ICVT vs. LKOR
ICVT (iShares Convertible Bond ETF) and LKOR (FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund) 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 LKOR is a Corporate Bonds fund tracking the Northern Trust US Long Corporate Bond Quality Value Index. Both are passively managed. Over the past 10 years, ICVT returned 13.99%/yr vs 2.45%/yr for LKOR. At a 0.18 correlation, their price movements are largely independent. ICVT charges 0.20%/yr vs 0.22%/yr for LKOR.
Performance
ICVT vs. LKOR - 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 LKOR's 0.74% return. Over the past 10 years, ICVT has outperformed LKOR with an annualized return of 13.99%, while LKOR has yielded a comparatively lower 2.45% annualized 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%
LKOR
- 1D
- -0.36%
- 1M
- 1.51%
- YTD
- 0.74%
- 6M
- -0.19%
- 1Y
- 7.57%
- 3Y*
- 4.72%
- 5Y*
- -1.59%
- 10Y*
- 2.45%
ICVT vs. LKOR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 25.28% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
LKOR FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | 0.74% | 7.04% | -1.02% | 11.64% | -25.55% | -1.51% | 16.00% | 23.97% | -7.61% | 13.87% |
Correlation
The correlation between ICVT and LKOR is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015 | 0.18 |
The correlation between ICVT and LKOR shifts across timeframes, from 0.18 (all time) to 0.31 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ICVT vs. LKOR — Risk / Return Rank
ICVT
LKOR
ICVT vs. LKOR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR). 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 | LKOR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.00 | ||
| Sortino ratioReturn per unit of downside risk | +2.44 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.17 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 5.62 | 1.41 | +4.21 |
| Martin ratioReturn relative to average drawdown | 20.48 | 3.43 | +17.05 |
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 | LKOR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.95 | 0.95 | +2.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | -0.12 | +0.72 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.91 | 0.19 | +0.72 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.25 | +0.53 |
Drawdowns
ICVT vs. LKOR - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, roughly equal to the maximum LKOR drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for ICVT and LKOR.
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Drawdown Indicators
| ICVT | LKOR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -34.78% | +1.53% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -5.39% | -2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -11.22% | -12.74% | +1.52% |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | -34.78% | +4.83% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -34.78% | +1.53% |
Current DrawdownCurrent decline from peak | -0.97% | -13.63% | +12.66% |
Average DrawdownAverage peak-to-trough decline | -9.50% | -10.36% | +0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 2.21% | -0.14% |
Volatility
ICVT vs. LKOR - Volatility Comparison
iShares Convertible Bond ETF (ICVT) has a higher volatility of 5.53% compared to FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) at 2.41%. This indicates that ICVT's price experiences larger fluctuations and is considered to be riskier than LKOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICVT | LKOR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.53% | 2.41% | +3.12% |
Volatility (6M)Calculated over the trailing 6-month period | 11.69% | 5.76% | +5.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.36% | 8.00% | +6.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.23% | 12.90% | +0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.50% | 13.22% | +2.28% |
ICVT vs. LKOR - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is lower than LKOR's 0.22% 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. LKOR - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.30%, less than LKOR's 5.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
LKOR FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | 5.72% | 5.57% | 5.52% | 4.90% | 4.71% | 4.73% | 6.56% | 3.71% | 4.21% | 3.77% | 5.53% | 1.22% |
Frequently Asked Questions
ICVT and LKOR have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (5.53%) compared to LKOR (2.41%). In terms of maximum drawdown, ICVT dropped -33.25% vs LKOR's -34.78%.
On 10-year performance, ICVT leads with 13.99% vs 2.45% for LKOR. On fees, ICVT is cheaper at 0.20% per year. On volatility, LKOR has been the lower-risk option at 2.41%. 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 13.99% return vs 2.45%. 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 0.22% for LKOR.
LKOR has the higher dividend yield at 5.72%, compared with 1.30% for ICVT.
ICVT is categorized as Preferred Stock/Convertible Bonds, while LKOR is Corporate Bonds. ICVT tracks Barclays U.S. Convertible Cash Pay Bond > $250MM Index, while LKOR tracks Northern Trust US Long Corporate Bond Quality Value Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.20% for ICVT and 0.22% for LKOR.
ICVT currently has the higher Sharpe Ratio (2.95 vs 0.95), 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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