ICVT vs. IAU
ICVT (iShares Convertible Bond ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - ICVT is a Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, ICVT returned 12.80%/yr vs 11.21%/yr for IAU. Their 0.09 correlation means their historical movements had little consistent relationship. ICVT charges 0.20%/yr vs 0.25%/yr for IAU.
Performance
ICVT vs. IAU - 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 IAU's -6.16% return. Over the past 10 years, ICVT has outperformed IAU with an annualized return of 12.80%, while IAU has yielded a comparatively lower 11.21% annualized 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%
IAU
- 1D
- -1.46%
- 1M
- -1.73%
- 6M
- -16.48%
- YTD
- -6.16%
- 1Y
- 20.35%
- 3Y*
- 27.40%
- 5Y*
- 17.12%
- 10Y*
- 11.21%
- ALL TIME*
- 10.71%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $349.43M | $363.40M | $472.72M | |
| $56.37M | $69.08M | $90.45M |
ICVT vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 15.73% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
IAU iShares Gold Trust | -6.16% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between ICVT and IAU is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.21 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.18 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015 | 0.09 |
Over the past year, ICVT and IAU have become more correlated (0.32) than their long-term average of 0.09, meaning their price movements have been converging.
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Return for Risk
ICVT vs. IAU — Risk / Return Rank
ICVT
IAU
ICVT vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.17 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 0.87 | +1.21 |
| Martin ratioReturn relative to average drawdown | 7.79 | 1.88 | +5.91 |
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Drawdowns
ICVT vs. IAU - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for ICVT and IAU.
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Drawdown Indicators
| ICVT | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -45.14% | +11.89% |
Max Drawdown (1Y)Largest decline over 1 year | -11.65% | -26.36% | +14.71% |
Max Drawdown (3Y)Largest decline over 3 years | -11.65% | -26.36% | +14.71% |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | -26.36% | -3.59% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -26.36% | -6.89% |
Current DrawdownCurrent decline from peak | -8.79% | -25.01% | +16.22% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -16.02% | +6.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 12.16% | -9.05% |
Volatility
ICVT vs. IAU - Volatility Comparison
iShares Convertible Bond ETF (ICVT) and iShares Gold Trust (IAU) have volatilities of 6.39% and 6.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICVT | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.39% | 6.35% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 14.58% | 23.35% | -8.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.19% | 27.92% | -10.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.78% | 18.42% | -4.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.73% | 16.08% | -0.35% |
ICVT vs. IAU - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is lower than IAU's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ICVT vs. IAU - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.39%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 IAU have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (6.39%) compared to IAU (6.35%). In terms of maximum drawdown, ICVT dropped -33.25% vs IAU's -45.14%.
On 10-year performance, ICVT leads with 12.80% vs 11.21% for IAU. On fees, ICVT is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICVT has performed better with a 12.80% return vs 11.21%. 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 0.25% for IAU.
ICVT has the higher dividend yield at 1.29%, compared with 0.00% for IAU.
ICVT is categorized as Convertible Bonds, while IAU is Gold. ICVT tracks Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.20% for ICVT and 0.25% for IAU.
ICVT currently has the higher Sharpe Ratio (1.41 vs 0.82), 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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