IBIE vs. ICPI

Last updated Jun 4, 2026

IBIE (iShares iBonds Oct 2028 Term TIPS ETF) and ICPI (iShares 0-1 Year TIPS Bond ETF) are both Inflation-Protected Bonds funds from iShares - IBIE tracks the ICE 2028 Maturity US Inflation-Linked Treasury Index while ICPI tracks the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index. Both are passively managed. At a 0.43 correlation, their price movements are largely independent. IBIE charges 0.10%/yr vs 0.09%/yr for ICPI.

Performance

IBIE vs. ICPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Oct 2028 Term TIPS ETF (IBIE) and iShares 0-1 Year TIPS Bond ETF (ICPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBIE achieves a 2.10% return, which is significantly lower than ICPI's 2.70% return.

IBIE

• 1D: 0.00%
• 1M: 0.23%
• YTD: 2.10%
• 6M: 2.07%
• 1Y: 4.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICPI

• 1D: 0.05%
• 1M: 0.44%
• YTD: 2.70%
• 6M: 2.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBIE vs. ICPI - Yearly Performance Comparison

	2026 (YTD)	2025
IBIE iShares iBonds Oct 2028 Term TIPS ETF	2.10%	0.19%
ICPI iShares 0-1 Year TIPS Bond ETF	2.70%	0.32%

Correlation

The correlation between IBIE and ICPI is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.43

Return for Risk

IBIE vs. ICPI — Risk / Return Rank

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

IBIE

IBIE Risk / Return Rank: 94
IBIE Sharpe Ratio Rank: 90
IBIE Sortino Ratio Rank: 96
IBIE Omega Ratio Rank: 94
IBIE Calmar Ratio Rank: 96
IBIE Martin Ratio Rank: 93

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.

IBIE vs. ICPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Oct 2028 Term TIPS ETF (IBIE) and iShares 0-1 Year TIPS Bond ETF (ICPI). 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.

	IBIE	ICPI	Difference
Sharpe ratio: Return per unit of total volatility	3.09	—	—
Sortino ratio: Return per unit of downside risk	5.59	—	—
Omega ratio: Gain probability vs. loss probability	1.69	—	—
Calmar ratio: Return relative to maximum drawdown	8.73	—	—
Martin ratio: Return relative to average drawdown	25.70	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IBIE	ICPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.02	6.20	-4.18

Drawdowns

IBIE vs. ICPI - Drawdown Comparison

The maximum IBIE drawdown since its inception was -1.70%, which is greater than ICPI's maximum drawdown of -0.22%. Use the drawdown chart below to compare losses from any high point for IBIE and ICPI.

Drawdown Indicators

	IBIE	ICPI	Difference
Max Drawdown Largest peak-to-trough decline	-1.70%	-0.22%	-1.48%
Max Drawdown (1Y) Largest decline over 1 year	-0.55%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.39%	-0.03%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	—	—

Volatility

Volatility by Period

	IBIE	ICPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.56%	0.95%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.86%	0.95%	+1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.86%	0.95%	+1.91%

IBIE vs. ICPI - Expense Ratio Comparison

IBIE has a 0.10% expense ratio, which is higher than ICPI's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IBIE vs. ICPI - Dividend Comparison

IBIE's dividend yield for the trailing twelve months is around 3.25%, more than ICPI's 1.80% yield.

Position	TTM	2025	2024	2023
IBIE iShares iBonds Oct 2028 Term TIPS ETF	3.25%	4.09%	4.23%	0.75%
ICPI iShares 0-1 Year TIPS Bond ETF	1.80%	0.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBIE and ICPI in my portfolio?

IBIE and ICPI have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBIE or ICPI?

On fees, ICPI is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBIE or ICPI?

ICPI is cheaper with a 0.09% expense ratio, compared with 0.10% for IBIE.

Which ETF pays a higher dividend yield, IBIE or ICPI?

IBIE has the higher dividend yield at 3.25%, compared with 1.80% for ICPI.

What is the main difference between IBIE and ICPI?

IBIE tracks ICE 2028 Maturity US Inflation-Linked Treasury Index, while ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index. Their fees differ too: 0.10% for IBIE and 0.09% for ICPI.