ICPI vs. TIP
ICPI (iShares 0-1 Year TIPS Bond ETF) and TIP (iShares TIPS Bond ETF) are both Inflation-Protected Bonds funds from iShares - ICPI tracks the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index while TIP tracks the ICE U.S. Treasury Inflation Linked Bond Index. Both are passively managed. At a correlation of -0.04, they often move in opposite directions. ICPI charges 0.09%/yr vs 0.18%/yr for TIP.
Performance
ICPI vs. TIP - Performance Comparison
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Returns By Period
In the year-to-date period, ICPI achieves a 2.42% return, which is significantly higher than TIP's 1.13% return.
ICPI
- 1D
- -0.06%
- 1M
- -0.07%
- YTD
- 2.42%
- 6M
- 2.46%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TIP
- 1D
- 0.39%
- 1M
- 0.19%
- YTD
- 1.13%
- 6M
- 0.99%
- 1Y
- 3.61%
- 3Y*
- 3.65%
- 5Y*
- 0.88%
- 10Y*
- 2.47%
ICPI vs. TIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICPI iShares 0-1 Year TIPS Bond ETF | 2.42% | 0.32% |
TIP iShares TIPS Bond ETF | 1.13% | -0.12% |
Correlation
The correlation between ICPI and TIP is -0.04, 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 | -0.04 |
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Return for Risk
ICPI vs. TIP — Risk / Return Rank
ICPI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TIP
ICPI vs. TIP - 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 TIPS Bond ETF (TIP). 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 | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.18 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.83 | — |
| Martin ratioReturn relative to average drawdown | — | 5.37 | — |
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Drawdowns
ICPI vs. TIP - Drawdown Comparison
The maximum ICPI drawdown since its inception was -0.34%, smaller than the maximum TIP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for ICPI and TIP.
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Drawdown Indicators
| ICPI | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.34% | -14.57% | +14.23% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.98% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.54% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.51% | — |
Current DrawdownCurrent decline from peak | -0.34% | -0.73% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -0.04% | -3.43% | +3.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.67% | — |
Volatility
ICPI vs. TIP - Volatility Comparison
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Volatility by Period
| ICPI | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.29% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.49% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.96% | 3.46% | -2.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 6.20% | -5.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.96% | 5.74% | -4.78% |
ICPI vs. TIP - Expense Ratio Comparison
ICPI has a 0.09% expense ratio, which is lower than TIP's 0.18% 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. TIP - Dividend Comparison
ICPI's dividend yield for the trailing twelve months is around 1.80%, less than TIP's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICPI iShares 0-1 Year TIPS Bond ETF | 1.80% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TIP iShares TIPS Bond ETF | 3.77% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
ICPI and TIP have a correlation of -0.04, 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 0.18% for TIP.
TIP has the higher dividend yield at 3.77%, compared with 1.80% for ICPI.
ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index, while TIP tracks ICE U.S. Treasury Inflation Linked Bond Index. Their fees differ too: 0.09% for ICPI and 0.18% for TIP.
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