ICVT vs. IBIT
ICVT (iShares Convertible Bond ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - ICVT is a Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, ICVT returned 28.06% vs -43.08% for IBIT. Their 0.51 correlation means they have sometimes moved together and sometimes differently. ICVT charges 0.20%/yr vs 0.25%/yr for IBIT.
Performance
ICVT vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, ICVT achieves a 18.80% return, which is significantly higher than IBIT's -26.00% return.
ICVT
- 1D
- -0.88%
- 1M
- -1.66%
- 6M
- 13.71%
- YTD
- 18.80%
- 1Y
- 28.06%
- 3Y*
- 17.16%
- 5Y*
- 6.19%
- 10Y*
- 13.03%
- ALL TIME*
- 11.28%
IBIT
- 1D
- 0.96%
- 1M
- 1.72%
- 6M
- -11.62%
- YTD
- -26.00%
- 1Y
- -43.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.32B | $1.30B | $1.64B | |
| $46.51M | $65.40M | $85.79M |
ICVT vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ICVT iShares Convertible Bond ETF | 18.80% | 18.10% | 12.08% |
IBIT iShares Bitcoin Trust ETF | -26.00% | -6.41% | 89.87% |
Correlation
The correlation between ICVT and IBIT is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.51 |
The correlation between ICVT and IBIT has been stable across timeframes, ranging from 0.51 to 0.52 - a consistent structural relationship.
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Return for Risk
ICVT vs. IBIT — Risk / Return Rank
ICVT
IBIT
ICVT vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.60 | ||
| Sortino ratioReturn per unit of downside risk | +3.63 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.84 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | -0.81 | +3.23 |
| Martin ratioReturn relative to average drawdown | 8.84 | -1.23 | +10.07 |
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Drawdowns
ICVT vs. IBIT - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, smaller than the maximum IBIT drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for ICVT and IBIT.
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Drawdown Indicators
| ICVT | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -53.30% | +20.05% |
Max Drawdown (1Y)Largest decline over 1 year | -11.65% | -53.30% | +41.65% |
Max Drawdown (3Y)Largest decline over 3 years | -11.65% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | — | — |
Current DrawdownCurrent decline from peak | -6.38% | -48.46% | +42.08% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -18.39% | +8.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 35.07% | -31.89% |
Volatility
ICVT vs. IBIT - Volatility Comparison
The current volatility for iShares Convertible Bond ETF (ICVT) is 6.58%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 8.34%. This indicates that ICVT experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICVT | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.58% | 8.34% | -1.76% |
Volatility (6M)Calculated over the trailing 6-month period | 14.71% | 33.03% | -18.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.30% | 44.38% | -27.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.83% | 49.50% | -35.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.75% | 49.50% | -33.75% |
ICVT vs. IBIT - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is lower than IBIT'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. IBIT - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.38%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 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 | 1.38% | 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 IBIT have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (8.34%) compared to ICVT (6.58%). In terms of maximum drawdown, ICVT dropped -33.25% vs IBIT's -53.30%.
On 1-year performance, ICVT leads with 28.06% vs -43.08% for IBIT. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 6.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ICVT has performed better with a 28.06% return vs -43.08%. 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 IBIT.
ICVT has the higher dividend yield at 1.38%, compared with 0.00% for IBIT.
ICVT is categorized as Convertible Bonds, while IBIT is Cryptocurrency. ICVT tracks Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.20% for ICVT and 0.25% for IBIT.
ICVT currently has the higher Sharpe Ratio (1.63 vs -0.97), 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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