ICPI vs. SHV
ICPI (iShares 0-1 Year TIPS Bond ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) 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 SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. Both are passively managed. At a 0.03 correlation, their price movements are largely independent. ICPI charges 0.09%/yr vs 0.15%/yr for SHV.
Performance
ICPI vs. SHV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ICPI achieves a 2.76% return, which is significantly higher than SHV's 1.84% return.
ICPI
- 1D
- 0.08%
- 1M
- 0.22%
- 6M
- 2.59%
- YTD
- 2.76%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHV
- 1D
- 0.00%
- 1M
- 0.27%
- 6M
- 1.72%
- YTD
- 1.84%
- 1Y
- 3.81%
- 3Y*
- 4.58%
- 5Y*
- 3.40%
- 10Y*
- 2.26%
ICPI vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICPI iShares 0-1 Year TIPS Bond ETF | 2.76% | 0.32% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.84% | 0.48% |
Correlation
The correlation between ICPI and SHV is 0.03, 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 (All Time) Calculated using the full available price history since Nov 20, 2025 | 0.03 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ICPI vs. SHV — Risk / Return Rank
ICPI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SHV
ICPI vs. SHV - 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 0-1 Year Treasury Bond ETF (SHV). 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 | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 30.49 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 140.72 | — |
| Martin ratioReturn relative to average drawdown | — | 1,495.85 | — |
Loading charts...
Drawdowns
ICPI vs. SHV - Drawdown Comparison
The maximum ICPI drawdown since its inception was -0.34%, smaller than the maximum SHV drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for ICPI and SHV.
Loading charts...
Drawdown Indicators
| ICPI | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.34% | -0.45% | +0.11% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.03% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.03% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.38% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.45% | — |
Current DrawdownCurrent decline from peak | -0.06% | 0.00% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -0.05% | -0.03% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.00% | — |
Volatility
ICPI vs. SHV - Volatility Comparison
Loading charts...
Volatility by Period
| ICPI | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.08% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 0.14% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.00% | 0.21% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.00% | 0.29% | +0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.00% | 0.28% | +0.72% |
ICPI vs. SHV - Expense Ratio Comparison
ICPI has a 0.09% expense ratio, which is lower than SHV's 0.15% 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. SHV - Dividend Comparison
ICPI's dividend yield for the trailing twelve months is around 2.57%, less than SHV's 3.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICPI iShares 0-1 Year TIPS Bond ETF | 2.57% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.78% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
ICPI and SHV have a correlation of 0.03, 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 0.15% for SHV.
SHV has the higher dividend yield at 3.78%, compared with 2.57% for ICPI.
ICPI is categorized as Inflation-Protected Bonds, while SHV is Government Bonds. ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index, while SHV tracks ICE Short US Treasury Securities Index. Their fees differ too: 0.09% for ICPI and 0.15% for SHV.
Find the right allocation for ICPI and SHV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer