EPRF vs. ICVT
EPRF (Innovator S&P High Quality Preferred ETF) and ICVT (iShares Convertible Bond ETF) are both Preferred Stock/Convertible Bonds funds - EPRF tracks the S&P U.S. High Quality Preferred Stock Index while ICVT tracks the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. Both are passively managed. Over the past 5 years, EPRF returned -2.02%/yr vs 6.28%/yr for ICVT. At a 0.41 correlation, their price movements are largely independent. EPRF charges 0.47%/yr vs 0.20%/yr for ICVT.
Performance
EPRF vs. ICVT - Performance Comparison
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Returns By Period
In the year-to-date period, EPRF achieves a -2.15% return, which is significantly lower than ICVT's 16.16% return.
EPRF
- 1D
- -0.06%
- 1M
- -0.76%
- 6M
- -4.59%
- YTD
- -2.15%
- 1Y
- -1.05%
- 3Y*
- 3.16%
- 5Y*
- -2.02%
- 10Y*
- —
ICVT
- 1D
- -2.03%
- 1M
- -7.33%
- 6M
- 10.96%
- YTD
- 16.16%
- 1Y
- 25.54%
- 3Y*
- 15.75%
- 5Y*
- 6.28%
- 10Y*
- 12.90%
EPRF vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EPRF Innovator S&P High Quality Preferred ETF | -2.15% | 2.69% | 3.46% | 9.43% | -20.68% | 1.37% | 7.38% | 19.54% | -5.58% | -0.39% |
ICVT iShares Convertible Bond ETF | 16.16% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 6.66% |
Correlation
The correlation between EPRF and ICVT is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jul 3, 2017 | 0.41 |
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Return for Risk
EPRF vs. ICVT — Risk / Return Rank
EPRF
ICVT
EPRF vs. ICVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator S&P High Quality Preferred ETF (EPRF) 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.
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.
| EPRF | ICVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.27 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 3.03 | -3.16 |
| Martin ratioReturn relative to average drawdown | -0.23 | 9.99 | -10.22 |
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Drawdowns
EPRF vs. ICVT - Drawdown Comparison
The maximum EPRF drawdown since its inception was -26.82%, smaller than the maximum ICVT drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for EPRF and ICVT.
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Drawdown Indicators
| EPRF | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.82% | -33.25% | +6.43% |
Max Drawdown (1Y)Largest decline over 1 year | -8.59% | -8.46% | -0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -12.29% | -11.22% | -1.07% |
Max Drawdown (5Y)Largest decline over 5 years | -25.23% | -29.95% | +4.72% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.25% | — |
Current DrawdownCurrent decline from peak | -10.84% | -8.46% | -2.38% |
Average DrawdownAverage peak-to-trough decline | -7.42% | -9.43% | +2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.61% | 2.56% | +2.05% |
Volatility
EPRF vs. ICVT - Volatility Comparison
The current volatility for Innovator S&P High Quality Preferred ETF (EPRF) is 2.31%, while iShares Convertible Bond ETF (ICVT) has a volatility of 5.41%. This indicates that EPRF 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
| EPRF | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 5.41% | -3.10% |
Volatility (6M)Calculated over the trailing 6-month period | 5.57% | 13.81% | -8.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.45% | 16.44% | -8.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.85% | 13.66% | -1.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.42% | 15.67% | -2.25% |
EPRF vs. ICVT - Expense Ratio Comparison
EPRF has a 0.47% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Dividends
EPRF vs. ICVT - Dividend Comparison
EPRF's dividend yield for the trailing twelve months is around 6.17%, more than ICVT's 1.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EPRF Innovator S&P High Quality Preferred ETF | 6.17% | 6.03% | 6.13% | 5.71% | 5.67% | 4.70% | 4.92% | 5.01% | 5.27% | 2.59% | 0.00% | 0.00% |
ICVT iShares Convertible Bond ETF | 1.38% | 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
EPRF and ICVT have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (5.41%) compared to EPRF (2.31%). In terms of maximum drawdown, EPRF dropped -26.82% vs ICVT's -33.25%.
On 5-year performance, ICVT leads with 6.28% vs -2.02% for EPRF. On fees, ICVT is cheaper at 0.20% per year. On volatility, EPRF has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ICVT has performed better with a 6.28% return vs -2.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICVT is cheaper with a 0.20% expense ratio, compared with 0.47% for EPRF.
EPRF has the higher dividend yield at 6.17%, compared with 1.38% for ICVT.
EPRF tracks S&P U.S. High Quality Preferred Stock Index, while ICVT tracks Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.47% for EPRF and 0.20% for ICVT.
ICVT currently has the higher Sharpe Ratio (1.56 vs -0.14), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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