- ISIN
- US5007677363
- CUSIP
- 500767736
- Issuer
- CICC
- Inception Date
- May 13, 2019
- Region
- North America (U.S.)
- Category
- Inflation-Protected Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $303M
Share Price Chart
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Performance
IVOL Performance Chart
Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is down 8.7% since the beginning of the year. IVOL is currently trading at $17 per share. Investors who bought $1,000 worth of IVOL shares 5 years ago would now be looking at an investment worth $742.
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Returns By Period
Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) has returned -8.68% so far this year and -7.18% over the past 12 months.
Quadratic Interest Rate Volatility & Inflation Hedge ETF
- 1D
- -0.42%
- 1M
- -3.37%
- YTD
- -8.68%
- 6M
- -8.41%
- 1Y
- -7.18%
- 3Y*
- -2.75%
- 5Y*
- -5.80%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
IVOL Monthly Returns History
Based on dividend-adjusted daily data since May 14, 2019, IVOL's average daily return is 0.00%, while the average monthly return is -0.10%.
Historically, 52% of months were positive and 48% were negative. The best month was Mar 2023 with a return of +9.0%, while the worst month was Jun 2023 at -8.0%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 6 months.
On a daily basis, IVOL closed higher 47% of trading days. The best single day was Mar 15, 2023 with a return of +5.5%, while the worst single day was Mar 16, 2023 at -4.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.75% | 0.99% | -1.70% | -1.63% | -2.71% | -3.17% | -8.68% | ||||||
| 2025 | 1.21% | 1.42% | 3.51% | 7.82% | -2.25% | 0.25% | -1.54% | 4.37% | -3.21% | -0.01% | 1.24% | -0.94% | 11.97% |
| 2024 | -1.35% | -3.94% | -2.53% | -2.62% | 0.57% | 0.74% | 3.31% | 1.64% | -0.06% | -4.54% | -1.89% | -0.71% | -11.07% |
| 2023 | -2.27% | -4.80% | 8.98% | 1.36% | -2.01% | -7.97% | 0.30% | 0.01% | 0.50% | 2.35% | -1.28% | 0.45% | -5.18% |
| 2022 | -1.42% | 0.49% | -2.81% | 0.71% | 0.21% | -1.10% | 1.25% | -7.15% | -6.14% | 2.34% | 0.97% | -0.36% | -12.69% |
| 2021 | 2.02% | 0.76% | 0.30% | 0.27% | 0.48% | -3.20% | 2.52% | -0.59% | -0.09% | -1.53% | -0.65% | -0.45% | -0.31% |
Benchmark Metrics
Quadratic Interest Rate Volatility & Inflation Hedge ETF has an annualized alpha of -1.57%, beta of 0.04, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since May 14, 2019.
- This ETF participated in 11.04% of S&P 500 Index downside but only -0.31% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.04 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -1.57%
- Beta
- 0.04
- R²
- 0.00
- Upside Capture
- -0.31%
- Downside Capture
- 11.04%
Expense Ratio
IVOL has a high expense ratio of 0.99%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
IVOL ranks 2 for risk / return — in the bottom 2% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and compare them to S&P 500 Index.
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.
| IVOL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.05 | ||
| Sortino ratioReturn per unit of downside risk | -4.17 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.37 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.78 | -3.38 |
| Martin ratioReturn relative to average drawdown | -1.46 | 12.44 | -13.90 |
Dividends
Dividend History
Quadratic Interest Rate Volatility & Inflation Hedge ETF provided a 4.00% dividend yield over the last twelve months, with an annual payout of $0.69 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.69 | $0.69 | $0.68 | $0.77 | $0.89 | $1.06 | $0.96 | $0.51 |
Dividend yield | 4.00% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% |
Monthly Dividends
The table displays the monthly dividend distributions for Quadratic Interest Rate Volatility & Inflation Hedge ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.06 | $0.06 | $0.06 | $0.06 | $0.05 | $0.00 | $0.28 | ||||||
| 2025 | $0.05 | $0.05 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.69 |
| 2024 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.05 | $0.05 | $0.68 |
| 2023 | $0.07 | $0.06 | $0.07 | $0.07 | $0.07 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.77 |
| 2022 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.89 |
| 2021 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.13 | $1.06 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Quadratic Interest Rate Volatility & Inflation Hedge ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Quadratic Interest Rate Volatility & Inflation Hedge ETF was 31.16%, occurring on Dec 18, 2024. The portfolio has not yet recovered.
The current Quadratic Interest Rate Volatility & Inflation Hedge ETF drawdown is 28.19%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2024 bear market2024 | -31.16%Dec 2024 | 3y 7mo | — | 5y 1moMay 2021 - now |
COVID crash2020 | -8.02%Mar 2020 | 11d | 6d | 17dMar 2020 - Mar 2020 |
COVID crash2020 | -3.95%Mar 2020 | 0s | 12d | 12dMar 2020 - Apr 2020 |
2019 pullback2019 | -3.23%Dec 2019 | 5mo 28d | 2mo 28d | 8mo 26dJun 2019 - Feb 2020 |
COVID crash2020 | -2.52%Apr 2020 | 2d | 21d | 23dApr 2020 - May 2020 |
Drawdown Indicators
| IVOL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -56.78% | +25.62% |
Max Drawdown (1Y)Largest decline over 1 year | -12.08% | -9.10% | -2.98% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -18.90% | +4.42% |
Max Drawdown (5Y)Largest decline over 5 years | -30.28% | -25.43% | -4.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -28.19% | -1.80% | -26.39% |
Average DrawdownAverage peak-to-trough decline | -13.38% | -10.71% | -2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.94% | 2.03% | +2.91% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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