RBIL vs. CPII

Last updated Jun 23, 2026

RBIL (F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF) and CPII (Ionic Inflation Protection ETF) are both Inflation-Protected Bonds funds. RBIL is passively managed, while CPII is actively managed. Over the past year, RBIL returned 3.95% vs 3.20% for CPII. At a 0.50 correlation, their price movements are largely independent. RBIL charges 0.17%/yr vs 0.74%/yr for CPII.

Performance

RBIL vs. CPII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL) and Ionic Inflation Protection ETF (CPII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RBIL achieves a 2.31% return, which is significantly lower than CPII's 2.97% return.

RBIL

• 1D: -0.05%
• 1M: -0.20%
• YTD: 2.31%
• 6M: 2.35%
• 1Y: 3.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPII

• 1D: -0.13%
• 1M: -0.73%
• YTD: 2.97%
• 6M: 2.83%
• 1Y: 3.20%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

RBIL vs. CPII - Yearly Performance Comparison

	2026 (YTD)	2025
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	2.31%	2.85%
CPII Ionic Inflation Protection ETF	2.97%	1.34%

Correlation

The correlation between RBIL and CPII is 0.56, 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	0.56
Correlation (All Time) Calculated using the full available price history since Feb 25, 2025	0.50

The correlation between RBIL and CPII has been stable across timeframes, ranging from 0.50 to 0.56 - a consistent structural relationship.

Return for Risk

RBIL vs. CPII — Risk / Return Rank

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

RBIL

RBIL Risk / Return Rank: 97
RBIL Sharpe Ratio Rank: 97
RBIL Sortino Ratio Rank: 97
RBIL Omega Ratio Rank: 98
RBIL Calmar Ratio Rank: 95
RBIL Martin Ratio Rank: 97

CPII

CPII Risk / Return Rank: 30
CPII Sharpe Ratio Rank: 27
CPII Sortino Ratio Rank: 26
CPII Omega Ratio Rank: 27
CPII Calmar Ratio Rank: 40
CPII Martin Ratio Rank: 32

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.

RBIL vs. CPII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL) 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.

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.

	RBIL	CPII	Difference
Sharpe ratio: Return per unit of total volatility	4.18	0.94	+3.24
Sortino ratio: Return per unit of downside risk	6.39	1.36	+5.03
Omega ratio: Gain probability vs. loss probability	2.06	1.18	+0.88
Calmar ratio: Return relative to maximum drawdown	7.59	1.96	+5.62
Martin ratio: Return relative to average drawdown	44.07	4.37	+39.70

RBIL vs. CPII - Sharpe Ratio Comparison

The current RBIL Sharpe Ratio is 4.18, which is higher than the CPII Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of RBIL and CPII, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RBIL vs. CPII - Drawdown Comparison

The maximum RBIL drawdown since its inception was -0.52%, smaller than the maximum CPII drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for RBIL and CPII.

Drawdown Indicators

	RBIL	CPII	Difference
Max Drawdown Largest peak-to-trough decline	-0.52%	-6.40%	+5.88%
Max Drawdown (1Y) Largest decline over 1 year	-0.52%	-1.64%	+1.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.39%	—
Current Drawdown Current decline from peak	-0.51%	-1.64%	+1.13%
Average Drawdown Average peak-to-trough decline	-0.07%	-1.61%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.09%	0.73%	-0.64%

Volatility

RBIL vs. CPII - Volatility Comparison

The current volatility for F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL) is 0.36%, while Ionic Inflation Protection ETF (CPII) has a volatility of 0.76%. This indicates that RBIL experiences smaller price fluctuations and is considered to be less risky than CPII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RBIL	CPII	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.76%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	0.85%	2.82%	-1.97%
Volatility (1Y) Calculated over the trailing 1-year period	0.95%	3.42%	-2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.07%	5.90%	-4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.07%	5.90%	-4.83%

RBIL vs. CPII - Expense Ratio Comparison

RBIL has a 0.17% expense ratio, which is lower than CPII's 0.74% expense ratio.

Dividends

RBIL vs. CPII - Dividend Comparison

RBIL's dividend yield for the trailing twelve months is around 4.38%, more than CPII's 4.10% yield.

Position	TTM	2025	2024	2023	2022
CPII Ionic Inflation Protection ETF	4.10%	4.20%	5.47%	5.86%	2.21%
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	4.38%	3.65%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RBIL and CPII in my portfolio?

RBIL and CPII have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RBIL or CPII?

CPII has higher volatility (0.76%) compared to RBIL (0.36%). In terms of maximum drawdown, RBIL dropped -0.52% vs CPII's -6.40%.

Which ETF is better, RBIL or CPII?

On 1-year performance, RBIL leads with 3.95% vs 3.20% for CPII. On fees, RBIL is cheaper at 0.17% per year. On volatility, RBIL has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RBIL or CPII?

Over the 1-year period, RBIL has performed better with a 3.95% return vs 3.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RBIL or CPII?

RBIL is cheaper with a 0.17% expense ratio, compared with 0.74% for CPII.

Which ETF pays a higher dividend yield, RBIL or CPII?

RBIL has the higher dividend yield at 4.38%, compared with 4.10% for CPII.

What is the main difference between RBIL and CPII?

They also come from different issuers: F/m and Ionic. Their fees differ too: 0.17% for RBIL and 0.74% for CPII.

Which has better risk-adjusted returns?

RBIL currently has the higher Sharpe Ratio (4.18 vs 0.94), 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.