VTP vs. ICPI

Last updated Jun 4, 2026

VTP (Vanguard Total Inflation-Protected Securities ETF) and ICPI (iShares 0-1 Year TIPS Bond ETF) are both Inflation-Protected Bonds funds - VTP tracks the ICE U.S. Treasury Inflation Linked Bond Index 0-5 while ICPI tracks the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index. Both are passively managed. At a correlation of -0.10, they often move in opposite directions. VTP charges 0.05%/yr vs 0.09%/yr for ICPI.

Performance

VTP vs. ICPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Inflation-Protected Securities ETF (VTP) and iShares 0-1 Year TIPS Bond ETF (ICPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTP achieves a 1.55% return, which is significantly lower than ICPI's 2.70% return.

VTP

• 1D: -0.16%
• 1M: -0.08%
• YTD: 1.55%
• 6M: 1.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICPI

• 1D: 0.05%
• 1M: 0.44%
• YTD: 2.70%
• 6M: 2.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VTP vs. ICPI - Yearly Performance Comparison

	2026 (YTD)	2025
VTP Vanguard Total Inflation-Protected Securities ETF	1.55%	-0.12%
ICPI iShares 0-1 Year TIPS Bond ETF	2.70%	0.32%

Correlation

The correlation between VTP and ICPI is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	-0.10

Return for Risk

VTP vs. ICPI - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	VTP	ICPI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	6.20	-4.89

Drawdowns

VTP vs. ICPI - Drawdown Comparison

The maximum VTP drawdown since its inception was -1.92%, which is greater than ICPI's maximum drawdown of -0.22%. Use the drawdown chart below to compare losses from any high point for VTP and ICPI.

Drawdown Indicators

	VTP	ICPI	Difference
Max Drawdown Largest peak-to-trough decline	-1.92%	-0.22%	-1.70%
Current Drawdown Current decline from peak	-0.30%	0.00%	-0.30%
Average Drawdown Average peak-to-trough decline	-0.52%	-0.03%	-0.49%

Volatility

Volatility by Period

	VTP	ICPI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.26%	0.95%	+2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.26%	0.95%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.26%	0.95%	+2.31%

VTP vs. ICPI - Expense Ratio Comparison

VTP has a 0.05% 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

VTP vs. ICPI - Dividend Comparison

VTP's dividend yield for the trailing twelve months is around 1.61%, less than ICPI's 1.80% yield.

Position	TTM	2025
ICPI iShares 0-1 Year TIPS Bond ETF	1.80%	0.54%
VTP Vanguard Total Inflation-Protected Securities ETF	1.61%	1.56%

Frequently Asked Questions

Can I hold both VTP and ICPI in my portfolio?

VTP and ICPI have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VTP or ICPI?

On fees, VTP is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VTP or ICPI?

VTP is cheaper with a 0.05% expense ratio, compared with 0.09% for ICPI.

Which ETF pays a higher dividend yield, VTP or ICPI?

ICPI has the higher dividend yield at 1.80%, compared with 1.61% for VTP.

What is the main difference between VTP and ICPI?

VTP tracks ICE U.S. Treasury Inflation Linked Bond Index 0-5, 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: 0.05% for VTP and 0.09% for ICPI.