SPIP vs. CPII
Compare and contrast key facts about SPDR Portfolio TIPS ETF (SPIP) and Ionic Inflation Protection ETF (CPII).
SPIP and CPII are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPIP is a passively managed fund by State Street that tracks the performance of the Bloomberg Barclays US Government Inflation-linked Bond Index. It was launched on May 25, 2007. CPII is an actively managed fund by Ionic. It was launched on Jun 28, 2022.
Performance
SPIP vs. CPII - Performance Comparison
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SPIP vs. CPII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 0.27% | 6.78% | 2.35% | 2.98% | -3.50% |
CPII Ionic Inflation Protection ETF | 1.67% | 2.76% | 6.05% | 1.79% | 1.22% |
Returns By Period
In the year-to-date period, SPIP achieves a 0.27% return, which is significantly lower than CPII's 1.67% return.
SPIP
- 1D
- -0.06%
- 1M
- -1.48%
- YTD
- 0.27%
- 6M
- 0.20%
- 1Y
- 2.65%
- 3Y*
- 2.91%
- 5Y*
- 1.15%
- 10Y*
- 2.53%
CPII
- 1D
- -0.16%
- 1M
- 1.19%
- YTD
- 1.67%
- 6M
- 0.95%
- 1Y
- 2.10%
- 3Y*
- 3.99%
- 5Y*
- —
- 10Y*
- —
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SPIP vs. CPII - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is lower than CPII's 0.74% expense ratio.
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 | 0.61 | 0.54 | +0.07 |
Sortino ratioReturn per unit of downside risk | 0.83 | 0.79 | +0.04 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.11 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.05 | 1.36 | -0.31 |
Martin ratioReturn relative to average drawdown | 3.04 | 3.02 | +0.02 |
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 | 0.61 | 0.54 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.60 | -0.08 |
Correlation
The correlation between SPIP and CPII is -0.27. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
SPIP vs. CPII - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 4.05%, which matches CPII's 4.03% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 4.05% | 4.09% | 3.36% | 3.70% | 7.05% | 4.53% | 1.97% | 2.91% | 2.80% | 3.02% | 1.88% | 0.14% |
CPII Ionic Inflation Protection ETF | 4.03% | 4.20% | 5.47% | 5.86% | 2.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 | -2.92% | -1.62% | -1.30% |
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 | -2.21% | -1.06% | -1.15% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -1.67% | -2.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 0.73% | +0.28% |
Volatility
SPIP vs. CPII - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 1.75%, while Ionic Inflation Protection ETF (CPII) has a volatility of 2.03%. 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 | 1.75% | 2.03% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.55% | 2.44% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.39% | 3.92% | +0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.59% | 6.02% | +0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.03% | 6.02% | +0.01% |