TIP vs. ICPI
TIP (iShares TIPS Bond ETF) and ICPI (iShares 0-1 Year TIPS Bond ETF) are both Inflation-Protected Bonds funds from iShares - TIP tracks the ICE U.S. Treasury Inflation Linked Bond Index while ICPI tracks the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index. Both are passively managed. At a correlation of -0.07, they often move in opposite directions. TIP charges 0.18%/yr vs 0.09%/yr for ICPI.
Performance
TIP vs. ICPI - Performance Comparison
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Returns By Period
In the year-to-date period, TIP achieves a 1.54% return, which is significantly lower than ICPI's 2.70% return.
TIP
- 1D
- -0.18%
- 1M
- -0.09%
- YTD
- 1.54%
- 6M
- 1.06%
- 1Y
- 4.96%
- 3Y*
- 3.88%
- 5Y*
- 0.97%
- 10Y*
- 2.57%
ICPI
- 1D
- 0.05%
- 1M
- 0.44%
- YTD
- 2.70%
- 6M
- 2.76%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TIP vs. ICPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TIP iShares TIPS Bond ETF | 1.54% | -0.17% |
ICPI iShares 0-1 Year TIPS Bond ETF | 2.70% | 0.32% |
Correlation
The correlation between TIP and ICPI is -0.07, 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 | -0.07 |
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Return for Risk
TIP vs. ICPI — Risk / Return Rank
TIP
ICPI
TIP vs. ICPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.
| TIP | ICPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.26 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | — | — |
| Martin ratioReturn relative to average drawdown | 7.57 | — | — |
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
| TIP | ICPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 6.20 | -5.63 |
Drawdowns
TIP vs. ICPI - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, which is greater than ICPI's maximum drawdown of -0.22%. Use the drawdown chart below to compare losses from any high point for TIP and ICPI.
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Drawdown Indicators
| TIP | ICPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -0.22% | -14.35% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | — | — |
Current DrawdownCurrent decline from peak | -0.32% | 0.00% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -0.03% | -3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | — | — |
Volatility
TIP vs. ICPI - Volatility Comparison
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Volatility by Period
| TIP | ICPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.29% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.41% | 0.95% | +2.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 0.95% | +5.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 0.95% | +4.79% |
TIP vs. ICPI - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is higher than ICPI's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TIP vs. ICPI - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 3.76%, 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% |
TIP iShares TIPS Bond ETF | 3.76% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
TIP and ICPI have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICPI is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICPI is cheaper with a 0.09% expense ratio, compared with 0.18% for TIP.
TIP has the higher dividend yield at 3.76%, compared with 1.80% for ICPI.
TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index. Their fees differ too: 0.18% for TIP and 0.09% for ICPI.
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