VTIP vs. CPII
Compare and contrast key facts about Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) and Ionic Inflation Protection ETF (CPII).
VTIP and CPII are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VTIP is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. It was launched on Oct 12, 2012. CPII is an actively managed fund by Ionic. It was launched on Jun 28, 2022.
Performance
VTIP vs. CPII - Performance Comparison
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VTIP vs. CPII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 0.87% | 6.07% | 4.74% | 4.62% | -1.44% |
CPII Ionic Inflation Protection ETF | 1.67% | 2.76% | 6.05% | 1.79% | 1.22% |
Returns By Period
In the year-to-date period, VTIP achieves a 0.87% return, which is significantly lower than CPII's 1.67% return.
VTIP
- 1D
- -0.11%
- 1M
- 0.03%
- YTD
- 0.87%
- 6M
- 1.15%
- 1Y
- 3.80%
- 3Y*
- 4.62%
- 5Y*
- 3.46%
- 10Y*
- 3.05%
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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VTIP vs. CPII - Expense Ratio Comparison
VTIP has a 0.03% expense ratio, which is lower than CPII's 0.74% expense ratio.
Return for Risk
VTIP vs. CPII — Risk / Return Rank
VTIP
CPII
VTIP vs. CPII - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) 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.
| VTIP | CPII | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.01 | 0.54 | +1.47 |
Sortino ratioReturn per unit of downside risk | 3.03 | 0.79 | +2.24 |
Omega ratioGain probability vs. loss probability | 1.42 | 1.11 | +0.32 |
Calmar ratioReturn relative to maximum drawdown | 3.90 | 1.36 | +2.54 |
Martin ratioReturn relative to average drawdown | 12.53 | 3.02 | +9.51 |
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
| VTIP | CPII | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 0.54 | +1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.25 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.12 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.87 | 0.60 | +0.27 |
Correlation
The correlation between VTIP and CPII is -0.11. 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
VTIP vs. CPII - Dividend Comparison
VTIP's dividend yield for the trailing twelve months is around 3.63%, less than CPII's 4.03% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 3.63% | 3.81% | 2.70% | 2.86% | 6.84% | 4.68% | 1.20% | 1.95% | 2.45% | 1.52% | 0.76% |
CPII Ionic Inflation Protection ETF | 3.41% | 4.20% | 5.47% | 5.86% | 2.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VTIP vs. CPII - Drawdown Comparison
The maximum VTIP drawdown since its inception was -6.27%, roughly equal to the maximum CPII drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for VTIP and CPII.
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Drawdown Indicators
| VTIP | CPII | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.27% | -6.40% | +0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -0.98% | -1.62% | +0.64% |
Max Drawdown (5Y)Largest decline over 5 years | -5.50% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -6.27% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | -1.06% | +0.69% |
Average DrawdownAverage peak-to-trough decline | -1.05% | -1.67% | +0.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 0.73% | -0.43% |
Volatility
VTIP vs. CPII - Volatility Comparison
The current volatility for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) is 0.62%, while Ionic Inflation Protection ETF (CPII) has a volatility of 2.03%. This indicates that VTIP 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
| VTIP | CPII | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 2.03% | -1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 0.98% | 2.44% | -1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.90% | 3.92% | -2.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.78% | 6.02% | -3.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.74% | 6.02% | -3.28% |