VTIP vs. ICPI
VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) and ICPI (iShares 0-1 Year TIPS Bond ETF) are both Inflation-Protected Bonds funds - VTIP tracks the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index while ICPI tracks the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index. Both are passively managed. At a 0.36 correlation, their price movements are largely independent. VTIP charges 0.03%/yr vs 0.09%/yr for ICPI.
Performance
VTIP vs. ICPI - Performance Comparison
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Returns By Period
In the year-to-date period, VTIP achieves a 1.36% return, which is significantly lower than ICPI's 2.48% return.
VTIP
- 1D
- 0.02%
- 1M
- -0.22%
- YTD
- 1.36%
- 6M
- 1.50%
- 1Y
- 3.58%
- 3Y*
- 5.00%
- 5Y*
- 3.28%
- 10Y*
- 3.03%
ICPI
- 1D
- 0.04%
- 1M
- -0.01%
- YTD
- 2.48%
- 6M
- 2.54%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VTIP vs. ICPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 1.36% | 0.26% |
ICPI iShares 0-1 Year TIPS Bond ETF | 2.48% | 0.32% |
Correlation
The correlation between VTIP and ICPI is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025 | 0.36 |
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Return for Risk
VTIP vs. ICPI — Risk / Return Rank
VTIP
ICPI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
VTIP vs. ICPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VTIP | ICPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.47 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 5.03 | — | — |
| Martin ratioReturn relative to average drawdown | 17.90 | — | — |
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Drawdowns
VTIP vs. ICPI - Drawdown Comparison
The maximum VTIP drawdown since its inception was -6.27%, which is greater than ICPI's maximum drawdown of -0.32%. Use the drawdown chart below to compare losses from any high point for VTIP and ICPI.
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Drawdown Indicators
| VTIP | ICPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.27% | -0.32% | -5.95% |
Max Drawdown (1Y)Largest decline over 1 year | -0.71% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -0.98% | — | — |
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 | -0.69% | -0.28% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -1.04% | -0.04% | -1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | — | — |
Volatility
VTIP vs. ICPI - Volatility Comparison
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Volatility by Period
| VTIP | ICPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.17% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.57% | 0.96% | +0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.77% | 0.96% | +1.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.74% | 0.96% | +1.78% |
VTIP vs. ICPI - Expense Ratio Comparison
VTIP has a 0.03% expense ratio, which is lower than ICPI's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VTIP vs. ICPI - Dividend Comparison
VTIP's dividend yield for the trailing twelve months is around 3.61%, more than ICPI's 1.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 3.61% | 3.81% | 2.70% | 2.86% | 6.84% | 4.68% | 1.20% | 1.95% | 2.45% | 1.52% | 0.76% |
Frequently Asked Questions
VTIP and ICPI have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VTIP is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VTIP is cheaper with a 0.03% expense ratio, compared with 0.09% for ICPI.
VTIP has the higher dividend yield at 3.61%, compared with 1.80% for ICPI.
VTIP tracks Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VTIP and 0.09% for ICPI.
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