WIP vs. CPII
WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) and CPII (Ionic Inflation Protection ETF) are both Inflation-Protected Bonds funds. WIP is passively managed, while CPII is actively managed. Over the past 3 years, WIP returned 5.08%/yr vs 5.05%/yr for CPII. At a correlation of -0.29, they often move in opposite directions. WIP charges 0.50%/yr vs 0.74%/yr for CPII.
Performance
WIP vs. CPII - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with WIP having a 4.31% return and CPII slightly lower at 4.27%.
WIP
- 1D
- -0.72%
- 1M
- 0.70%
- YTD
- 4.31%
- 6M
- 4.96%
- 1Y
- 10.26%
- 3Y*
- 5.08%
- 5Y*
- -0.70%
- 10Y*
- 1.61%
CPII
- 1D
- 0.13%
- 1M
- 0.26%
- YTD
- 4.27%
- 6M
- 4.13%
- 1Y
- 4.42%
- 3Y*
- 5.05%
- 5Y*
- —
- 10Y*
- —
WIP vs. CPII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.31% | 15.18% | -8.71% | 8.84% | -3.13% |
CPII Ionic Inflation Protection ETF | 4.27% | 2.76% | 6.05% | 1.79% | 1.22% |
Correlation
The correlation between WIP and CPII is -0.27, 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 (1Y) Calculated over the trailing 1-year period | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | -0.29 |
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Return for Risk
WIP vs. CPII — Risk / Return Rank
WIP
CPII
WIP vs. CPII - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) 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.
| WIP | CPII | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.25 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.73 | -0.74 |
| Martin ratioReturn relative to average drawdown | 5.98 | 6.37 | -0.39 |
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
| WIP | CPII | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | 1.28 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.06 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.69 | -0.57 |
Drawdowns
WIP vs. CPII - Drawdown Comparison
The maximum WIP drawdown since its inception was -29.60%, which is greater than CPII's maximum drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for WIP and CPII.
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Drawdown Indicators
| WIP | CPII | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.60% | -6.40% | -23.20% |
Max Drawdown (1Y)Largest decline over 1 year | -5.16% | -1.62% | -3.54% |
Max Drawdown (3Y)Largest decline over 3 years | -11.16% | -4.39% | -6.77% |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -28.84% | — | — |
Current DrawdownCurrent decline from peak | -3.87% | -0.40% | -3.47% |
Average DrawdownAverage peak-to-trough decline | -8.58% | -1.62% | -6.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 0.70% | +1.02% |
Volatility
WIP vs. CPII - Volatility Comparison
SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a higher volatility of 2.95% compared to Ionic Inflation Protection ETF (CPII) at 1.14%. This indicates that WIP's price experiences larger fluctuations and is considered to be riskier 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
| WIP | CPII | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.95% | 1.14% | +1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 6.89% | 2.81% | +4.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.72% | 3.48% | +5.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.45% | 5.93% | +5.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.16% | 5.93% | +4.23% |
WIP vs. CPII - Expense Ratio Comparison
WIP has a 0.50% expense ratio, which is lower than CPII's 0.74% expense ratio.
Dividends
WIP vs. CPII - Dividend Comparison
WIP's dividend yield for the trailing twelve months is around 5.79%, more than CPII's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPII Ionic Inflation Protection ETF | 4.05% | 4.20% | 5.47% | 5.86% | 2.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 5.79% | 5.51% | 6.06% | 6.54% | 11.15% | 4.63% | 1.59% | 2.49% | 4.05% | 1.91% | 1.27% | 1.14% |
Frequently Asked Questions
WIP and CPII have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WIP has higher volatility (2.95%) compared to CPII (1.14%). In terms of maximum drawdown, WIP dropped -29.60% vs CPII's -6.40%.
On 3-year performance, WIP leads with 5.08% vs 5.05% for CPII. On fees, WIP is cheaper at 0.50% per year. On volatility, CPII has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, WIP has performed better with a 5.08% return vs 5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
WIP is cheaper with a 0.50% expense ratio, compared with 0.74% for CPII.
WIP has the higher dividend yield at 5.79%, compared with 4.05% for CPII.
They also come from different issuers: State Street and Ionic. Their fees differ too: 0.50% for WIP and 0.74% for CPII.
CPII currently has the higher Sharpe Ratio (1.28 vs 1.18), 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.
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