CVD.TO vs. APLD

Last updated Jun 9, 2026

CVD.TO (iShares Convertible Bond Index ETF) is High Yield Bonds fund tracking the FTSE Canada Convertible Bond Index, while APLD (Applied Digital Corporation) is a stock. Over the past 10 years, CVD.TO returned 4.51%/yr vs 122.62%/yr for APLD. At a 0.02 correlation, their price movements are largely independent.

Performance

CVD.TO vs. APLD - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Convertible Bond Index ETF (CVD.TO) and Applied Digital Corporation (APLD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CVD.TO is traded in CAD, while APLD is traded in USD. To make them comparable, the APLD values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CVD.TO achieves a 3.34% return, which is significantly lower than APLD's 70.03% return. Over the past 10 years, CVD.TO has underperformed APLD with an annualized return of 4.51%, while APLD has yielded a comparatively higher 122.62% annualized return.

CVD.TO

• 1D: -0.28%
• 1M: 0.60%
• YTD: 3.34%
• 6M: 0.88%
• 1Y: 7.85%
• 3Y*: 8.29%
• 5Y*: 4.41%
• 10Y*: 4.51%

APLD

• 1D: 3.63%
• 1M: 1.32%
• YTD: 70.03%
• 6M: 28.53%
• 1Y: 201.42%
• 3Y*: 74.84%
• 5Y*: 117.43%
• 10Y*: 122.62%

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

CVD.TO vs. APLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVD.TO iShares Convertible Bond Index ETF	3.34%	7.09%	12.68%	3.64%	-4.63%	5.33%	3.67%	10.28%	-2.68%	4.06%
APLD Applied Digital Corporation	70.03%	206.29%	22.95%	257.59%	-53.30%	11,784.02%	374.40%	-36.79%	78.86%	-37.84%

Correlation

The correlation between CVD.TO and APLD is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011	0.02

Return for Risk

CVD.TO vs. APLD — Risk / Return Rank

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

CVD.TO

CVD.TO Risk / Return Rank: 37
CVD.TO Sharpe Ratio Rank: 33
CVD.TO Sortino Ratio Rank: 31
CVD.TO Omega Ratio Rank: 37
CVD.TO Calmar Ratio Rank: 44
CVD.TO Martin Ratio Rank: 39

APLD

APLD Risk / Return Rank: 86
APLD Sharpe Ratio Rank: 87
APLD Sortino Ratio Rank: 86
APLD Omega Ratio Rank: 81
APLD Calmar Ratio Rank: 88
APLD Martin Ratio Rank: 86

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.

CVD.TO vs. APLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond Index ETF (CVD.TO) and Applied Digital Corporation (APLD). 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.

	CVD.TO	APLD	Difference
Sharpe ratio: Return per unit of total volatility	1.08	1.89	-0.81
Sortino ratio: Return per unit of downside risk	1.52	2.72	-1.19
Omega ratio: Gain probability vs. loss probability	1.23	1.30	-0.08
Calmar ratio: Return relative to maximum drawdown	1.99	4.08	-2.09
Martin ratio: Return relative to average drawdown	5.73	9.34	-3.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVD.TO vs. APLD - Sharpe Ratio Comparison

The current CVD.TO Sharpe Ratio is 1.08, which is lower than the APLD Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of CVD.TO and APLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CVD.TO	APLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	1.89	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.72	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.55	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.08	+0.38

Drawdowns

CVD.TO vs. APLD - Drawdown Comparison

The maximum CVD.TO drawdown since its inception was -23.51%, smaller than the maximum APLD drawdown of -99.78%. Use the drawdown chart below to compare losses from any high point for CVD.TO and APLD.

Drawdown Indicators

	CVD.TO	APLD	Difference
Max Drawdown Largest peak-to-trough decline	-23.51%	-99.78%	+76.27%
Max Drawdown (1Y) Largest decline over 1 year	-3.95%	-49.63%	+45.68%
Max Drawdown (3Y) Largest decline over 3 years	-11.47%	-75.60%	+64.13%
Max Drawdown (5Y) Largest decline over 5 years	-14.62%	-81.69%	+67.07%
Max Drawdown (10Y) Largest decline over 10 years	-23.51%	-89.96%	+66.45%
Current Drawdown Current decline from peak	-1.89%	-16.93%	+15.04%
Average Drawdown Average peak-to-trough decline	-2.39%	-74.94%	+72.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	22.31%	-20.94%

Volatility

CVD.TO vs. APLD - Volatility Comparison

The current volatility for iShares Convertible Bond Index ETF (CVD.TO) is 1.02%, while Applied Digital Corporation (APLD) has a volatility of 32.68%. This indicates that CVD.TO experiences smaller price fluctuations and is considered to be less risky than APLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVD.TO	APLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	32.68%	-31.66%
Volatility (6M) Calculated over the trailing 6-month period	5.47%	80.31%	-74.84%
Volatility (1Y) Calculated over the trailing 1-year period	7.32%	107.52%	-100.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.40%	164.77%	-155.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.50%	300.95%	-291.45%

Dividends

CVD.TO vs. APLD - Dividend Comparison

CVD.TO's dividend yield for the trailing twelve months is around 4.94%, while APLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APLD Applied Digital Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CVD.TO iShares Convertible Bond Index ETF	4.94%	4.91%	5.14%	5.33%	5.05%	4.61%	4.48%	4.52%	4.97%	4.65%	4.51%	4.94%

Frequently Asked Questions

Can I hold both CVD.TO and APLD in my portfolio?

CVD.TO and APLD have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.