ICVT vs. GOLY
ICVT (iShares Convertible Bond ETF) and GOLY (Strategy Shares Gold Enhanced Yield ETF) are both exchange-traded funds - ICVT is a Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index, while GOLY is a Nontraditional Bonds fund actively managed by Strategy Shares. ICVT is passively managed, while GOLY is actively managed. Over the past 5 years, ICVT returned 5.74%/yr vs 4.37%/yr for GOLY. Their 0.20 correlation means their historical movements had little consistent relationship. ICVT charges 0.20%/yr vs 0.79%/yr for GOLY.
Performance
ICVT vs. GOLY - Performance Comparison
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Returns By Period
In the year-to-date period, ICVT achieves a 15.73% return, which is significantly higher than GOLY's -26.54% return.
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%
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%
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 |
ICVT vs. GOLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 15.73% | 18.10% | 10.61% | 15.35% | -20.66% | 0.88% |
GOLY Strategy Shares Gold Enhanced Yield ETF | -26.54% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
Correlation
The correlation between ICVT and GOLY 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 ICVT and GOLY shifts across timeframes, from 0.20 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ICVT vs. GOLY — Risk / Return Rank
ICVT
GOLY
ICVT vs. GOLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and Strategy Shares Gold Enhanced Yield ETF (GOLY). 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.
| ICVT | GOLY | 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 | 1.25 | 1.00 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | -0.15 | +2.23 |
| Martin ratioReturn relative to average drawdown | 7.79 | -0.30 | +8.10 |
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Drawdowns
ICVT vs. GOLY - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, smaller than the maximum GOLY drawdown of -37.99%. Use the drawdown chart below to compare losses from any high point for ICVT and GOLY.
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Drawdown Indicators
| ICVT | GOLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -37.99% | +4.74% |
Max Drawdown (1Y)Largest decline over 1 year | -11.65% | -37.99% | +26.34% |
Max Drawdown (3Y)Largest decline over 3 years | -11.65% | -37.99% | +26.34% |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | -37.99% | +8.04% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | — | — |
Current DrawdownCurrent decline from peak | -8.79% | -36.62% | +27.83% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -12.56% | +3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 19.14% | -16.03% |
Volatility
ICVT vs. GOLY - Volatility Comparison
The current volatility for iShares Convertible Bond ETF (ICVT) is 6.39%, while Strategy Shares Gold Enhanced Yield ETF (GOLY) has a volatility of 6.91%. This indicates that ICVT experiences smaller price fluctuations and is considered to be less risky than GOLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICVT | GOLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.39% | 6.91% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 14.58% | 30.03% | -15.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.19% | 34.02% | -16.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.78% | 22.76% | -8.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.73% | 22.43% | -6.70% |
ICVT vs. GOLY - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is lower than GOLY's 0.79% expense ratio.
Dividends
ICVT vs. GOLY - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.39%, less than GOLY's 9.40% 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
ICVT and GOLY 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, ICVT dropped -33.25% vs GOLY's -37.99%.
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.
ICVT is categorized as Convertible Bonds, while GOLY is Nontraditional Bonds. They also come from different issuers: iShares and Strategy Shares. Their fees differ too: 0.20% for ICVT and 0.79% for GOLY.
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.
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