IRVH vs. CPII

Last updated Jun 5, 2026

IRVH (Global X Interest Rate Volatility & Inflation Hedge ETF) and CPII (Ionic Inflation Protection ETF) are both Inflation-Protected Bonds funds. Both are actively managed. Over the past 3 years, IRVH returned -0.70%/yr vs 4.91%/yr for CPII. At a correlation of -0.14, they often move in opposite directions. IRVH charges 0.50%/yr vs 0.74%/yr for CPII.

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.

Returns By Period

In the year-to-date period, IRVH achieves a -3.32% return, which is significantly lower than CPII's 3.97% return.

IRVH

• 1D: -0.18%
• 1M: -1.24%
• YTD: -3.32%
• 6M: -3.31%
• 1Y: -1.82%
• 3Y*: -0.70%
• 5Y*: —
• 10Y*: —

CPII

• 1D: -0.29%
• 1M: 0.21%
• YTD: 3.97%
• 6M: 3.78%
• 1Y: 4.50%
• 3Y*: 4.91%
• 5Y*: —
• 10Y*: —

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

IRVH vs. CPII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	-3.32%	7.71%	-5.49%	0.83%	-6.69%
CPII Ionic Inflation Protection ETF	3.97%	2.76%	6.05%	1.79%	0.94%

Correlation

The correlation between IRVH and CPII is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Jul 7, 2022	-0.14

The correlation between IRVH and CPII shifts across timeframes, from -0.16 (3 years) to 0.12 (1 year), reflecting how their relationship changes across market environments.

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: 5
IRVH Sharpe Ratio Rank: 6
IRVH Sortino Ratio Rank: 5
IRVH Omega Ratio Rank: 5
IRVH Calmar Ratio Rank: 6
IRVH Martin Ratio Rank: 6

CPII

CPII Risk / Return Rank: 42
CPII Sharpe Ratio Rank: 37
CPII Sortino Ratio Rank: 37
CPII Omega Ratio Rank: 40
CPII Calmar Ratio Rank: 57
CPII Martin Ratio Rank: 41

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	-0.37	1.31	-1.67
Sortino ratio: Return per unit of downside risk	-0.49	1.86	-2.35
Omega ratio: Gain probability vs. loss probability	0.95	1.26	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.37	2.78	-3.15
Martin ratio: Return relative to average drawdown	-0.77	6.47	-7.25
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 -0.37, which is lower than the CPII Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of IRVH and CPII, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IRVH	CPII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.37	1.31	-1.67
Sharpe Ratio (All Time) Calculated using the full available price history	-0.22	0.68	-0.90

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	-4.94%	-1.62%	-3.32%
Max Drawdown (3Y) Largest decline over 3 years	-8.03%	-4.39%	-3.64%
Current Drawdown Current decline from peak	-10.32%	-0.69%	-9.63%
Average Drawdown Average peak-to-trough decline	-9.72%	-1.62%	-8.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	0.70%	+1.65%

Volatility

IRVH vs. CPII - Volatility Comparison

The current volatility for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) is 0.71%, while Ionic Inflation Protection ETF (CPII) has a volatility of 1.16%. This indicates that IRVH experiences smaller price fluctuations and is considered to be less risky than CPII based on this measure. 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	0.71%	1.16%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	3.27%	2.82%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	4.96%	3.48%	+1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.84%	5.93%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.84%	5.93%	+2.91%

IRVH vs. CPII - Expense Ratio Comparison

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

Dividends

IRVH vs. CPII - Dividend Comparison

IRVH's dividend yield for the trailing twelve months is around 5.56%, more than CPII's 4.06% yield.

Position	TTM	2025	2024	2023	2022
CPII Ionic Inflation Protection ETF	4.06%	4.20%	5.47%	5.86%	2.21%
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	5.56%	4.89%	3.34%	3.69%	2.73%

Frequently Asked Questions

Can I hold both IRVH and CPII in my portfolio?

IRVH and CPII have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IRVH or CPII?

CPII has higher volatility (1.16%) compared to IRVH (0.71%). In terms of maximum drawdown, IRVH dropped -14.98% vs CPII's -6.40%.

Which ETF is better, IRVH or CPII?

On 3-year performance, CPII leads with 4.91% vs -0.70% for IRVH. On fees, IRVH is cheaper at 0.50% per year. On volatility, IRVH has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IRVH or CPII?

Over the 3-year period, CPII has performed better with a 4.91% return vs -0.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IRVH or CPII?

IRVH is cheaper with a 0.50% expense ratio, compared with 0.74% for CPII.

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

IRVH has the higher dividend yield at 5.56%, compared with 4.06% for CPII.

What is the main difference between IRVH and CPII?

They also come from different issuers: Global X and Ionic. Their fees differ too: 0.50% for IRVH and 0.74% for CPII.

Which has better risk-adjusted returns?

CPII currently has the higher Sharpe Ratio (1.31 vs -0.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.