IBIL vs. CPII
IBIL (iShares iBonds Oct 2035 Term TIPS ETF) and CPII (Ionic Inflation Protection ETF) are both Inflation-Protected Bonds funds. IBIL is passively managed, while CPII is actively managed. Over the past year, IBIL returned 6.35% vs 4.42% for CPII. At a correlation of -0.02, they often move in opposite directions. IBIL charges 0.10%/yr vs 0.74%/yr for CPII.
Performance
IBIL vs. CPII - Performance Comparison
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Returns By Period
In the year-to-date period, IBIL achieves a 1.59% return, which is significantly lower than CPII's 4.27% return.
IBIL
- 1D
- -0.33%
- 1M
- -0.33%
- YTD
- 1.59%
- 6M
- 1.17%
- 1Y
- 6.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPII
- 1D
- 0.13%
- 1M
- 0.26%
- YTD
- 4.27%
- 6M
- 4.13%
- 1Y
- 4.42%
- 3Y*
- 5.05%
- 5Y*
- —
- 10Y*
- —
IBIL vs. CPII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBIL iShares iBonds Oct 2035 Term TIPS ETF | 1.59% | 4.75% |
CPII Ionic Inflation Protection ETF | 4.27% | 0.79% |
Correlation
The correlation between IBIL and CPII is -0.07, 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 | -0.07 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025 | -0.02 |
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Return for Risk
IBIL vs. CPII — Risk / Return Rank
IBIL
CPII
IBIL vs. CPII - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Oct 2035 Term TIPS ETF (IBIL) 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.
| IBIL | CPII | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 2.73 | -0.42 |
| Martin ratioReturn relative to average drawdown | 5.52 | 6.37 | -0.84 |
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
| IBIL | CPII | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 1.28 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.69 | -0.03 |
Drawdowns
IBIL vs. CPII - Drawdown Comparison
The maximum IBIL drawdown since its inception was -5.28%, smaller than the maximum CPII drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for IBIL and CPII.
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Drawdown Indicators
| IBIL | CPII | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.28% | -6.40% | +1.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -1.62% | -1.14% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.39% | — |
Current DrawdownCurrent decline from peak | -0.66% | -0.40% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -1.48% | -1.62% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 0.70% | +0.45% |
Volatility
IBIL vs. CPII - Volatility Comparison
iShares iBonds Oct 2035 Term TIPS ETF (IBIL) has a higher volatility of 1.25% compared to Ionic Inflation Protection ETF (CPII) at 1.14%. This indicates that IBIL's price experiences larger fluctuations and is considered to be riskier 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
| IBIL | CPII | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 1.14% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 2.81% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 3.48% | +2.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.20% | 5.93% | +2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.20% | 5.93% | +2.27% |
IBIL vs. CPII - Expense Ratio Comparison
IBIL has a 0.10% expense ratio, which is lower than CPII's 0.74% expense ratio.
Dividends
IBIL vs. CPII - Dividend Comparison
IBIL's dividend yield for the trailing twelve months is around 3.47%, less than CPII's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.05% | 4.20% | 5.47% | 5.86% | 2.21% |
IBIL iShares iBonds Oct 2035 Term TIPS ETF | 3.47% | 2.93% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBIL and CPII have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIL has higher volatility (1.25%) compared to CPII (1.14%). In terms of maximum drawdown, IBIL dropped -5.28% vs CPII's -6.40%.
On 1-year performance, IBIL leads with 6.35% vs 4.42% for CPII. On fees, IBIL is cheaper at 0.10% per year. On volatility, CPII has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIL has performed better with a 6.35% return vs 4.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIL is cheaper with a 0.10% expense ratio, compared with 0.74% for CPII.
CPII has the higher dividend yield at 4.05%, compared with 3.47% for IBIL.
They also come from different issuers: iShares and Ionic. Their fees differ too: 0.10% for IBIL and 0.74% for CPII.
CPII currently has the higher Sharpe Ratio (1.28 vs 1.14), 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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