ICVT vs. PFXF
ICVT (iShares Convertible Bond ETF) and PFXF (VanEck Vectors Preferred Securities ex Financials ETF) are both Preferred Stock/Convertible Bonds funds - ICVT tracks the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index while PFXF tracks the Wells Fargo Hybrid and Preferred Securities ex Financials Index. Both are passively managed. Over the past 10 years, ICVT returned 14.18%/yr vs 5.12%/yr for PFXF. A 0.51 correlation means they provide meaningful diversification when combined. ICVT charges 0.20%/yr vs 0.41%/yr for PFXF.
Performance
ICVT vs. PFXF - Performance Comparison
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Returns By Period
In the year-to-date period, ICVT achieves a 24.42% return, which is significantly higher than PFXF's 5.24% return. Over the past 10 years, ICVT has outperformed PFXF with an annualized return of 14.18%, while PFXF has yielded a comparatively lower 5.12% annualized return.
ICVT
- 1D
- -1.95%
- 1M
- 3.04%
- YTD
- 24.42%
- 6M
- 22.70%
- 1Y
- 40.17%
- 3Y*
- 20.04%
- 5Y*
- 6.76%
- 10Y*
- 14.18%
PFXF
- 1D
- -0.33%
- 1M
- -1.17%
- YTD
- 5.24%
- 6M
- 4.73%
- 1Y
- 15.10%
- 3Y*
- 9.41%
- 5Y*
- 3.74%
- 10Y*
- 5.12%
ICVT vs. PFXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 24.42% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
PFXF VanEck Vectors Preferred Securities ex Financials ETF | 5.24% | 9.64% | 8.42% | 11.20% | -18.83% | 11.61% | 7.61% | 20.52% | -4.17% | 7.93% |
Correlation
The correlation between ICVT and PFXF is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015 | 0.51 |
The correlation between ICVT and PFXF shifts across timeframes, from 0.51 (all time) to 0.64 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ICVT vs. PFXF — Risk / Return Rank
ICVT
PFXF
ICVT vs. PFXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and VanEck Vectors Preferred Securities ex Financials ETF (PFXF). 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 | PFXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.28 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 5.35 | 2.60 | +2.75 |
| Martin ratioReturn relative to average drawdown | 18.22 | 8.59 | +9.63 |
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Drawdowns
ICVT vs. PFXF - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, smaller than the maximum PFXF drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for ICVT and PFXF.
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Drawdown Indicators
| ICVT | PFXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -35.49% | +2.24% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -5.83% | -1.72% |
Max Drawdown (3Y)Largest decline over 3 years | -11.22% | -11.90% | +0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | -21.80% | -8.15% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -35.49% | +2.24% |
Current DrawdownCurrent decline from peak | -1.95% | -3.96% | +2.01% |
Average DrawdownAverage peak-to-trough decline | -9.46% | -3.90% | -5.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 1.76% | +0.45% |
Volatility
ICVT vs. PFXF - Volatility Comparison
iShares Convertible Bond ETF (ICVT) has a higher volatility of 7.08% compared to VanEck Vectors Preferred Securities ex Financials ETF (PFXF) at 3.71%. This indicates that ICVT's price experiences larger fluctuations and is considered to be riskier than PFXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICVT | PFXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.08% | 3.71% | +3.37% |
Volatility (6M)Calculated over the trailing 6-month period | 13.10% | 7.33% | +5.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.68% | 9.42% | +6.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.51% | 11.00% | +2.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.61% | 13.25% | +2.36% |
ICVT vs. PFXF - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is lower than PFXF's 0.41% expense ratio.
Dividends
ICVT vs. PFXF - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.30%, less than PFXF's 6.27% 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% |
PFXF VanEck Vectors Preferred Securities ex Financials ETF | 6.27% | 6.72% | 7.82% | 7.88% | 6.74% | 4.66% | 5.19% | 5.35% | 6.56% | 5.93% | 5.81% | 5.99% |
Frequently Asked Questions
ICVT and PFXF have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (7.08%) compared to PFXF (3.71%). In terms of maximum drawdown, ICVT dropped -33.25% vs PFXF's -35.49%.
On 10-year performance, ICVT leads with 14.18% vs 5.12% for PFXF. On fees, ICVT is cheaper at 0.20% per year. On volatility, PFXF has been the lower-risk option at 3.71%. 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 14.18% return vs 5.12%. 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 0.41% for PFXF.
PFXF has the higher dividend yield at 6.27%, compared with 1.30% for ICVT.
ICVT tracks Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index, while PFXF tracks Wells Fargo Hybrid and Preferred Securities ex Financials Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.20% for ICVT and 0.41% for PFXF.
ICVT currently has the higher Sharpe Ratio (2.57 vs 1.61), 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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