Max Drawdown (5Y) Largest decline over 5 years	-14.31%	—	—
Current Drawdown Current decline from peak	-1.35%	-1.06%	-0.29%
Average Drawdown Average peak-to-trough decline	-4.32%	-1.67%	-2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.73%	+0.23%

Volatility

GTIP vs. CPII - Volatility Comparison

The current volatility for Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) is 1.42%, while Ionic Inflation Protection ETF (CPII) has a volatility of 2.03%. This indicates that GTIP experiences smaller price fluctuations and is considered to be less risky than CPII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTIP	CPII	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	2.03%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	2.44%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	3.92%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.08%	6.02%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.06%	6.02%	+0.04%