VTP vs. IVOL

Last updated Aug 4, 2026

VTP (Vanguard Total Inflation-Protected Securities ETF) and IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) are both Inflation-Protected Bonds funds. VTP is passively managed, while IVOL is actively managed. Over the past year, VTP returned 1.93% vs -7.22% for IVOL. Their 0.47 correlation means their historical movements had little consistent relationship. VTP charges 0.05%/yr vs 0.99%/yr for IVOL.

Performance

VTP vs. IVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Inflation-Protected Securities ETF (VTP) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTP achieves a 0.56% return, which is significantly higher than IVOL's -6.93% return.

VTP

• 1D: 0.07%
• 1M: -0.86%
• 6M: 0.33%
• YTD: 0.56%
• 1Y: 1.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.84%

IVOL

• 1D: 0.43%
• 1M: 0.79%
• 6M: -5.94%
• YTD: -6.93%
• 1Y: -7.22%
• 3Y*: -2.76%
• 5Y*: -5.74%
• 10Y*: —
• ALL TIME*: -1.36%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	$1.47M	$1.20M	$2.07M
VTP Vanguard Total Inflation-Protected Securities ETF	$4.14M	$3.47M	$2.46M

VTP vs. IVOL - Yearly Performance Comparison

	2026 (YTD)	2025
VTP Vanguard Total Inflation-Protected Securities ETF	0.56%	2.46%
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	-6.93%	0.61%

Correlation

The correlation between VTP and IVOL is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.47

Return for Risk

VTP vs. IVOL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VTP

VTP Risk / Return Rank: 27
VTP Sharpe Ratio Rank: 26
VTP Sortino Ratio Rank: 24
VTP Omega Ratio Rank: 23
VTP Calmar Ratio Rank: 30
VTP Martin Ratio Rank: 30

IVOL

IVOL Risk / Return Rank: 2
IVOL Sharpe Ratio Rank: 1
IVOL Sortino Ratio Rank: 2
IVOL Omega Ratio Rank: 2
IVOL Calmar Ratio Rank: 5
IVOL Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VTP vs. IVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Inflation-Protected Securities ETF (VTP) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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.

	VTP	IVOL	Difference
Sharpe ratio: Return per unit of total volatility	0.60	-1.11	+1.72
Sortino ratio: Return per unit of downside risk	0.88	-1.50	+2.38
Omega ratio: Gain probability vs. loss probability	1.10	0.83	+0.27
Calmar ratio: Return relative to maximum drawdown	1.01	-0.60	+1.60
Martin ratio: Return relative to average drawdown	2.66	-1.16	+3.82

VTP vs. IVOL - Sharpe Ratio Comparison

The current VTP Sharpe Ratio is 0.60, which is higher than the IVOL Sharpe Ratio of -1.11. The chart below compares the historical Sharpe Ratios of VTP and IVOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VTP vs. IVOL - Drawdown Comparison

The maximum VTP drawdown since its inception was -1.92%, smaller than the maximum IVOL drawdown of -31.16%. Use the drawdown chart below to compare losses from any high point for VTP and IVOL.

Drawdown Indicators

	VTP	IVOL	Difference
Max Drawdown Largest peak-to-trough decline	-1.92%	-31.16%	+29.24%
Max Drawdown (1Y) Largest decline over 1 year	-1.92%	-12.17%	+10.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.48%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.07%	—
Current Drawdown Current decline from peak	-1.28%	-26.81%	+25.53%
Average Drawdown Average peak-to-trough decline	-0.56%	-13.61%	+13.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	6.25%	-5.52%

Volatility

VTP vs. IVOL - Volatility Comparison

The current volatility for Vanguard Total Inflation-Protected Securities ETF (VTP) is 0.64%, while Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) has a volatility of 1.72%. This indicates that VTP experiences smaller price fluctuations and is considered to be less risky than IVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTP	IVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	1.72%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	2.47%	4.93%	-2.46%
Volatility (1Y) Calculated over the trailing 1-year period	3.21%	6.52%	-3.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	12.85%	-9.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.30%	11.91%	-8.61%

VTP vs. IVOL - Expense Ratio Comparison

VTP has a 0.05% expense ratio, which is lower than IVOL's 0.99% expense ratio.

Dividends

VTP vs. IVOL - Dividend Comparison

VTP's dividend yield for the trailing twelve months is around 2.99%, less than IVOL's 3.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	3.87%	3.61%	3.83%	3.73%	3.92%	3.93%	3.44%	2.02%
VTP Vanguard Total Inflation-Protected Securities ETF	2.99%	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VTP and IVOL in my portfolio?

VTP and IVOL have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTP or IVOL?

IVOL has higher volatility (1.72%) compared to VTP (0.64%). In terms of maximum drawdown, VTP dropped -1.92% vs IVOL's -31.16%.

Which ETF is better, VTP or IVOL?

On 1-year performance, VTP leads with 1.93% vs -7.22% for IVOL. On fees, VTP is cheaper at 0.05% per year. On volatility, VTP has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VTP or IVOL?

Over the 1-year period, VTP has performed better with a 1.93% return vs -7.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VTP or IVOL?

VTP is cheaper with a 0.05% expense ratio, compared with 0.99% for IVOL.

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

IVOL has the higher dividend yield at 3.87%, compared with 2.99% for VTP.

What is the main difference between VTP and IVOL?

They also come from different issuers: Vanguard and CICC. Their fees differ too: 0.05% for VTP and 0.99% for IVOL.

Which has better risk-adjusted returns?

VTP currently has the higher Sharpe Ratio (0.60 vs -1.11), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.