ICVT vs. CCD

Last updated Jun 4, 2026

ICVT (iShares Convertible Bond ETF) is Preferred Stock/Convertible Bonds fund tracking the Barclays U.S. Convertible Cash Pay Bond > $250MM Index, while CCD (Calamos Dynamic Convertible and Income Fund) is a stock. Over the past 10 years, ICVT returned 13.99%/yr vs 14.37%/yr for CCD. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

ICVT vs. CCD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Convertible Bond ETF (ICVT) and Calamos Dynamic Convertible and Income Fund (CCD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICVT achieves a 25.28% return, which is significantly lower than CCD's 27.07% return. Both investments have delivered pretty close results over the past 10 years, with ICVT having a 13.99% annualized return and CCD not far ahead at 14.37%.

ICVT

• 1D: -0.97%
• 1M: 7.16%
• YTD: 25.28%
• 6M: 24.31%
• 1Y: 42.20%
• 3Y*: 21.04%
• 5Y*: 7.79%
• 10Y*: 13.99%

CCD

• 1D: -1.08%
• 1M: 4.92%
• YTD: 27.07%
• 6M: 26.73%
• 1Y: 41.95%
• 3Y*: 14.04%
• 5Y*: 6.01%
• 10Y*: 14.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ICVT vs. CCD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICVT iShares Convertible Bond ETF	25.28%	18.10%	10.61%	15.35%	-20.66%	-0.66%	61.01%	21.76%	-0.27%	16.38%
CCD Calamos Dynamic Convertible and Income Fund	27.07%	-4.26%	35.89%	7.98%	-28.00%	20.33%	45.75%	41.60%	-9.64%	26.56%

Correlation

The correlation between ICVT and CCD is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 5, 2015	0.55

The correlation between ICVT and CCD shifts across timeframes, from 0.55 (all time) to 0.70 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ICVT vs. CCD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ICVT

ICVT Risk / Return Rank: 87
ICVT Sharpe Ratio Rank: 87
ICVT Sortino Ratio Rank: 84
ICVT Omega Ratio Rank: 84
ICVT Calmar Ratio Rank: 90
ICVT Martin Ratio Rank: 89

CCD

CCD Risk / Return Rank: 90
CCD Sharpe Ratio Rank: 91
CCD Sortino Ratio Rank: 89
CCD Omega Ratio Rank: 90
CCD Calmar Ratio Rank: 86
CCD Martin Ratio Rank: 93

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.

ICVT vs. CCD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and Calamos Dynamic Convertible and Income Fund (CCD). 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.

	ICVT	CCD	Difference
Sharpe ratio: Return per unit of total volatility	2.95	2.40	+0.55
Sortino ratio: Return per unit of downside risk	3.84	3.21	+0.63
Omega ratio: Gain probability vs. loss probability	1.52	1.44	+0.08
Calmar ratio: Return relative to maximum drawdown	5.62	3.81	+1.81
Martin ratio: Return relative to average drawdown	20.48	16.82	+3.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICVT vs. CCD - Sharpe Ratio Comparison

The current ICVT Sharpe Ratio is 2.95, which is comparable to the CCD Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of ICVT and CCD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ICVT	CCD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.95	2.40	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.30	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.56	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.42	+0.37

Drawdowns

ICVT vs. CCD - Drawdown Comparison

The maximum ICVT drawdown since its inception was -33.25%, smaller than the maximum CCD drawdown of -55.42%. Use the drawdown chart below to compare losses from any high point for ICVT and CCD.

Drawdown Indicators

	ICVT	CCD	Difference
Max Drawdown Largest peak-to-trough decline	-33.25%	-55.42%	+22.17%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-11.08%	+3.53%
Max Drawdown (3Y) Largest decline over 3 years	-11.22%	-25.88%	+14.66%
Max Drawdown (5Y) Largest decline over 5 years	-29.95%	-37.54%	+7.59%
Max Drawdown (10Y) Largest decline over 10 years	-33.25%	-55.42%	+22.17%
Current Drawdown Current decline from peak	-0.97%	-1.08%	+0.11%
Average Drawdown Average peak-to-trough decline	-9.50%	-11.83%	+2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	2.50%	-0.43%

Volatility

ICVT vs. CCD - Volatility Comparison

The current volatility for iShares Convertible Bond ETF (ICVT) is 5.53%, while Calamos Dynamic Convertible and Income Fund (CCD) has a volatility of 7.36%. This indicates that ICVT experiences smaller price fluctuations and is considered to be less risky than CCD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICVT	CCD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	7.36%	-1.83%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	14.68%	-2.99%
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	17.57%	-3.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.23%	20.31%	-7.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	25.88%	-10.38%

Dividends

ICVT vs. CCD - Dividend Comparison

ICVT's dividend yield for the trailing twelve months is around 1.30%, less than CCD's 9.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCD Calamos Dynamic Convertible and Income Fund	9.13%	11.22%	9.63%	11.83%	11.42%	7.43%	7.11%	8.93%	12.21%	9.99%	11.43%	7.40%
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

Can I hold both ICVT and CCD in my portfolio?

ICVT and CCD have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICVT or CCD?

CCD has higher volatility (7.36%) compared to ICVT (5.53%). In terms of maximum drawdown, ICVT dropped -33.25% vs CCD's -55.42%.

Which has better risk-adjusted returns?

ICVT currently has the higher Sharpe Ratio (2.95 vs 2.40), 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.