ICPI vs. CPII

Last updated Jun 3, 2026

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 0.69 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

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

Returns By Period

In the year-to-date period, ICPI achieves a 2.65% return, which is significantly lower than CPII's 4.13% return.

ICPI

• 1D: 0.04%
• 1M: 0.46%
• YTD: 2.65%
• 6M: 2.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPII

• 1D: -0.02%
• 1M: 0.63%
• YTD: 4.13%
• 6M: 3.99%
• 1Y: 3.97%
• 3Y*: 5.00%
• 5Y*: —
• 10Y*: —

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

ICPI vs. CPII - Yearly Performance Comparison

	2026 (YTD)	2025
ICPI iShares 0-1 Year TIPS Bond ETF	2.65%	0.32%
CPII Ionic Inflation Protection ETF	4.13%	-0.08%

Correlation

The correlation between ICPI and CPII is 0.69, 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 21, 2025	0.69

Return for Risk

ICPI vs. CPII — Risk / Return Rank

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

CPII

CPII Risk / Return Rank: 38
CPII Sharpe Ratio Rank: 31
CPII Sortino Ratio Rank: 30
CPII Omega Ratio Rank: 32
CPII Calmar Ratio Rank: 56
CPII Martin Ratio Rank: 40

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.

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ICPI	CPII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.12	0.69	+5.44

Drawdowns

ICPI vs. CPII - Drawdown Comparison

The maximum ICPI drawdown since its inception was -0.22%, 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.

Drawdown Indicators

	ICPI	CPII	Difference
Max Drawdown Largest peak-to-trough decline	-0.22%	-6.40%	+6.18%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.62%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.39%	—
Current Drawdown Current decline from peak	0.00%	-0.53%	+0.53%
Average Drawdown Average peak-to-trough decline	-0.03%	-1.62%	+1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.72%	—

Volatility

Volatility by Period

	ICPI	CPII	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.95%	3.53%	-2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.95%	5.93%	-4.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.95%	5.93%	-4.98%

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 4.35% yield.

Position	TTM	2025	2024	2023	2022
CPII Ionic Inflation Protection ETF	4.05%	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

Can I hold both ICPI and CPII in my portfolio?

ICPI and CPII have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICPI or CPII?

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, ICPI or CPII?

ICPI is cheaper with a 0.09% expense ratio, compared with 0.74% for CPII.

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

CPII has the higher dividend yield at 4.35%, compared with 1.80% for ICPI.

What is the main difference between ICPI and CPII?

They also come from different issuers: iShares and Ionic. Their fees differ too: 0.09% for ICPI and 0.74% for CPII.