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CVD.TO vs. ICVT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CVD.TO vs. ICVT

Last updated Jun 4, 2026

CVD.TO (iShares Convertible Bond Index ETF) and ICVT (iShares Convertible Bond ETF) are both exchange-traded funds - CVD.TO is a High Yield Bonds fund tracking the FTSE Canada Convertible Bond Index, while ICVT is a Preferred Stock/Convertible Bonds fund tracking the Barclays U.S. Convertible Cash Pay Bond > $250MM Index. Both are passively managed. Over the past 10 years, CVD.TO returned 4.53%/yr vs 14.81%/yr for ICVT. At a 0.08 correlation, their price movements are largely independent. CVD.TO charges 0.49%/yr vs 0.20%/yr for ICVT.

Performance

CVD.TO vs. ICVT - Performance Comparison

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

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Different Trading Currencies

CVD.TO is traded in CAD, while ICVT is traded in USD. To make them comparable, the ICVT 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 3.23% return, which is significantly lower than ICVT's 26.88% return. Over the past 10 years, CVD.TO has underperformed ICVT with an annualized return of 4.53%, while ICVT has yielded a comparatively higher 14.81% annualized return.

CVD.TO

1D
-0.28%
1M
0.49%
YTD
3.23%
6M
0.06%
1Y
7.61%
3Y*
7.90%
5Y*
4.33%
10Y*
4.53%

ICVT

1D
-0.57%
1M
9.30%
YTD
26.88%
6M
23.83%
1Y
44.04%
3Y*
22.45%
5Y*
10.87%
10Y*
14.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CVD.TO vs. ICVT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CVD.TO
iShares Convertible Bond Index ETF		3.23%7.09%12.68%3.64%-4.63%5.33%3.67%10.28%-2.68%4.06%
ICVT
iShares Convertible Bond ETF		26.88%12.68%20.11%12.81%-15.01%-1.56%58.29%15.78%8.18%8.97%

Correlation

The correlation between CVD.TO and ICVT is 0.00, 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

0.00

Correlation (3Y)
Calculated over the trailing 3-year period

0.09

Correlation (5Y)
Calculated over the trailing 5-year period

0.09

Correlation (10Y)
Calculated over the trailing 10-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Jun 5, 2015

0.08

CVD.TO vs. ICVT - Sectors Allocation Comparison

Sectors
CVD.TO
ICVT

Real Estate

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

13.0%

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

44.8%

Industrials

-

-

Technology

-

55.2%

Utilities

-

-

Real Estate

CVD.TO
100.0%
ICVT

-

Basic Materials

CVD.TO

-

ICVT

-

Communication Services

CVD.TO

-

ICVT

-

Consumer Cyclical

CVD.TO

-

ICVT
13.0%

Consumer Defensive

CVD.TO

-

ICVT

-

Energy

CVD.TO

-

ICVT

-

Financial Services

CVD.TO

-

ICVT

-

Healthcare

CVD.TO

-

ICVT
44.8%

Industrials

CVD.TO

-

ICVT

-

Technology

CVD.TO

-

ICVT
55.2%

Utilities

CVD.TO

-

ICVT

-

Compare stocks, funds, or ETFs

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iShares Convertible Bond Index ETF

iShares Convertible Bond ETF

Often compared with CVD.TO:
CVD.TO vs. ZWC.TOCVD.TO vs. XHY.TOCVD.TO vs. CGHY.TOCVD.TO vs. XHB.TOCVD.TO vs. XEQT.TOCVD.TO vs. ZHY.TOCVD.TO vs. XSB.TO
Often compared with ICVT:
ICVT vs. CWBICVT vs. FCVSXICVT vs. LKORICVT vs. SPYICVT vs. FCVTICVT vs. GOLYICVT vs. JAAAX

Return for Risk

CVD.TO vs. ICVT — 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: 3333
Overall Rank
CVD.TO Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
CVD.TO Sortino Ratio Rank: 2727
Sortino Ratio Rank
CVD.TO Omega Ratio Rank: 3232
Omega Ratio Rank
CVD.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
CVD.TO Martin Ratio Rank: 3737
Martin Ratio Rank
ICVT
ICVT Risk / Return Rank: 8787
Overall Rank
ICVT Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ICVT Sortino Ratio Rank: 8484
Sortino Ratio Rank
ICVT Omega Ratio Rank: 8484
Omega Ratio Rank
ICVT Calmar Ratio Rank: 9090
Calmar Ratio Rank
ICVT Martin Ratio Rank: 8989
Martin Ratio Rank
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. ICVT - Risk-Adjusted Trends Comparison

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

CVD.TOICVTDifference
Sharpe ratioReturn per unit of total volatility
1.05
3.10

-2.05

Sortino ratioReturn per unit of downside risk
1.48
4.05

-2.57

Omega ratioGain probability vs. loss probability

1.22

1.54

-0.32

Calmar ratioReturn relative to maximum drawdown

1.93

5.60

-3.67

Martin ratioReturn relative to average drawdown

5.61

17.74

-12.13

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. ICVT - Sharpe Ratio Comparison

The current CVD.TO Sharpe Ratio is 1.05, which is lower than the ICVT Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of CVD.TO and ICVT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CVD.TOICVTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.05

3.10

-2.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

0.91

-0.43

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.48

1.04

-0.56

Sharpe Ratio (All Time)

Calculated using the full available price history

0.46

0.91

-0.45

Drawdowns

CVD.TO vs. ICVT - Drawdown Comparison

The maximum CVD.TO drawdown since its inception was -23.51%, smaller than the maximum ICVT drawdown of -31.90%. Use the drawdown chart below to compare losses from any high point for CVD.TO and ICVT.

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Drawdown Indicators

CVD.TOICVTDifference

Max Drawdown

Largest peak-to-trough decline

-23.51%

-31.90%

+8.39%

Max Drawdown (1Y)

Largest decline over 1 year

-3.95%

-7.91%

+3.96%

Max Drawdown (3Y)

Largest decline over 3 years

-11.47%

-11.74%

+0.27%

Max Drawdown (5Y)

Largest decline over 5 years

-14.62%

-27.32%

+12.70%

Max Drawdown (10Y)

Largest decline over 10 years

-23.51%

-31.90%

+8.39%

Current Drawdown

Current decline from peak

-2.00%

-0.57%

-1.43%

Average Drawdown

Average peak-to-trough decline

-2.39%

-8.04%

+5.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.36%

2.49%

-1.13%

Volatility

CVD.TO vs. ICVT - Volatility Comparison

The current volatility for iShares Convertible Bond Index ETF (CVD.TO) is 0.95%, while iShares Convertible Bond ETF (ICVT) has a volatility of 5.51%. This indicates that CVD.TO experiences smaller price fluctuations and is considered to be less risky than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CVD.TOICVTDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.95%

5.51%

-4.56%

Volatility (6M)

Calculated over the trailing 6-month period

5.52%

11.62%

-6.10%

Volatility (1Y)

Calculated over the trailing 1-year period

7.29%

14.30%

-7.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.25%

12.07%

-2.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.43%

14.27%

-4.84%

CVD.TO vs. ICVT - Expense Ratio Comparison

CVD.TO has a 0.49% expense ratio, which is higher than ICVT's 0.20% expense ratio.

Dividends

CVD.TO vs. ICVT - Dividend Comparison

CVD.TO's dividend yield for the trailing twelve months is around 4.95%, more than ICVT's 1.30% yield.

PositionTTM20252024202320222021202020192018201720162015
CVD.TO
iShares Convertible Bond Index ETF		4.95%4.91%5.14%5.33%5.05%4.61%4.48%4.52%4.97%4.65%4.51%4.94%
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

CVD.TO and ICVT have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

ICVT is cheaper with a 0.20% expense ratio, compared with 0.49% for CVD.TO.

CVD.TO is categorized as High Yield Bonds, while ICVT is Preferred Stock/Convertible Bonds. CVD.TO tracks FTSE Canada Convertible Bond Index, while ICVT tracks Barclays U.S. Convertible Cash Pay Bond > $250MM Index. Their fees differ too: 0.49% for CVD.TO and 0.20% for ICVT.

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