IVOL vs. VTIP
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) are both Inflation-Protected Bonds funds. IVOL is actively managed, while VTIP is passively managed. Over the past 5 years, IVOL returned -5.77%/yr vs 3.37%/yr for VTIP. A 0.54 correlation means they provide meaningful diversification when combined. IVOL charges 0.99%/yr vs 0.03%/yr for VTIP.
Performance
IVOL vs. VTIP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IVOL achieves a -6.33% return, which is significantly lower than VTIP's 2.05% return.
IVOL
- 1D
- -0.34%
- 1M
- -3.62%
- YTD
- -6.33%
- 6M
- -7.21%
- 1Y
- -5.59%
- 3Y*
- -3.54%
- 5Y*
- -5.77%
- 10Y*
- —
VTIP
- 1D
- 0.00%
- 1M
- 0.04%
- YTD
- 2.05%
- 6M
- 2.03%
- 1Y
- 4.70%
- 3Y*
- 5.26%
- 5Y*
- 3.37%
- 10Y*
- 3.14%
IVOL vs. VTIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -6.33% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.23% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 2.05% | 6.07% | 4.74% | 4.62% | -2.94% | 5.36% | 4.95% | 2.68% |
Correlation
The correlation between IVOL and VTIP is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since May 15, 2019 | 0.54 |
The correlation between IVOL and VTIP has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IVOL vs. VTIP — Risk / Return Rank
IVOL
VTIP
IVOL vs. VTIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). 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 | VTIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.96 | ||
| Sortino ratioReturn per unit of downside risk | -6.50 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.67 | -0.79 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | 6.75 | -7.32 |
| Martin ratioReturn relative to average drawdown | -1.28 | 26.06 | -27.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IVOL | VTIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.81 | 3.15 | -3.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 1.22 | -1.67 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | 0.89 | -1.01 |
Drawdowns
IVOL vs. VTIP - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, which is greater than VTIP's maximum drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for IVOL and VTIP.
Loading charts...
Drawdown Indicators
| IVOL | VTIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -6.27% | -24.89% |
Max Drawdown (1Y)Largest decline over 1 year | -9.81% | -0.70% | -9.11% |
Max Drawdown (3Y)Largest decline over 3 years | -16.63% | -0.98% | -15.65% |
Max Drawdown (5Y)Largest decline over 5 years | -30.62% | -5.50% | -25.12% |
Max Drawdown (10Y)Largest decline over 10 years | — | -6.27% | — |
Current DrawdownCurrent decline from peak | -26.33% | -0.02% | -26.31% |
Average DrawdownAverage peak-to-trough decline | -13.30% | -1.04% | -12.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | 0.18% | +4.20% |
Volatility
IVOL vs. VTIP - Volatility Comparison
Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) has a higher volatility of 1.07% compared to Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) at 0.43%. This indicates that IVOL's price experiences larger fluctuations and is considered to be riskier than VTIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IVOL | VTIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.43% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 4.44% | 1.02% | +3.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.89% | 1.50% | +5.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.84% | 2.77% | +10.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.99% | 2.74% | +9.25% |
IVOL vs. VTIP - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than VTIP's 0.03% expense ratio.
Dividends
IVOL vs. VTIP - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.89%, more than VTIP's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.89% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% | 0.00% | 0.00% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 3.58% | 3.81% | 2.70% | 2.86% | 6.84% | 4.68% | 1.20% | 1.95% | 2.45% | 1.52% | 0.76% |
Frequently Asked Questions
IVOL and VTIP have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVOL has higher volatility (1.07%) compared to VTIP (0.43%). In terms of maximum drawdown, IVOL dropped -31.16% vs VTIP's -6.27%.
On 5-year performance, VTIP leads with 3.37% vs -5.77% for IVOL. On fees, VTIP is cheaper at 0.03% per year. On volatility, VTIP has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VTIP has performed better with a 3.37% return vs -5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTIP is cheaper with a 0.03% expense ratio, compared with 0.99% for IVOL.
IVOL has the higher dividend yield at 3.89%, compared with 3.58% for VTIP.
They also come from different issuers: CICC and Vanguard. Their fees differ too: 0.99% for IVOL and 0.03% for VTIP.
VTIP currently has the higher Sharpe Ratio (3.15 vs -0.81), 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.
Find the right allocation for IVOL and VTIP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer