IBII vs. JCPI

Last updated Jun 5, 2026

IBII (iShares iBonds Oct 2032 Term TIPS ETF) and JCPI (JPMorgan Inflation Managed Bond ETF) are both Inflation-Protected Bonds funds. IBII is passively managed, while JCPI is actively managed. Over the past year, IBII returned 5.28% vs 5.11% for JCPI. Their correlation of 0.85 suggests significant overlap in exposure. IBII charges 0.10%/yr vs 0.25%/yr for JCPI.

Performance

IBII vs. JCPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Oct 2032 Term TIPS ETF (IBII) and JPMorgan Inflation Managed Bond ETF (JCPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IBII having a 1.63% return and JCPI slightly higher at 1.65%.

IBII

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

JCPI

• 1D: -0.07%
• 1M: -0.27%
• YTD: 1.65%
• 6M: 1.28%
• 1Y: 5.11%
• 3Y*: 5.33%
• 5Y*: —
• 10Y*: —

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

IBII vs. JCPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBII iShares iBonds Oct 2032 Term TIPS ETF	1.63%	8.65%	1.21%	4.85%
JCPI JPMorgan Inflation Managed Bond ETF	1.65%	7.10%	4.70%	3.66%

Correlation

The correlation between IBII and JCPI is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.85

The correlation between IBII and JCPI has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

Return for Risk

IBII vs. JCPI — 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

JCPI

JCPI Risk / Return Rank: 58
JCPI Sharpe Ratio Rank: 52
JCPI Sortino Ratio Rank: 58
JCPI Omega Ratio Rank: 53
JCPI Calmar Ratio Rank: 65
JCPI Martin Ratio Rank: 63

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. JCPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Oct 2032 Term TIPS ETF (IBII) and JPMorgan Inflation Managed Bond ETF (JCPI). 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	JCPI	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.76	-0.20
Sortino ratio: Return per unit of downside risk	2.37	2.72	-0.34
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.04
Calmar ratio: Return relative to maximum drawdown	2.68	3.21	-0.53
Martin ratio: Return relative to average drawdown	9.32	11.08	-1.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBII vs. JCPI - Sharpe Ratio Comparison

The current IBII Sharpe Ratio is 1.56, which is comparable to the JCPI Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of IBII and JCPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IBII	JCPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	1.76	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.67	+0.45

Drawdowns

IBII vs. JCPI - Drawdown Comparison

The maximum IBII drawdown since its inception was -4.65%, smaller than the maximum JCPI drawdown of -7.85%. Use the drawdown chart below to compare losses from any high point for IBII and JCPI.

Drawdown Indicators

	IBII	JCPI	Difference
Max Drawdown Largest peak-to-trough decline	-4.65%	-7.85%	+3.20%
Max Drawdown (1Y) Largest decline over 1 year	-1.98%	-1.60%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.81%	—
Current Drawdown Current decline from peak	-0.65%	-0.44%	-0.21%
Average Drawdown Average peak-to-trough decline	-1.12%	-1.87%	+0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.46%	+0.12%

Volatility

IBII vs. JCPI - Volatility Comparison

iShares iBonds Oct 2032 Term TIPS ETF (IBII) and JPMorgan Inflation Managed Bond ETF (JCPI) have volatilities of 0.89% and 0.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBII	JCPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	0.86%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	2.04%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	2.94%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.42%	4.50%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.42%	4.50%	+0.92%

IBII vs. JCPI - Expense Ratio Comparison

IBII has a 0.10% expense ratio, which is lower than JCPI's 0.25% expense ratio. Despite the difference, 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. JCPI - Dividend Comparison

IBII's dividend yield for the trailing twelve months is around 4.05%, more than JCPI's 3.94% yield.

Position	TTM	2025	2024	2023	2022
IBII iShares iBonds Oct 2032 Term TIPS ETF	4.05%	4.80%	4.76%	1.10%	0.00%
JCPI JPMorgan Inflation Managed Bond ETF	3.94%	3.93%	3.98%	3.45%	3.29%

Frequently Asked Questions

Can I hold both IBII and JCPI in my portfolio?

IBII and JCPI have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBII or JCPI?

IBII has higher volatility (0.89%) compared to JCPI (0.86%). In terms of maximum drawdown, IBII dropped -4.65% vs JCPI's -7.85%.

Which ETF is better, IBII or JCPI?

On 1-year performance, IBII leads with 5.28% vs 5.11% for JCPI. On fees, IBII is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBII or JCPI?

Over the 1-year period, IBII has performed better with a 5.28% return vs 5.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBII or JCPI?

IBII is cheaper with a 0.10% expense ratio, compared with 0.25% for JCPI.

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

IBII has the higher dividend yield at 4.05%, compared with 3.94% for JCPI.

What is the main difference between IBII and JCPI?

They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.10% for IBII and 0.25% for JCPI.

Which has better risk-adjusted returns?

JCPI currently has the higher Sharpe Ratio (1.76 vs 1.56), 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.