CVD.TO vs. NHYB.TO
CVD.TO (iShares Convertible Bond Index ETF) and NHYB.TO (NBI High Yield Bond ETF) are both High Yield Bonds funds. CVD.TO is passively managed, while NHYB.TO is actively managed. Over the past 5 years, CVD.TO returned 4.33%/yr vs 3.23%/yr for NHYB.TO. At a 0.12 correlation, their price movements are largely independent. CVD.TO charges 0.49%/yr vs 0.68%/yr for NHYB.TO.
Performance
CVD.TO vs. NHYB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CVD.TO achieves a 3.23% return, which is significantly higher than NHYB.TO's 0.28% 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%
NHYB.TO
- 1D
- -0.09%
- 1M
- -0.05%
- YTD
- 0.28%
- 6M
- 0.93%
- 1Y
- 4.26%
- 3Y*
- 7.60%
- 5Y*
- 3.23%
- 10Y*
- —
CVD.TO vs. NHYB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CVD.TO iShares Convertible Bond Index ETF | 3.23% | 7.09% | 12.68% | 3.64% | -4.63% | 5.33% | 7.62% |
NHYB.TO NBI High Yield Bond ETF | 0.28% | 7.23% | 7.06% | 11.06% | -10.24% | 4.97% | 0.69% |
Correlation
The correlation between CVD.TO and NHYB.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2020 | 0.12 |
CVD.TO vs. NHYB.TO - Sectors Allocation Comparison
Sectors
CVD.TO
NHYB.TO
Real Estate
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Basic Materials
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-
Communication Services
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Consumer Cyclical
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-
Consumer Defensive
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-
Energy
-
-
Financial Services
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Healthcare
-
-
Industrials
-
-
Technology
-
-
Utilities
-
-
Real Estate
CVD.TO
NHYB.TO
-
Basic Materials
CVD.TO
-
NHYB.TO
-
Communication Services
CVD.TO
-
NHYB.TO
Consumer Cyclical
CVD.TO
-
NHYB.TO
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Consumer Defensive
CVD.TO
-
NHYB.TO
-
Energy
CVD.TO
-
NHYB.TO
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Financial Services
CVD.TO
-
NHYB.TO
Healthcare
CVD.TO
-
NHYB.TO
-
Industrials
CVD.TO
-
NHYB.TO
-
Technology
CVD.TO
-
NHYB.TO
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Utilities
CVD.TO
-
NHYB.TO
-
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Return for Risk
CVD.TO vs. NHYB.TO — Risk / Return Rank
CVD.TO
NHYB.TO
CVD.TO vs. NHYB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond Index ETF (CVD.TO) and NBI High Yield Bond ETF (NHYB.TO). 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 | NHYB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.14 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 1.76 | +0.17 |
| Martin ratioReturn relative to average drawdown | 5.61 | 5.94 | -0.32 |
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
| CVD.TO | NHYB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 0.73 | +0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.44 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.31 | +0.15 |
Drawdowns
CVD.TO vs. NHYB.TO - Drawdown Comparison
The maximum CVD.TO drawdown since its inception was -23.51%, which is greater than NHYB.TO's maximum drawdown of -21.70%. Use the drawdown chart below to compare losses from any high point for CVD.TO and NHYB.TO.
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Drawdown Indicators
| CVD.TO | NHYB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.51% | -21.70% | -1.81% |
Max Drawdown (1Y)Largest decline over 1 year | -3.95% | -2.42% | -1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -11.47% | -3.80% | -7.67% |
Max Drawdown (5Y)Largest decline over 5 years | -14.62% | -14.85% | +0.23% |
Max Drawdown (10Y)Largest decline over 10 years | -23.51% | — | — |
Current DrawdownCurrent decline from peak | -2.00% | -0.55% | -1.45% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -3.02% | +0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 0.72% | +0.64% |
Volatility
CVD.TO vs. NHYB.TO - Volatility Comparison
The current volatility for iShares Convertible Bond Index ETF (CVD.TO) is 0.95%, while NBI High Yield Bond ETF (NHYB.TO) has a volatility of 1.11%. This indicates that CVD.TO experiences smaller price fluctuations and is considered to be less risky than NHYB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVD.TO | NHYB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.11% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 5.52% | 3.88% | +1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.29% | 5.86% | +1.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.25% | 9.09% | +0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.43% | 13.84% | -4.41% |
CVD.TO vs. NHYB.TO - Expense Ratio Comparison
CVD.TO has a 0.49% expense ratio, which is lower than NHYB.TO's 0.68% expense ratio.
Dividends
CVD.TO vs. NHYB.TO - Dividend Comparison
CVD.TO's dividend yield for the trailing twelve months is around 4.95%, less than NHYB.TO's 5.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NHYB.TO NBI High Yield Bond ETF | 5.48% | 5.53% | 5.65% | 6.01% | 6.23% | 5.80% | 3.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CVD.TO and NHYB.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CVD.TO is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CVD.TO is cheaper with a 0.49% expense ratio, compared with 0.68% for NHYB.TO.
They also come from different issuers: iShares and National Bank Investments. Their fees differ too: 0.49% for CVD.TO and 0.68% for NHYB.TO.
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