IRVH vs. CPII

Last updated Apr 1, 2026

Compare and contrast key facts about Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) and Ionic Inflation Protection ETF (CPII).

IRVH and CPII are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IRVH is an actively managed fund by Global X. It was launched on Jul 5, 2022. CPII is an actively managed fund by Ionic. It was launched on Jun 28, 2022.

Performance

IRVH vs. CPII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) and Ionic Inflation Protection ETF (CPII). The values are adjusted to include any dividend payments, if applicable.

IRVH vs. CPII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	-1.97%	7.71%	-5.49%	0.83%	-6.69%
CPII Ionic Inflation Protection ETF	1.67%	2.76%	6.05%	1.79%	0.94%

Returns By Period

In the year-to-date period, IRVH achieves a -1.97% return, which is significantly lower than CPII's 1.67% return.

IRVH

• 1D: 0.04%
• 1M: -2.07%
• YTD: -1.97%
• 6M: -1.43%
• 1Y: 0.81%
• 3Y*: -0.66%
• 5Y*: —
• 10Y*: —

CPII

• 1D: -0.16%
• 1M: 1.19%
• YTD: 1.67%
• 6M: 0.95%
• 1Y: 2.10%
• 3Y*: 3.99%
• 5Y*: —
• 10Y*: —

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

IRVH vs. CPII - Expense Ratio Comparison

IRVH has a 0.50% expense ratio, which is lower than CPII's 0.74% expense ratio.

CPII

Ionic Inflation Protection ETF

IRVH

Global X Interest Rate Volatility & Inflation Hedge ETF

Return for Risk

IRVH vs. CPII — Risk / Return Rank

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

IRVH

IRVH Risk / Return Rank: 15
IRVH Sharpe Ratio Rank: 15
IRVH Sortino Ratio Rank: 13
IRVH Omega Ratio Rank: 13
IRVH Calmar Ratio Rank: 17
IRVH Martin Ratio Rank: 16

CPII

CPII Risk / Return Rank: 34
CPII Sharpe Ratio Rank: 29
CPII Sortino Ratio Rank: 27
CPII Omega Ratio Rank: 26
CPII Calmar Ratio Rank: 53
CPII Martin Ratio Rank: 33

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.

IRVH vs. CPII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) 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.

	IRVH	CPII	Difference
Sharpe ratio Return per unit of total volatility	0.13	0.54	-0.41
Sortino ratio Return per unit of downside risk	0.22	0.79	-0.57
Omega ratio Gain probability vs. loss probability	1.03	1.11	-0.08
Calmar ratio Return relative to maximum drawdown	0.26	1.36	-1.10
Martin ratio Return relative to average drawdown	0.60	3.02	-2.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IRVH vs. CPII - Sharpe Ratio Comparison

The current IRVH Sharpe Ratio is 0.13, which is lower than the CPII Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of IRVH and CPII, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IRVH	CPII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	0.54	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	0.60	-0.79

Correlation

The correlation between IRVH and CPII is -0.14. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

IRVH vs. CPII - Dividend Comparison

IRVH's dividend yield for the trailing twelve months is around 5.20%, more than CPII's 4.03% yield.

	TTM	2025	2024	2023	2022
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	5.20%	4.89%	3.34%	3.69%	2.73%
CPII Ionic Inflation Protection ETF	4.03%	4.20%	5.47%	5.86%	2.21%

Drawdowns

IRVH vs. CPII - Drawdown Comparison

The maximum IRVH drawdown since its inception was -14.98%, which is greater than CPII's maximum drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for IRVH and CPII.

Drawdown Indicators

	IRVH	CPII	Difference
Max Drawdown Largest peak-to-trough decline	-14.98%	-6.40%	-8.58%
Max Drawdown (1Y) Largest decline over 1 year	-4.59%	-1.62%	-2.97%
Current Drawdown Current decline from peak	-9.06%	-1.06%	-8.00%
Average Drawdown Average peak-to-trough decline	-9.73%	-1.67%	-8.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	0.73%	+1.24%

Volatility

IRVH vs. CPII - Volatility Comparison

Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) and Ionic Inflation Protection ETF (CPII) have volatilities of 2.12% and 2.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IRVH	CPII	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	2.03%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	3.50%	2.44%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	6.29%	3.92%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.02%	6.02%	+3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.02%	6.02%	+3.00%