GTIP vs. CPII
GTIP (Goldman Sachs Access Inflation Protected USD Bond ETF) and CPII (Ionic Inflation Protection ETF) are both Inflation-Protected Bonds funds. GTIP is passively managed, while CPII is actively managed. Over the past 3 years, GTIP returned 4.01%/yr vs 5.05%/yr for CPII. At a correlation of -0.28, they often move in opposite directions. GTIP charges 0.12%/yr vs 0.74%/yr for CPII.
Performance
GTIP vs. CPII - Performance Comparison
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Returns By Period
In the year-to-date period, GTIP achieves a 1.70% return, which is significantly lower than CPII's 4.27% return.
GTIP
- 1D
- -0.08%
- 1M
- 0.04%
- YTD
- 1.70%
- 6M
- 1.11%
- 1Y
- 5.10%
- 3Y*
- 4.01%
- 5Y*
- 1.09%
- 10Y*
- —
CPII
- 1D
- 0.13%
- 1M
- 0.26%
- YTD
- 4.27%
- 6M
- 4.13%
- 1Y
- 4.42%
- 3Y*
- 5.05%
- 5Y*
- —
- 10Y*
- —
GTIP vs. CPII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF | 1.70% | 6.63% | 2.04% | 3.88% | -3.52% |
CPII Ionic Inflation Protection ETF | 4.27% | 2.76% | 6.05% | 1.79% | 1.22% |
Correlation
The correlation between GTIP and CPII is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.35 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | -0.28 |
Over the past year, the inverse relationship between GTIP and CPII has weakened: their correlation has moved from -0.28 to -0.04, meaning they move in opposite directions less often than they have historically.
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Return for Risk
GTIP vs. CPII — Risk / Return Rank
GTIP
CPII
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 ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.25 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 2.73 | -0.19 |
| Martin ratioReturn relative to average drawdown | 8.00 | 6.37 | +1.63 |
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
| GTIP | CPII | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.53 | 1.28 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.69 | -0.14 |
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.
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Drawdown Indicators
| GTIP | CPII | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.31% | -6.40% | -7.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -1.62% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -4.47% | -4.39% | -0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -14.31% | — | — |
Current DrawdownCurrent decline from peak | -0.17% | -0.40% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -4.24% | -1.62% | -2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.70% | -0.06% |
Volatility
GTIP vs. CPII - Volatility Comparison
The current volatility for Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) is 0.97%, while Ionic Inflation Protection ETF (CPII) has a volatility of 1.14%. 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.
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Volatility by Period
| GTIP | CPII | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 1.14% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 2.81% | -0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.34% | 3.48% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.07% | 5.93% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 5.93% | +0.08% |
GTIP vs. CPII - Expense Ratio Comparison
GTIP has a 0.12% expense ratio, which is lower than CPII's 0.74% expense ratio.
Dividends
GTIP vs. CPII - Dividend Comparison
GTIP's dividend yield for the trailing twelve months is around 4.69%, more than CPII's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.05% | 4.20% | 5.47% | 5.86% | 2.21% | 0.00% | 0.00% | 0.00% | 0.00% |
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF | 4.69% | 4.58% | 3.52% | 2.77% | 6.47% | 3.82% | 1.04% | 2.34% | 0.66% |
Frequently Asked Questions
GTIP and CPII have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPII has higher volatility (1.14%) compared to GTIP (0.97%). In terms of maximum drawdown, GTIP dropped -14.31% vs CPII's -6.40%.
On 3-year performance, CPII leads with 5.05% vs 4.01% for GTIP. On fees, GTIP is cheaper at 0.12% per year. On volatility, GTIP has been the lower-risk option at 0.97%. 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 5.05% return vs 4.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTIP is cheaper with a 0.12% expense ratio, compared with 0.74% for CPII.
GTIP has the higher dividend yield at 4.69%, compared with 4.05% for CPII.
They also come from different issuers: Goldman Sachs and Ionic. Their fees differ too: 0.12% for GTIP and 0.74% for CPII.
GTIP currently has the higher Sharpe Ratio (1.53 vs 1.28), 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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