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 Barclays 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 42.20% vs -38.74% for IBIT. A 0.52 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 25.28% return, which is significantly higher than IBIT's -25.48% return.
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%
IBIT
- 1D
- -2.76%
- 1M
- -18.50%
- YTD
- -25.48%
- 6M
- -29.84%
- 1Y
- -38.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICVT vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ICVT iShares Convertible Bond ETF | 25.28% | 18.10% | 12.09% |
IBIT iShares Bitcoin Trust ETF | -25.48% | -6.41% | 99.21% |
Correlation
The correlation between ICVT and IBIT is 0.55, 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 | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.52 |
The correlation between ICVT and IBIT has been stable across timeframes, ranging from 0.52 to 0.55 - 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.
| ICVT | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.84 | ||
| Sortino ratioReturn per unit of downside risk | +5.06 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 0.86 | +0.66 |
| Calmar ratioReturn relative to maximum drawdown | 5.62 | -0.79 | +6.41 |
| Martin ratioReturn relative to average drawdown | 20.48 | -1.36 | +21.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ICVT | IBIT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.95 | -0.89 | +3.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.91 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.30 | +0.49 |
Drawdowns
ICVT vs. IBIT - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, smaller than the maximum IBIT drawdown of -49.36%. 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% | -49.36% | +16.11% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -49.36% | +41.81% |
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 | -0.97% | -48.10% | +47.13% |
Average DrawdownAverage peak-to-trough decline | -9.50% | -16.02% | +6.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 28.44% | -26.37% |
Volatility
ICVT vs. IBIT - Volatility Comparison
The current volatility for iShares Convertible Bond ETF (ICVT) is 5.53%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 9.50%. 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 | 5.53% | 9.50% | -3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 11.69% | 34.44% | -22.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.36% | 43.73% | -29.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.23% | 50.19% | -36.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.50% | 50.19% | -34.69% |
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 1.30%, 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 | 1.30% | 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
ICVT and IBIT have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (9.50%) compared to ICVT (5.53%). In terms of maximum drawdown, ICVT dropped -33.25% vs IBIT's -49.36%.
On 1-year performance, ICVT leads with 42.20% vs -38.74% for IBIT. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 5.53%. 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 42.20% return vs -38.74%. 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 1.30%, compared with 0.00% for IBIT.
ICVT is categorized as Preferred Stock/Convertible Bonds, while IBIT is Cryptocurrency. ICVT tracks Barclays 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 (2.95 vs -0.89), 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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