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 -0.01, 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 -8.36% return, which is significantly lower than ICPI's 2.82% return.
IVOL
- 1D
- -0.29%
- 1M
- -1.83%
- 6M
- -7.05%
- YTD
- -8.36%
- 1Y
- -7.46%
- 3Y*
- -2.50%
- 5Y*
- -5.77%
- 10Y*
- —
ICPI
- 1D
- 0.09%
- 1M
- 0.19%
- 6M
- 2.61%
- YTD
- 2.82%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IVOL vs. ICPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -8.36% | -0.64% |
ICPI iShares 0-1 Year TIPS Bond ETF | 2.82% | 0.32% |
Correlation
The correlation between IVOL and ICPI is -0.01, 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 | -0.01 |
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Return for Risk
IVOL vs. ICPI — Risk / Return Rank
IVOL
ICPI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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.
| IVOL | ICPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.83 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | — | — |
| Martin ratioReturn relative to average drawdown | -1.33 | — | — |
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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 -0.34%. 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% | -0.34% | -30.82% |
Max Drawdown (1Y)Largest decline over 1 year | -12.08% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -30.28% | — | — |
Current DrawdownCurrent decline from peak | -27.93% | 0.00% | -27.93% |
Average DrawdownAverage peak-to-trough decline | -13.49% | -0.05% | -13.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.60% | — | — |
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 | 2.63% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 4.97% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 6.73% | 0.95% | +5.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 0.95% | +11.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.94% | 0.95% | +10.99% |
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 3.95%, more than ICPI's 2.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ICPI iShares 0-1 Year TIPS Bond ETF | 2.56% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.95% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% |
Frequently Asked Questions
IVOL and ICPI have a correlation of -0.01, 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 3.95%, compared with 2.56% 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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