GOLY vs. ICVT
GOLY (Strategy Shares Gold-Hedged Bond ETF) and ICVT (iShares Convertible Bond ETF) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund tracking the Solactive Gold-Backed Bond Index, while ICVT is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. Both are passively managed. Over the past 5 years, GOLY returned 5.95%/yr vs 7.36%/yr for ICVT. At a 0.20 correlation, their price movements are largely independent. GOLY charges 0.79%/yr vs 0.20%/yr for ICVT.
Performance
GOLY vs. ICVT - Performance Comparison
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Returns By Period
In the year-to-date period, GOLY achieves a -23.60% return, which is significantly lower than ICVT's 26.89% return.
GOLY
- 1D
- -1.22%
- 1M
- -6.92%
- YTD
- -23.60%
- 6M
- -25.65%
- 1Y
- -6.67%
- 3Y*
- 15.85%
- 5Y*
- 5.95%
- 10Y*
- —
ICVT
- 1D
- 0.02%
- 1M
- 5.09%
- YTD
- 26.89%
- 6M
- 24.71%
- 1Y
- 43.39%
- 3Y*
- 20.83%
- 5Y*
- 7.36%
- 10Y*
- 14.40%
GOLY vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | -23.60% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
ICVT iShares Convertible Bond ETF | 26.89% | 18.10% | 10.61% | 15.35% | -20.66% | 0.88% |
Correlation
The correlation between GOLY and ICVT is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
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 0.36 (1 year), reflecting how their relationship changes across market environments.
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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-Hedged Bond 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 | -3.00 | ||
| Sortino ratioReturn per unit of downside risk | -3.61 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.50 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 5.78 | -5.96 |
| Martin ratioReturn relative to average drawdown | -0.45 | 19.71 | -20.16 |
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Drawdowns
GOLY vs. ICVT - Drawdown Comparison
The maximum GOLY drawdown since its inception was -36.08%, 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.
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Drawdown Indicators
| GOLY | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.08% | -33.25% | -2.83% |
Max Drawdown (1Y)Largest decline over 1 year | -36.08% | -7.55% | -28.53% |
Max Drawdown (3Y)Largest decline over 3 years | -36.08% | -11.22% | -24.86% |
Max Drawdown (5Y)Largest decline over 5 years | -36.08% | -29.95% | -6.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.25% | — |
Current DrawdownCurrent decline from peak | -34.08% | 0.00% | -34.08% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -9.46% | -2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.83% | 2.21% | +12.62% |
Volatility
GOLY vs. ICVT - Volatility Comparison
Strategy Shares Gold-Hedged Bond ETF (GOLY) has a higher volatility of 9.29% compared to iShares Convertible Bond ETF (ICVT) at 6.96%. 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.
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Volatility by Period
| GOLY | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.29% | 6.96% | +2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 30.54% | 12.95% | +17.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.81% | 15.57% | +18.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.56% | 13.49% | +9.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 15.61% | +6.80% |
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 9.64%, more than ICVT's 1.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | 9.64% | 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 | 1.28% | 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 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOLY has higher volatility (9.29%) compared to ICVT (6.96%). In terms of maximum drawdown, GOLY dropped -36.08% vs ICVT's -33.25%.
On 5-year performance, ICVT leads with 7.36% vs 5.95% for GOLY. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 6.96%. 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 7.36% return vs 5.95%. 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 9.64%, compared with 1.28% for ICVT.
GOLY is categorized as Nontraditional Bonds, while ICVT is Preferred Stock/Convertible Bonds. GOLY tracks Solactive Gold-Backed Bond Index, while ICVT tracks Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. 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 (2.81 vs -0.20), 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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