HYGI vs. CPII
HYGI (iShares Inflation Hedged High Yield Bond ETF) and CPII (Ionic Inflation Protection ETF) are both Inflation-Protected Bonds funds. HYGI is passively managed, while CPII is actively managed. At a correlation of -0.07, they often move in opposite directions. HYGI charges 0.52%/yr vs 0.74%/yr for CPII.
Performance
HYGI vs. CPII - Performance Comparison
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Returns By Period
HYGI
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPII
- 1D
- 0.28%
- 1M
- -0.69%
- 6M
- 3.30%
- YTD
- 3.44%
- 1Y
- 3.17%
- 3Y*
- 4.18%
- 5Y*
- —
- 10Y*
- —
HYGI vs. CPII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYGI iShares Inflation Hedged High Yield Bond ETF | 0.00% | 6.20% | 9.16% | 11.71% | 2.34% |
CPII Ionic Inflation Protection ETF | 3.44% | 2.76% | 6.05% | 1.79% | 1.04% |
Correlation
The correlation between HYGI and CPII is -0.00, 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 | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2022 | -0.07 |
The correlation between HYGI and CPII shifts across timeframes, from -0.17 (3 years) to -0.00 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HYGI vs. CPII — Risk / Return Rank
HYGI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CPII
HYGI vs. CPII - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Inflation Hedged High Yield Bond ETF (HYGI) 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.
| HYGI | CPII | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.18 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.49 | — |
| Martin ratioReturn relative to average drawdown | — | 3.91 | — |
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Drawdowns
HYGI vs. CPII - Drawdown Comparison
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Drawdown Indicators
| HYGI | CPII | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -6.40% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.13% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.39% | — |
Current DrawdownCurrent decline from peak | — | -1.19% | — |
Average DrawdownAverage peak-to-trough decline | — | -1.61% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.81% | — |
Volatility
HYGI vs. CPII - Volatility Comparison
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Volatility by Period
| HYGI | CPII | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.78% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.85% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 3.35% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 5.88% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 5.88% | — |
HYGI vs. CPII - Expense Ratio Comparison
HYGI has a 0.52% expense ratio, which is lower than CPII's 0.74% expense ratio.
Dividends
HYGI vs. CPII - Dividend Comparison
HYGI has not paid dividends to shareholders, while CPII's dividend yield for the trailing twelve months is around 4.63%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.63% | 4.20% | 5.47% | 5.86% | 2.21% |
HYGI iShares Inflation Hedged High Yield Bond ETF | 0.50% | 3.41% | 6.08% | 6.22% | 3.19% |
Frequently Asked Questions
HYGI and CPII have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HYGI is cheaper at 0.52% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HYGI is cheaper with a 0.52% expense ratio, compared with 0.74% for CPII.
CPII has the higher dividend yield at 4.63%, compared with 0.50% for HYGI.
They also come from different issuers: iShares and Ionic. Their fees differ too: 0.52% for HYGI and 0.74% for CPII.
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