GOLY vs. ICVT
GOLY (Strategy Shares Gold Enhanced Yield ETF) and ICVT (iShares Convertible Bond ETF) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund actively managed by Strategy Shares, while ICVT is a Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. GOLY is actively managed, while ICVT is passively managed. Over the past 5 years, GOLY returned 4.37%/yr vs 5.74%/yr for ICVT. Their 0.20 correlation means their historical movements had little consistent relationship. GOLY charges 0.79%/yr vs 0.20%/yr for ICVT.
Performance
GOLY vs. ICVT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GOLY achieves a -26.54% return, which is significantly lower than ICVT's 15.73% return.
GOLY
- 1D
- -0.68%
- 1M
- -2.80%
- 6M
- -24.07%
- YTD
- -26.54%
- 1Y
- -9.02%
- 3Y*
- 14.14%
- 5Y*
- 4.37%
- 10Y*
- —
- ALL TIME*
- 4.18%
ICVT
- 1D
- -0.13%
- 1M
- -3.58%
- 6M
- 10.12%
- YTD
- 15.73%
- 1Y
- 25.68%
- 3Y*
- 15.44%
- 5Y*
- 5.74%
- 10Y*
- 12.80%
- ALL TIME*
- 11.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $645.25K | $545.45K | $1.00M | |
| $56.37M | $69.08M | $90.45M |
GOLY vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold Enhanced Yield ETF | -26.54% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
ICVT iShares Convertible Bond ETF | 15.73% | 18.10% | 10.61% | 15.35% | -20.66% | 0.88% |
Correlation
The correlation between GOLY and ICVT is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.28 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 18, 2021 | 0.20 |
The correlation between GOLY and ICVT shifts across timeframes, from 0.20 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GOLY vs. ICVT — Risk / Return Rank
GOLY
ICVT
GOLY vs. ICVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold Enhanced Yield ETF (GOLY) 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.
| GOLY | ICVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.25 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.15 | 2.08 | -2.23 |
| Martin ratioReturn relative to average drawdown | -0.30 | 7.79 | -8.10 |
Loading charts...
Drawdowns
GOLY vs. ICVT - Drawdown Comparison
The maximum GOLY drawdown since its inception was -37.99%, which is greater than ICVT's maximum drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for GOLY and ICVT.
Loading charts...
Drawdown Indicators
| GOLY | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.99% | -33.25% | -4.74% |
Max Drawdown (1Y)Largest decline over 1 year | -37.99% | -11.65% | -26.34% |
Max Drawdown (3Y)Largest decline over 3 years | -37.99% | -11.65% | -26.34% |
Max Drawdown (5Y)Largest decline over 5 years | -37.99% | -29.95% | -8.04% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.25% | — |
Current DrawdownCurrent decline from peak | -36.62% | -8.79% | -27.83% |
Average DrawdownAverage peak-to-trough decline | -12.56% | -9.43% | -3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.14% | 3.11% | +16.03% |
Volatility
GOLY vs. ICVT - Volatility Comparison
Strategy Shares Gold Enhanced Yield ETF (GOLY) has a higher volatility of 6.91% compared to iShares Convertible Bond ETF (ICVT) at 6.39%. This indicates that GOLY's price experiences larger fluctuations and is considered to be riskier than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GOLY | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.91% | 6.39% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 30.03% | 14.58% | +15.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.02% | 17.19% | +16.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.76% | 13.78% | +8.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.43% | 15.73% | +6.70% |
GOLY vs. ICVT - Expense Ratio Comparison
GOLY has a 0.79% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Dividends
GOLY vs. ICVT - Dividend Comparison
GOLY's dividend yield for the trailing twelve months is around 9.40%, more than ICVT's 1.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold Enhanced Yield ETF | 9.40% | 7.22% | 3.85% | 2.94% | 2.57% | 1.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ICVT iShares Convertible Bond ETF | 1.29% | 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
GOLY and ICVT have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOLY has higher volatility (6.91%) compared to ICVT (6.39%). In terms of maximum drawdown, GOLY dropped -37.99% vs ICVT's -33.25%.
On 5-year performance, ICVT leads with 5.74% vs 4.37% for GOLY. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 6.39%. 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 5.74% return vs 4.37%. 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 0.79% for GOLY.
GOLY has the higher dividend yield at 9.40%, compared with 1.29% for ICVT.
GOLY is categorized as Nontraditional Bonds, while ICVT is Convertible Bonds. They also come from different issuers: Strategy Shares and iShares. Their fees differ too: 0.79% for GOLY and 0.20% for ICVT.
ICVT currently has the higher Sharpe Ratio (1.41 vs -0.17), 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.
Find the right allocation for GOLY and ICVT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer