SCHP vs. ICPI
SCHP (Schwab U.S. TIPS ETF) and ICPI (iShares 0-1 Year TIPS Bond ETF) are both Inflation-Protected Bonds funds - SCHP tracks the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L) while ICPI tracks the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index. Both are passively managed. At a correlation of -0.09, they often move in opposite directions. SCHP charges 0.03%/yr vs 0.09%/yr for ICPI.
Performance
SCHP vs. ICPI - 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 ICPI's 2.70% 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%
ICPI
- 1D
- 0.05%
- 1M
- 0.44%
- YTD
- 2.70%
- 6M
- 2.76%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SCHP vs. ICPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SCHP Schwab U.S. TIPS ETF | 1.61% | -0.15% |
ICPI iShares 0-1 Year TIPS Bond ETF | 2.70% | 0.32% |
Correlation
The correlation between SCHP and ICPI is -0.09, 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 21, 2025 | -0.09 |
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Return for Risk
SCHP vs. ICPI — Risk / Return Rank
SCHP
ICPI
SCHP vs. ICPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. TIPS ETF (SCHP) 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.
| SCHP | ICPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.28 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | — | — |
| Martin ratioReturn relative to average drawdown | 8.22 | — | — |
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 | ICPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.58 | — | — |
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 | 6.20 | -5.69 |
Drawdowns
SCHP vs. ICPI - Drawdown Comparison
The maximum SCHP drawdown since its inception was -14.26%, which is greater than ICPI's maximum drawdown of -0.22%. Use the drawdown chart below to compare losses from any high point for SCHP and ICPI.
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Drawdown Indicators
| SCHP | ICPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.26% | -0.22% | -14.04% |
Max Drawdown (1Y)Largest decline over 1 year | -1.93% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.48% | — | — |
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% | 0.00% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -0.03% | -3.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | — | — |
Volatility
SCHP vs. ICPI - Volatility Comparison
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Volatility by Period
| SCHP | ICPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.20% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 0.95% | +2.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.12% | 0.95% | +5.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.59% | 0.95% | +4.64% |
SCHP vs. ICPI - Expense Ratio Comparison
SCHP has a 0.03% expense ratio, which is lower than ICPI's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SCHP vs. ICPI - Dividend Comparison
SCHP's dividend yield for the trailing twelve months is around 3.99%, more than ICPI's 1.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICPI iShares 0-1 Year TIPS Bond ETF | 1.80% | 0.54% | 0.00% | 0.00% | 0.00% | 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 ICPI have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SCHP is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SCHP is cheaper with a 0.03% expense ratio, compared with 0.09% for ICPI.
SCHP has the higher dividend yield at 3.99%, compared with 1.80% for ICPI.
SCHP tracks Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), while ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.03% for SCHP and 0.09% for ICPI.
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