SPIP vs. CPII
SPIP (SPDR Portfolio TIPS ETF) and CPII (Ionic Inflation Protection ETF) are both Inflation-Protected Bonds funds. SPIP is passively managed, while CPII is actively managed. Over the past 3 years, SPIP returned 3.85%/yr vs 5.05%/yr for CPII. At a correlation of -0.26, they often move in opposite directions. SPIP charges 0.12%/yr vs 0.74%/yr for CPII.
Performance
SPIP vs. CPII - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 1.49% return, which is significantly lower than CPII's 4.27% return.
SPIP
- 1D
- -0.16%
- 1M
- 0.02%
- YTD
- 1.49%
- 6M
- 1.02%
- 1Y
- 4.97%
- 3Y*
- 3.85%
- 5Y*
- 0.87%
- 10Y*
- 2.61%
CPII
- 1D
- 0.13%
- 1M
- 0.26%
- YTD
- 4.27%
- 6M
- 4.13%
- 1Y
- 4.42%
- 3Y*
- 5.05%
- 5Y*
- —
- 10Y*
- —
SPIP vs. CPII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 1.49% | 6.78% | 2.35% | 2.98% | -3.50% |
CPII Ionic Inflation Protection ETF | 4.27% | 2.76% | 6.05% | 1.79% | 1.22% |
Correlation
The correlation between SPIP and CPII 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 (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.32 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | -0.26 |
The correlation between SPIP and CPII shifts across timeframes, from -0.32 (3 years) to -0.09 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPIP vs. CPII — Risk / Return Rank
SPIP
CPII
SPIP vs. CPII - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) 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.
| SPIP | CPII | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 2.73 | -0.29 |
| Martin ratioReturn relative to average drawdown | 7.15 | 6.37 | +0.78 |
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
| SPIP | CPII | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 1.28 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.69 | -0.16 |
Drawdowns
SPIP vs. CPII - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, which is greater than CPII's maximum drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for SPIP and CPII.
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Drawdown Indicators
| SPIP | CPII | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -6.40% | -8.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -1.62% | -0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -4.39% | -0.37% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | — | — |
Current DrawdownCurrent decline from peak | -1.02% | -0.40% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -1.62% | -2.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.70% | 0.00% |
Volatility
SPIP vs. CPII - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 0.95%, while Ionic Inflation Protection ETF (CPII) has a volatility of 1.14%. This indicates that SPIP 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
| SPIP | CPII | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.14% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 2.81% | -0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 3.48% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.57% | 5.93% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.01% | 5.93% | +0.08% |
SPIP vs. CPII - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is lower than CPII's 0.74% expense ratio.
Dividends
SPIP vs. CPII - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.75%, more 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% |
SPIP SPDR Portfolio TIPS ETF | 4.75% | 4.09% | 3.36% | 3.70% | 7.05% | 4.53% | 1.97% | 2.91% | 2.80% | 3.02% | 1.88% | 0.14% |
Frequently Asked Questions
SPIP and CPII 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.
CPII has higher volatility (1.14%) compared to SPIP (0.95%). In terms of maximum drawdown, SPIP dropped -15.39% vs CPII's -6.40%.
On 3-year performance, CPII leads with 5.05% vs 3.85% for SPIP. On fees, SPIP is cheaper at 0.12% per year. On volatility, SPIP has been the lower-risk option at 0.95%. 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 3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPIP is cheaper with a 0.12% expense ratio, compared with 0.74% for CPII.
SPIP has the higher dividend yield at 4.75%, compared with 4.05% for CPII.
They also come from different issuers: State Street and Ionic. Their fees differ too: 0.12% for SPIP and 0.74% for CPII.
SPIP currently has the higher Sharpe Ratio (1.40 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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