TIPX vs. CPII
Compare and contrast key facts about SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) and Ionic Inflation Protection ETF (CPII).
TIPX and CPII are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TIPX is a passively managed fund by State Street that tracks the performance of the Bloomberg US Govt Inflation-Linked (1-10 Y). It was launched on May 29, 2013. CPII is an actively managed fund by Ionic. It was launched on Jun 28, 2022.
Performance
TIPX vs. CPII - Performance Comparison
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TIPX vs. CPII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF | 0.63% | 7.15% | 3.08% | 4.43% | -2.36% |
CPII Ionic Inflation Protection ETF | 1.67% | 2.76% | 6.05% | 1.79% | 1.22% |
Returns By Period
In the year-to-date period, TIPX achieves a 0.63% return, which is significantly lower than CPII's 1.67% return.
TIPX
- 1D
- 0.05%
- 1M
- -0.77%
- YTD
- 0.63%
- 6M
- 0.80%
- 1Y
- 3.80%
- 3Y*
- 4.01%
- 5Y*
- 2.47%
- 10Y*
- 2.88%
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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TIPX vs. CPII - Expense Ratio Comparison
TIPX has a 0.15% expense ratio, which is lower than CPII's 0.74% expense ratio.
Return for Risk
TIPX vs. CPII — Risk / Return Rank
TIPX
CPII
TIPX vs. CPII - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) 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.
| TIPX | CPII | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.22 | 0.54 | +0.68 |
Sortino ratioReturn per unit of downside risk | 1.74 | 0.79 | +0.95 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.11 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.98 | 1.36 | +0.62 |
Martin ratioReturn relative to average drawdown | 7.37 | 3.02 | +4.36 |
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
| TIPX | CPII | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 0.54 | +0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.60 | -0.11 |
Correlation
The correlation between TIPX and CPII is -0.21. 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
TIPX vs. CPII - Dividend Comparison
TIPX's dividend yield for the trailing twelve months is around 3.72%, less than CPII's 4.03% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF | 3.72% | 3.78% | 3.57% | 3.57% | 6.08% | 4.26% | 1.73% | 2.53% | 1.90% | 2.84% | 1.04% | 0.06% |
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
TIPX vs. CPII - Drawdown Comparison
The maximum TIPX drawdown since its inception was -10.06%, which is greater than CPII's maximum drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for TIPX and CPII.
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Drawdown Indicators
| TIPX | CPII | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.06% | -6.40% | -3.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.03% | -1.62% | -0.41% |
Max Drawdown (5Y)Largest decline over 5 years | -10.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -10.06% | — | — |
Current DrawdownCurrent decline from peak | -0.78% | -1.06% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -1.67% | -0.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.73% | -0.19% |
Volatility
TIPX vs. CPII - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) is 0.96%, while Ionic Inflation Protection ETF (CPII) has a volatility of 2.03%. This indicates that TIPX 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
| TIPX | CPII | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 2.03% | -1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 2.44% | -0.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 3.92% | -0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.64% | 6.02% | -1.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.39% | 6.02% | -1.63% |