IVOL vs. CPII

Last updated Apr 1, 2026

Compare and contrast key facts about Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and Ionic Inflation Protection ETF (CPII).

IVOL and CPII are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IVOL is an actively managed fund by CICC. It was launched on May 13, 2019. CPII is an actively managed fund by Ionic. It was launched on Jun 28, 2022.

Performance

IVOL vs. CPII - Performance Comparison

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

IVOL vs. CPII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	-1.46%	11.97%	-11.07%	-5.18%	-8.53%
CPII Ionic Inflation Protection ETF	1.67%	2.76%	6.05%	1.79%	1.22%

Returns By Period

In the year-to-date period, IVOL achieves a -1.46% return, which is significantly lower than CPII's 1.67% return.

IVOL

• 1D: -0.05%
• 1M: -1.70%
• YTD: -1.46%
• 6M: -1.19%
• 1Y: 3.84%
• 3Y*: -2.83%
• 5Y*: -4.62%
• 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)

IVOL vs. CPII - Expense Ratio Comparison

IVOL has a 0.99% expense ratio, which is higher than CPII's 0.74% expense ratio.

IVOL

Quadratic Interest Rate Volatility & Inflation Hedge ETF

CPII

Ionic Inflation Protection ETF

Return for Risk

IVOL vs. CPII — Risk / Return Rank

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

IVOL

IVOL Risk / Return Rank: 23
IVOL Sharpe Ratio Rank: 23
IVOL Sortino Ratio Rank: 23
IVOL Omega Ratio Rank: 23
IVOL Calmar Ratio Rank: 25
IVOL Martin Ratio Rank: 20

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.

IVOL vs. CPII - Risk-Adjusted Trends Comparison

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

	IVOL	CPII	Difference
Sharpe ratio Return per unit of total volatility	0.37	0.54	-0.17
Sortino ratio Return per unit of downside risk	0.64	0.79	-0.15
Omega ratio Gain probability vs. loss probability	1.08	1.11	-0.02
Calmar ratio Return relative to maximum drawdown	0.55	1.36	-0.81
Martin ratio Return relative to average drawdown	1.06	3.02	-1.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOL vs. CPII - Sharpe Ratio Comparison

The current IVOL Sharpe Ratio is 0.37, which is lower than the CPII Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of IVOL 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

	IVOL	CPII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	0.54	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.60	-0.65

Correlation

The correlation between IVOL and CPII is -0.01. 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

IVOL vs. CPII - Dividend Comparison

IVOL's dividend yield for the trailing twelve months is around 3.73%, less than CPII's 4.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	3.73%	3.61%	3.83%	3.73%	3.92%	3.93%	3.44%	2.02%
CPII Ionic Inflation Protection ETF	3.41%	4.20%	5.47%	5.86%	2.21%	0.00%	0.00%	0.00%

Drawdowns

IVOL vs. CPII - Drawdown Comparison

The maximum IVOL drawdown since its inception was -31.16%, which is greater than CPII's maximum drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for IVOL and CPII.

Drawdown Indicators

	IVOL	CPII	Difference
Max Drawdown Largest peak-to-trough decline	-31.16%	-6.40%	-24.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	-1.62%	-5.10%
Max Drawdown (5Y) Largest decline over 5 years	-31.16%	—	—
Current Drawdown Current decline from peak	-22.51%	-1.06%	-21.45%
Average Drawdown Average peak-to-trough decline	-13.02%	-1.67%	-11.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	0.73%	+2.77%

Volatility

IVOL vs. CPII - Volatility Comparison

Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) has a higher volatility of 2.34% compared to Ionic Inflation Protection ETF (CPII) at 2.03%. This indicates that IVOL's price experiences larger fluctuations and is considered to be riskier than CPII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOL	CPII	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	2.03%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	4.41%	2.44%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	3.92%	+6.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.82%	6.02%	+6.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.11%	6.02%	+6.09%