VTP vs. CPII

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Total Inflation-Protected Securities ETF (VTP) and Ionic Inflation Protection ETF (CPII).

VTP and CPII are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VTP is a passively managed fund by Vanguard that tracks the performance of the ICE U.S. Treasury Inflation Linked Bond Index 0-5. It was launched on Jul 7, 2025. CPII is an actively managed fund by Ionic. It was launched on Jun 28, 2022.

Performance

VTP vs. CPII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Inflation-Protected Securities ETF (VTP) and Ionic Inflation Protection ETF (CPII). The values are adjusted to include any dividend payments, if applicable.

VTP vs. CPII - Yearly Performance Comparison

	2026 (YTD)	2025
VTP Vanguard Total Inflation-Protected Securities ETF	0.38%	2.27%
CPII Ionic Inflation Protection ETF	1.67%	-0.11%

Returns By Period

In the year-to-date period, VTP achieves a 0.38% return, which is significantly lower than CPII's 1.67% return.

VTP

• 1D: 0.08%
• 1M: -1.31%
• YTD: 0.38%
• 6M: 0.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPII

• 1D: -0.16%
• 1M: 1.19%
• YTD: 1.67%
• 6M: 0.95%
• 1Y: 2.10%
• 3Y*: 3.99%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VTP vs. CPII - Expense Ratio Comparison

VTP has a 0.05% expense ratio, which is lower than CPII's 0.74% expense ratio.

CPII

Ionic Inflation Protection ETF

VTP

Vanguard Total Inflation-Protected Securities ETF

Return for Risk

VTP vs. CPII — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CPII

CPII Risk / Return Rank: 34
CPII Sharpe Ratio Rank: 29
CPII Sortino Ratio Rank: 27
CPII Omega Ratio Rank: 26
CPII Calmar Ratio Rank: 53
CPII Martin Ratio Rank: 33

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VTP vs. CPII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Inflation-Protected Securities ETF (VTP) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	VTP	CPII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.60	+0.51

Correlation

The correlation between VTP and CPII is -0.02. 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

VTP vs. CPII - Dividend Comparison

VTP's dividend yield for the trailing twelve months is around 1.55%, less than CPII's 4.03% yield.

	TTM	2025	2024	2023	2022
VTP Vanguard Total Inflation-Protected Securities ETF	1.55%	1.56%	0.00%	0.00%	0.00%
CPII Ionic Inflation Protection ETF	3.41%	4.20%	5.47%	5.86%	2.21%

Drawdowns

VTP vs. CPII - Drawdown Comparison

The maximum VTP drawdown since its inception was -1.92%, smaller than the maximum CPII drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for VTP and CPII.

Drawdown Indicators

	VTP	CPII	Difference
Max Drawdown Largest peak-to-trough decline	-1.92%	-6.40%	+4.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.62%	—
Current Drawdown Current decline from peak	-1.31%	-1.06%	-0.25%
Average Drawdown Average peak-to-trough decline	-0.53%	-1.67%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.73%	—

Volatility

Volatility by Period

	VTP	CPII	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.03%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.33%	3.92%	-0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.33%	6.02%	-2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.33%	6.02%	-2.69%