CRCD vs. ICVT

Last updated Jun 4, 2026

CRCD (T-REX 2X Inverse CRCL Daily Target ETF) and ICVT (iShares Convertible Bond ETF) are both exchange-traded funds - CRCD is a Inverse Equities fund actively managed by T-Rex, while ICVT is a Preferred Stock/Convertible Bonds fund tracking the Barclays U.S. Convertible Cash Pay Bond > $250MM Index. CRCD is actively managed, while ICVT is passively managed. At a correlation of -0.55, they often move in opposite directions. CRCD charges 1.50%/yr vs 0.20%/yr for ICVT.

Performance

CRCD vs. ICVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Inverse CRCL Daily Target ETF (CRCD) and iShares Convertible Bond ETF (ICVT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRCD achieves a -88.01% return, which is significantly lower than ICVT's 25.28% return.

CRCD

• 1D: 20.12%
• 1M: 35.97%
• YTD: -88.01%
• 6M: -87.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICVT

• 1D: -0.97%
• 1M: 7.16%
• YTD: 25.28%
• 6M: 24.31%
• 1Y: 42.20%
• 3Y*: 21.04%
• 5Y*: 7.79%
• 10Y*: 13.99%

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

CRCD vs. ICVT - Yearly Performance Comparison

	2026 (YTD)	2025
CRCD T-REX 2X Inverse CRCL Daily Target ETF	-88.01%	43.19%
ICVT iShares Convertible Bond ETF	25.28%	0.31%

Correlation

The correlation between CRCD and ICVT is -0.55, 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 Sep 29, 2025	-0.55

Return for Risk

CRCD vs. ICVT — Risk / Return Rank

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

ICVT

ICVT Risk / Return Rank: 87
ICVT Sharpe Ratio Rank: 87
ICVT Sortino Ratio Rank: 84
ICVT Omega Ratio Rank: 84
ICVT Calmar Ratio Rank: 90
ICVT Martin Ratio Rank: 89

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.

CRCD vs. ICVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Inverse CRCL Daily Target ETF (CRCD) and iShares Convertible Bond ETF (ICVT). 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

	CRCD	ICVT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.95	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	0.78	-1.24

Drawdowns

CRCD vs. ICVT - Drawdown Comparison

The maximum CRCD drawdown since its inception was -96.95%, which is greater than ICVT's maximum drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for CRCD and ICVT.

Drawdown Indicators

	CRCD	ICVT	Difference
Max Drawdown Largest peak-to-trough decline	-96.95%	-33.25%	-63.70%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.55%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-11.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.95%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.25%	—
Current Drawdown Current decline from peak	-94.31%	-0.97%	-93.34%
Average Drawdown Average peak-to-trough decline	-54.51%	-9.50%	-45.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.07%	—

Volatility

Volatility by Period

	CRCD	ICVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.69%	—
Volatility (1Y) Calculated over the trailing 1-year period	204.54%	14.36%	+190.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	204.54%	13.23%	+191.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	204.54%	15.50%	+189.04%

CRCD vs. ICVT - Expense Ratio Comparison

CRCD has a 1.50% expense ratio, which is higher than ICVT's 0.20% expense ratio.

Dividends

CRCD vs. ICVT - Dividend Comparison

CRCD has not paid dividends to shareholders, while ICVT's dividend yield for the trailing twelve months is around 1.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRCD T-REX 2X Inverse CRCL Daily Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICVT iShares Convertible Bond ETF	1.30%	1.73%	2.19%	1.85%	1.93%	7.70%	3.98%	1.86%	4.82%	2.56%	3.06%	1.57%

Frequently Asked Questions

Can I hold both CRCD and ICVT in my portfolio?

CRCD and ICVT have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CRCD or ICVT?

On fees, ICVT is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CRCD or ICVT?

ICVT is cheaper with a 0.20% expense ratio, compared with 1.50% for CRCD.

Which ETF pays a higher dividend yield, CRCD or ICVT?

ICVT has the higher dividend yield at 1.30%, compared with 0.00% for CRCD.

What is the main difference between CRCD and ICVT?

CRCD is categorized as Inverse Equities, while ICVT is Preferred Stock/Convertible Bonds. They also come from different issuers: T-Rex and iShares. Their fees differ too: 1.50% for CRCD and 0.20% for ICVT.