ICPI vs. IAU

Last updated Jun 25, 2026

ICPI (iShares 0-1 Year TIPS Bond ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - ICPI is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. At a correlation of -0.13, they often move in opposite directions. ICPI charges 0.09%/yr vs 0.25%/yr for IAU.

Performance

ICPI vs. IAU - Performance Comparison

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

Returns By Period

In the year-to-date period, ICPI achieves a 2.42% return, which is significantly higher than IAU's -7.61% return.

ICPI

• 1D: -0.06%
• 1M: -0.07%
• YTD: 2.42%
• 6M: 2.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IAU

• 1D: -3.03%
• 1M: -11.58%
• YTD: -7.61%
• 6M: -11.09%
• 1Y: 19.64%
• 3Y*: 27.30%
• 5Y*: 17.22%
• 10Y*: 11.42%

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

ICPI vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025
ICPI iShares 0-1 Year TIPS Bond ETF	2.42%	0.32%
IAU iShares Gold Trust	-7.61%	5.72%

Correlation

The correlation between ICPI and IAU is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	-0.13

Return for Risk

ICPI vs. IAU — Risk / Return Rank

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

ICPI

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

IAU

IAU Risk / Return Rank: 21
IAU Sharpe Ratio Rank: 22
IAU Sortino Ratio Rank: 20
IAU Omega Ratio Rank: 24
IAU Calmar Ratio Rank: 18
IAU Martin Ratio Rank: 20

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. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year TIPS Bond ETF (ICPI) and iShares Gold Trust (IAU). 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	IAU	Difference
Sharpe ratio: Return per unit of total volatility	—	0.72	—
Sortino ratio: Return per unit of downside risk	—	1.06	—
Omega ratio: Gain probability vs. loss probability	—	1.15	—
Calmar ratio: Return relative to maximum drawdown	—	0.75	—
Martin ratio: Return relative to average drawdown	—	2.14	—

Drawdowns

ICPI vs. IAU - Drawdown Comparison

The maximum ICPI drawdown since its inception was -0.34%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for ICPI and IAU.

Drawdown Indicators

	ICPI	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-0.34%	-45.14%	+44.80%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.17%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-26.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.17%	—
Current Drawdown Current decline from peak	-0.34%	-26.17%	+25.83%
Average Drawdown Average peak-to-trough decline	-0.04%	-15.98%	+15.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.21%	—

Volatility

Volatility by Period

	ICPI	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.50%	—
Volatility (6M) Calculated over the trailing 6-month period	—	24.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.96%	27.55%	-26.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.96%	18.24%	-17.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.96%	16.01%	-15.05%

ICPI vs. IAU - Expense Ratio Comparison

ICPI has a 0.09% expense ratio, which is lower than IAU'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

ICPI vs. IAU - Dividend Comparison

ICPI's dividend yield for the trailing twelve months is around 1.80%, while IAU has not paid dividends to shareholders.

Position	TTM	2025
IAU iShares Gold Trust	0.00%	0.00%
ICPI iShares 0-1 Year TIPS Bond ETF	1.80%	0.54%

Frequently Asked Questions

Can I hold both ICPI and IAU in my portfolio?

ICPI and IAU have a correlation of -0.13, 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 IAU?

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 IAU?

ICPI is cheaper with a 0.09% expense ratio, compared with 0.25% for IAU.

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

ICPI has the higher dividend yield at 1.80%, compared with 0.00% for IAU.

What is the main difference between ICPI and IAU?

ICPI is categorized as Inflation-Protected Bonds, while IAU is Gold. ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.09% for ICPI and 0.25% for IAU.