ICVT vs. PRFRX
ICVT (iShares Convertible Bond ETF) and PRFRX (T. Rowe Price Floating Rate Fund) are both funds - ICVT is a Preferred Stock/Convertible Bonds fund tracking the Barclays U.S. Convertible Cash Pay Bond > $250MM Index, while PRFRX is a High Yield Bonds fund managed by T. Rowe Price. Over the past 10 years, ICVT returned 13.99%/yr vs 5.51%/yr for PRFRX. At a 0.25 correlation, their price movements are largely independent. ICVT charges 0.20%/yr vs 0.75%/yr for PRFRX.
Performance
ICVT vs. PRFRX - 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 PRFRX's 1.39% return. Over the past 10 years, ICVT has outperformed PRFRX with an annualized return of 13.99%, while PRFRX has yielded a comparatively lower 5.51% 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%
PRFRX
- 1D
- 0.00%
- 1M
- 0.45%
- YTD
- 1.39%
- 6M
- 2.68%
- 1Y
- 8.28%
- 3Y*
- 10.21%
- 5Y*
- 7.09%
- 10Y*
- 5.51%
ICVT vs. PRFRX - 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% |
PRFRX T. Rowe Price Floating Rate Fund | 1.39% | 9.82% | 11.04% | 13.78% | -1.95% | 4.60% | 1.75% | 8.46% | -0.08% | 3.48% |
Correlation
The correlation between ICVT and PRFRX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2015 | 0.25 |
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Return for Risk
ICVT vs. PRFRX — Risk / Return Rank
ICVT
PRFRX
ICVT vs. PRFRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and T. Rowe Price Floating Rate Fund (PRFRX). 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 | PRFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -4.26 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 2.31 | -0.79 |
| Calmar ratioReturn relative to maximum drawdown | 5.62 | 5.54 | +0.08 |
| Martin ratioReturn relative to average drawdown | 20.48 | 20.99 | -0.51 |
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 | PRFRX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.95 | 3.15 | -0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 2.45 | -1.86 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.91 | 1.41 | -0.51 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 1.43 | -0.65 |
Drawdowns
ICVT vs. PRFRX - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, which is greater than PRFRX's maximum drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for ICVT and PRFRX.
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Drawdown Indicators
| ICVT | PRFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -20.05% | -13.20% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -1.50% | -6.05% |
Max Drawdown (3Y)Largest decline over 3 years | -11.22% | -2.35% | -8.87% |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | -5.94% | -24.01% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -20.05% | -13.20% |
Current DrawdownCurrent decline from peak | -0.97% | 0.00% | -0.97% |
Average DrawdownAverage peak-to-trough decline | -9.50% | -0.69% | -8.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 0.40% | +1.67% |
Volatility
ICVT vs. PRFRX - Volatility Comparison
iShares Convertible Bond ETF (ICVT) has a higher volatility of 5.53% compared to T. Rowe Price Floating Rate Fund (PRFRX) at 0.61%. This indicates that ICVT's price experiences larger fluctuations and is considered to be riskier than PRFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICVT | PRFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.53% | 0.61% | +4.92% |
Volatility (6M)Calculated over the trailing 6-month period | 11.69% | 1.84% | +9.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.36% | 2.63% | +11.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.23% | 2.91% | +10.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.50% | 3.92% | +11.58% |
ICVT vs. PRFRX - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is lower than PRFRX's 0.75% expense ratio.
Dividends
ICVT vs. PRFRX - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.30%, less than PRFRX's 9.21% 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% |
PRFRX T. Rowe Price Floating Rate Fund | 9.21% | 9.99% | 10.20% | 9.57% | 4.03% | 3.86% | 4.00% | 4.84% | 4.87% | 4.04% | 4.07% | 4.07% |
Frequently Asked Questions
ICVT and PRFRX have a correlation of 0.30, 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 PRFRX (0.61%). In terms of maximum drawdown, ICVT dropped -33.25% vs PRFRX's -20.05%.
PRFRX currently has the higher Sharpe Ratio (3.15 vs 2.95), 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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