ICPI vs. CPII
ICPI (iShares 0-1 Year TIPS Bond ETF) and CPII (Ionic Inflation Protection ETF) are both Inflation-Protected Bonds funds. ICPI is passively managed, while CPII is actively managed. A 0.66 correlation means they provide meaningful diversification when combined. ICPI charges 0.09%/yr vs 0.74%/yr for CPII.
Performance
ICPI vs. CPII - Performance Comparison
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Returns By Period
In the year-to-date period, ICPI achieves a 2.48% return, which is significantly lower than CPII's 2.76% return.
ICPI
- 1D
- 0.04%
- 1M
- -0.01%
- YTD
- 2.48%
- 6M
- 2.54%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPII
- 1D
- -0.21%
- 1M
- -0.94%
- YTD
- 2.76%
- 6M
- 2.75%
- 1Y
- 2.83%
- 3Y*
- 4.53%
- 5Y*
- —
- 10Y*
- —
ICPI vs. CPII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICPI iShares 0-1 Year TIPS Bond ETF | 2.48% | 0.32% |
CPII Ionic Inflation Protection ETF | 2.76% | -0.10% |
Correlation
The correlation between ICPI and CPII is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025 | 0.66 |
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Return for Risk
ICPI vs. CPII — Risk / Return Rank
ICPI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CPII
ICPI vs. CPII - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year TIPS Bond ETF (ICPI) 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.
| ICPI | CPII | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.16 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.54 | — |
| Martin ratioReturn relative to average drawdown | — | 3.85 | — |
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Drawdowns
ICPI vs. CPII - Drawdown Comparison
The maximum ICPI drawdown since its inception was -0.32%, smaller than the maximum CPII drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for ICPI and CPII.
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Drawdown Indicators
| ICPI | CPII | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.32% | -6.40% | +6.08% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.85% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.39% | — |
Current DrawdownCurrent decline from peak | -0.28% | -1.85% | +1.57% |
Average DrawdownAverage peak-to-trough decline | -0.04% | -1.61% | +1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.74% | — |
Volatility
ICPI vs. CPII - Volatility Comparison
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Volatility by Period
| ICPI | CPII | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.75% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.82% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.96% | 3.42% | -2.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 5.90% | -4.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.96% | 5.90% | -4.94% |
ICPI vs. CPII - Expense Ratio Comparison
ICPI has a 0.09% expense ratio, which is lower than CPII's 0.74% expense ratio.
Dividends
ICPI vs. CPII - Dividend Comparison
ICPI's dividend yield for the trailing twelve months is around 1.80%, less than CPII's 4.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.11% | 4.20% | 5.47% | 5.86% | 2.21% |
ICPI iShares 0-1 Year TIPS Bond ETF | 1.80% | 0.54% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ICPI and CPII have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ICPI is cheaper with a 0.09% expense ratio, compared with 0.74% for CPII.
CPII has the higher dividend yield at 4.11%, compared with 1.80% for ICPI.
They also come from different issuers: iShares and Ionic. Their fees differ too: 0.09% for ICPI and 0.74% for CPII.
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