ICVT vs. IBIT
ICVT (iShares Convertible Bond ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - ICVT is a Preferred Stock/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 25.54% vs -46.35% for IBIT. A 0.51 correlation means they provide meaningful diversification when combined. 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 16.16% return, which is significantly higher than IBIT's -26.71% return.
ICVT
- 1D
- -2.03%
- 1M
- -7.33%
- 6M
- 10.96%
- YTD
- 16.16%
- 1Y
- 25.54%
- 3Y*
- 15.75%
- 5Y*
- 6.28%
- 10Y*
- 12.90%
IBIT
- 1D
- -1.14%
- 1M
- -2.10%
- 6M
- -32.61%
- YTD
- -26.71%
- 1Y
- -46.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICVT vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ICVT iShares Convertible Bond ETF | 16.16% | 18.10% | 12.08% |
IBIT iShares Bitcoin Trust ETF | -26.71% | -6.41% | 89.87% |
Correlation
The correlation between ICVT and IBIT is 0.52, 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 | 0.52 |
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 | +2.61 | ||
| Sortino ratioReturn per unit of downside risk | +3.69 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.82 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | -0.87 | +3.91 |
| Martin ratioReturn relative to average drawdown | 9.99 | -1.40 | +11.39 |
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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 | -8.46% | -53.30% | +44.84% |
Max Drawdown (3Y)Largest decline over 3 years | -11.22% | — | — |
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 | -8.46% | -48.95% | +40.49% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -17.71% | +8.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 33.14% | -30.58% |
Volatility
ICVT vs. IBIT - Volatility Comparison
The current volatility for iShares Convertible Bond ETF (ICVT) is 5.41%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 10.89%. 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 | 5.41% | 10.89% | -5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 13.81% | 34.83% | -21.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.44% | 44.38% | -27.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.66% | 49.92% | -36.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.67% | 49.92% | -34.25% |
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 (10.89%) compared to ICVT (5.41%). In terms of maximum drawdown, ICVT dropped -33.25% vs IBIT's -53.30%.
On 1-year performance, ICVT leads with 25.54% vs -46.35% for IBIT. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 5.41%. 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 25.54% return vs -46.35%. 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 Preferred Stock/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 (1.56 vs -1.05), 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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