IVOL vs. WIP
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) are both Inflation-Protected Bonds funds. IVOL is actively managed, while WIP is passively managed. Over the past 5 years, IVOL returned -5.77%/yr vs -0.70%/yr for WIP. At a 0.22 correlation, their price movements are largely independent. IVOL charges 0.99%/yr vs 0.50%/yr for WIP.
Performance
IVOL vs. WIP - 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 WIP's 4.31% return.
IVOL
- 1D
- -0.34%
- 1M
- -3.62%
- YTD
- -6.33%
- 6M
- -7.21%
- 1Y
- -5.59%
- 3Y*
- -3.54%
- 5Y*
- -5.77%
- 10Y*
- —
WIP
- 1D
- -0.72%
- 1M
- 0.70%
- YTD
- 4.31%
- 6M
- 4.96%
- 1Y
- 10.26%
- 3Y*
- 5.08%
- 5Y*
- -0.70%
- 10Y*
- 1.61%
IVOL vs. WIP - 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% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.31% | 15.18% | -8.71% | 8.84% | -15.54% | -4.15% | 8.37% | 5.61% |
Correlation
The correlation between IVOL and WIP is 0.08, 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 (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since May 15, 2019 | 0.22 |
The correlation between IVOL and WIP shifts across timeframes, from 0.08 (1 year) to 0.24 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IVOL vs. WIP — Risk / Return Rank
IVOL
WIP
IVOL vs. WIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and SPDR FTSE International Government Inflation-Protected Bond ETF (WIP). 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 | WIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.00 | ||
| Sortino ratioReturn per unit of downside risk | -2.81 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.20 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | 2.00 | -2.57 |
| Martin ratioReturn relative to average drawdown | -1.28 | 5.98 | -7.26 |
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 | WIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.81 | 1.18 | -2.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.06 | -0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.16 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | 0.12 | -0.23 |
Drawdowns
IVOL vs. WIP - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, which is greater than WIP's maximum drawdown of -29.60%. Use the drawdown chart below to compare losses from any high point for IVOL and WIP.
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Drawdown Indicators
| IVOL | WIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -29.60% | -1.56% |
Max Drawdown (1Y)Largest decline over 1 year | -9.81% | -5.16% | -4.65% |
Max Drawdown (3Y)Largest decline over 3 years | -16.63% | -11.16% | -5.47% |
Max Drawdown (5Y)Largest decline over 5 years | -30.62% | -28.84% | -1.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.84% | — |
Current DrawdownCurrent decline from peak | -26.33% | -3.87% | -22.46% |
Average DrawdownAverage peak-to-trough decline | -13.30% | -8.58% | -4.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | 1.72% | +2.66% |
Volatility
IVOL vs. WIP - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 1.07%, while SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a volatility of 2.95%. This indicates that IVOL experiences smaller price fluctuations and is considered to be less risky than WIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVOL | WIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 2.95% | -1.88% |
Volatility (6M)Calculated over the trailing 6-month period | 4.44% | 6.89% | -2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.89% | 8.72% | -1.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.84% | 11.45% | +1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.99% | 10.16% | +1.83% |
IVOL vs. WIP - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than WIP's 0.50% expense ratio.
Dividends
IVOL vs. WIP - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.89%, less than WIP's 5.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 5.79% | 5.51% | 6.06% | 6.54% | 11.15% | 4.63% | 1.59% | 2.49% | 4.05% | 1.91% | 1.27% | 1.14% |
Frequently Asked Questions
IVOL and WIP have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WIP has higher volatility (2.95%) compared to IVOL (1.07%). In terms of maximum drawdown, IVOL dropped -31.16% vs WIP's -29.60%.
On 5-year performance, WIP leads with -0.70% vs -5.77% for IVOL. On fees, WIP is cheaper at 0.50% per year. On volatility, IVOL has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, WIP has performed better with a -0.70% return vs -5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
WIP is cheaper with a 0.50% expense ratio, compared with 0.99% for IVOL.
WIP has the higher dividend yield at 5.79%, compared with 3.89% for IVOL.
They also come from different issuers: CICC and State Street. Their fees differ too: 0.99% for IVOL and 0.50% for WIP.
WIP currently has the higher Sharpe Ratio (1.18 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.
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