IBII vs. ICPI

Last updated Jun 5, 2026

IBII (iShares iBonds Oct 2032 Term TIPS ETF) and ICPI (iShares 0-1 Year TIPS Bond ETF) are both Inflation-Protected Bonds funds from iShares - IBII tracks the ICE 2032 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 correlation of -0.01, they often move in opposite directions. IBII charges 0.10%/yr vs 0.09%/yr for ICPI.

Performance

IBII vs. ICPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Oct 2032 Term TIPS ETF (IBII) 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, IBII achieves a 1.63% return, which is significantly lower than ICPI's 2.67% return.

IBII

• 1D: 0.02%
• 1M: -0.38%
• YTD: 1.63%
• 6M: 1.21%
• 1Y: 5.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICPI

• 1D: -0.03%
• 1M: 0.44%
• YTD: 2.67%
• 6M: 2.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBII vs. ICPI - Yearly Performance Comparison

	2026 (YTD)	2025
IBII iShares iBonds Oct 2032 Term TIPS ETF	1.63%	-0.22%
ICPI iShares 0-1 Year TIPS Bond ETF	2.67%	0.32%

Correlation

The correlation between IBII and ICPI is -0.01, 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 (All Time) Calculated using the full available price history since Nov 21, 2025	-0.01

Return for Risk

IBII vs. ICPI — Risk / Return Rank

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

IBII

IBII Risk / Return Rank: 50
IBII Sharpe Ratio Rank: 46
IBII Sortino Ratio Rank: 49
IBII Omega Ratio Rank: 45
IBII Calmar Ratio Rank: 55
IBII Martin Ratio Rank: 55

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.

IBII vs. ICPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Oct 2032 Term TIPS ETF (IBII) 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.

	IBII	ICPI	Difference
Sharpe ratio: Return per unit of total volatility	1.56	—	—
Sortino ratio: Return per unit of downside risk	2.37	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.68	—	—
Martin ratio: Return relative to average drawdown	9.32	—	—
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

	IBII	ICPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	6.09	-4.97

Drawdowns

IBII vs. ICPI - Drawdown Comparison

The maximum IBII drawdown since its inception was -4.65%, which is greater than ICPI's maximum drawdown of -0.22%. Use the drawdown chart below to compare losses from any high point for IBII and ICPI.

Drawdown Indicators

	IBII	ICPI	Difference
Max Drawdown Largest peak-to-trough decline	-4.65%	-0.22%	-4.43%
Max Drawdown (1Y) Largest decline over 1 year	-1.98%	—	—
Current Drawdown Current decline from peak	-0.65%	-0.03%	-0.62%
Average Drawdown Average peak-to-trough decline	-1.12%	-0.03%	-1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	—	—

Volatility

Volatility by Period

	IBII	ICPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.29%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	0.95%	+2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.42%	0.95%	+4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.42%	0.95%	+4.47%

IBII vs. ICPI - Expense Ratio Comparison

IBII 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

IBII vs. ICPI - Dividend Comparison

IBII's dividend yield for the trailing twelve months is around 4.05%, more than ICPI's 1.80% yield.

Position	TTM	2025	2024	2023
IBII iShares iBonds Oct 2032 Term TIPS ETF	4.05%	4.80%	4.76%	1.10%
ICPI iShares 0-1 Year TIPS Bond ETF	1.80%	0.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBII and ICPI in my portfolio?

IBII and ICPI have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBII 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, IBII or ICPI?

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

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

IBII has the higher dividend yield at 4.05%, compared with 1.80% for ICPI.

What is the main difference between IBII and ICPI?

IBII tracks ICE 2032 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 IBII and 0.09% for ICPI.