SCHP vs. CPII
SCHP (Schwab U.S. TIPS ETF) and CPII (Ionic Inflation Protection ETF) are both Inflation-Protected Bonds funds. SCHP is passively managed, while CPII is actively managed. Over the past 3 years, SCHP returned 4.05%/yr vs 5.05%/yr for CPII. At a correlation of -0.28, they often move in opposite directions. SCHP charges 0.03%/yr vs 0.74%/yr for CPII.
Performance
SCHP vs. CPII - Performance Comparison
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Returns By Period
In the year-to-date period, SCHP achieves a 1.61% return, which is significantly lower than CPII's 4.27% return.
SCHP
- 1D
- -0.15%
- 1M
- -0.03%
- YTD
- 1.61%
- 6M
- 1.14%
- 1Y
- 5.19%
- 3Y*
- 4.05%
- 5Y*
- 1.13%
- 10Y*
- 2.66%
CPII
- 1D
- 0.13%
- 1M
- 0.26%
- YTD
- 4.27%
- 6M
- 4.13%
- 1Y
- 4.42%
- 3Y*
- 5.05%
- 5Y*
- —
- 10Y*
- —
SCHP vs. CPII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SCHP Schwab U.S. TIPS ETF | 1.61% | 6.76% | 1.95% | 3.91% | -3.43% |
CPII Ionic Inflation Protection ETF | 4.27% | 2.76% | 6.05% | 1.79% | 1.22% |
Correlation
The correlation between SCHP and CPII is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | -0.28 |
Over the past year, the inverse relationship between SCHP and CPII has weakened: their correlation has moved from -0.28 to -0.05, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SCHP vs. CPII — Risk / Return Rank
SCHP
CPII
SCHP vs. CPII - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. TIPS ETF (SCHP) 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.
| SCHP | CPII | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.25 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 2.73 | -0.03 |
| Martin ratioReturn relative to average drawdown | 8.22 | 6.37 | +1.85 |
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
| SCHP | CPII | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.58 | 1.28 | +0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.69 | -0.19 |
Drawdowns
SCHP vs. CPII - Drawdown Comparison
The maximum SCHP drawdown since its inception was -14.26%, which is greater than CPII's maximum drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for SCHP and CPII.
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Drawdown Indicators
| SCHP | CPII | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.26% | -6.40% | -7.86% |
Max Drawdown (1Y)Largest decline over 1 year | -1.93% | -1.62% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -4.48% | -4.39% | -0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -14.26% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.26% | — | — |
Current DrawdownCurrent decline from peak | -0.25% | -0.40% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -1.62% | -2.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 0.70% | -0.07% |
Volatility
SCHP vs. CPII - Volatility Comparison
The current volatility for Schwab U.S. TIPS ETF (SCHP) is 0.89%, while Ionic Inflation Protection ETF (CPII) has a volatility of 1.14%. This indicates that SCHP 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.
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Volatility by Period
| SCHP | CPII | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 1.14% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 2.20% | 2.81% | -0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 3.48% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.12% | 5.93% | +0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.59% | 5.93% | -0.34% |
SCHP vs. CPII - Expense Ratio Comparison
SCHP has a 0.03% expense ratio, which is lower than CPII's 0.74% expense ratio.
Dividends
SCHP vs. CPII - Dividend Comparison
SCHP's dividend yield for the trailing twelve months is around 3.99%, less than CPII's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.05% | 4.20% | 5.47% | 5.86% | 2.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SCHP Schwab U.S. TIPS ETF | 3.99% | 4.06% | 2.99% | 3.02% | 7.19% | 4.39% | 1.11% | 2.02% | 2.26% | 1.90% | 1.38% | 0.28% |
Frequently Asked Questions
SCHP and CPII have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPII has higher volatility (1.14%) compared to SCHP (0.89%). In terms of maximum drawdown, SCHP dropped -14.26% vs CPII's -6.40%.
On 3-year performance, CPII leads with 5.05% vs 4.05% for SCHP. On fees, SCHP is cheaper at 0.03% per year. On volatility, SCHP has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CPII has performed better with a 5.05% return vs 4.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHP is cheaper with a 0.03% expense ratio, compared with 0.74% for CPII.
CPII has the higher dividend yield at 4.05%, compared with 3.99% for SCHP.
They also come from different issuers: Charles Schwab and Ionic. Their fees differ too: 0.03% for SCHP and 0.74% for CPII.
SCHP currently has the higher Sharpe Ratio (1.58 vs 1.28), 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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