IVOL vs. ICPI
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and ICPI (iShares 0-1 Year TIPS Bond ETF) are both Inflation-Protected Bonds funds. IVOL is actively managed, while ICPI is passively managed. At a correlation of -0.02, they often move in opposite directions. IVOL charges 0.99%/yr vs 0.09%/yr for ICPI.
Performance
IVOL vs. ICPI - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -6.33% return, which is significantly lower than ICPI's 2.70% return.
IVOL
- 1D
- -0.34%
- 1M
- -3.62%
- YTD
- -6.33%
- 6M
- -7.21%
- 1Y
- -5.59%
- 3Y*
- -3.54%
- 5Y*
- -5.77%
- 10Y*
- —
ICPI
- 1D
- 0.05%
- 1M
- 0.44%
- YTD
- 2.70%
- 6M
- 2.76%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IVOL vs. ICPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -6.33% | -0.59% |
ICPI iShares 0-1 Year TIPS Bond ETF | 2.70% | 0.32% |
Correlation
The correlation between IVOL and ICPI is -0.02, 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 21, 2025 | -0.02 |
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Return for Risk
IVOL vs. ICPI — Risk / Return Rank
IVOL
ICPI
IVOL vs. ICPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and iShares 0-1 Year TIPS Bond ETF (ICPI). 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 | ICPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.88 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | — | — |
| Martin ratioReturn relative to average drawdown | -1.28 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IVOL | ICPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.81 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | 6.20 | -6.31 |
Drawdowns
IVOL vs. ICPI - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, which is greater than ICPI's maximum drawdown of -0.22%. Use the drawdown chart below to compare losses from any high point for IVOL and ICPI.
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Drawdown Indicators
| IVOL | ICPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -0.22% | -30.94% |
Max Drawdown (1Y)Largest decline over 1 year | -9.81% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -16.63% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -30.62% | — | — |
Current DrawdownCurrent decline from peak | -26.33% | 0.00% | -26.33% |
Average DrawdownAverage peak-to-trough decline | -13.30% | -0.03% | -13.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | — | — |
Volatility
IVOL vs. ICPI - Volatility Comparison
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Volatility by Period
| IVOL | ICPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 4.44% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 6.89% | 0.95% | +5.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.84% | 0.95% | +11.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.99% | 0.95% | +11.04% |
IVOL vs. ICPI - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than ICPI's 0.09% expense ratio.
Dividends
IVOL vs. ICPI - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.89%, more than ICPI's 1.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ICPI iShares 0-1 Year TIPS Bond ETF | 1.80% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.89% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% |
Frequently Asked Questions
IVOL and ICPI have a correlation of -0.02, 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 0.99% for IVOL.
IVOL has the higher dividend yield at 3.89%, compared with 1.80% for ICPI.
They also come from different issuers: CICC and iShares. Their fees differ too: 0.99% for IVOL and 0.09% for ICPI.
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