ICVT vs. QQQ
ICVT (iShares Convertible Bond ETF) and QQQ (Invesco QQQ 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 QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, ICVT returned 14.18%/yr vs 22.07%/yr for QQQ. A 0.72 correlation means they provide meaningful diversification when combined. ICVT charges 0.20%/yr vs 0.18%/yr for QQQ.
Performance
ICVT vs. QQQ - 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 QQQ's 16.45% return. Over the past 10 years, ICVT has underperformed QQQ with an annualized return of 14.18%, while QQQ has yielded a comparatively higher 22.07% 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%
QQQ
- 1D
- -3.29%
- 1M
- -0.43%
- YTD
- 16.45%
- 6M
- 14.99%
- 1Y
- 34.88%
- 3Y*
- 26.05%
- 5Y*
- 16.01%
- 10Y*
- 22.07%
ICVT vs. QQQ - 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% |
QQQ Invesco QQQ ETF | 16.45% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between ICVT and QQQ is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015 | 0.72 |
The correlation between ICVT and QQQ has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.
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Return for Risk
ICVT vs. QQQ — Risk / Return Rank
ICVT
QQQ
ICVT vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.35 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 5.35 | 2.93 | +2.42 |
| Martin ratioReturn relative to average drawdown | 18.22 | 10.86 | +7.36 |
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Drawdowns
ICVT vs. QQQ - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for ICVT and QQQ.
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Drawdown Indicators
| ICVT | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -82.97% | +49.72% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -11.96% | +4.41% |
Max Drawdown (3Y)Largest decline over 3 years | -11.22% | -22.77% | +11.55% |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | -35.12% | +5.17% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -35.12% | +1.87% |
Current DrawdownCurrent decline from peak | -1.95% | -4.25% | +2.30% |
Average DrawdownAverage peak-to-trough decline | -9.46% | -32.73% | +23.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 3.22% | -1.01% |
Volatility
ICVT vs. QQQ - Volatility Comparison
The current volatility for iShares Convertible Bond ETF (ICVT) is 7.08%, while Invesco QQQ ETF (QQQ) has a volatility of 9.17%. This indicates that ICVT experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICVT | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.08% | 9.17% | -2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 13.10% | 14.57% | -1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.68% | 17.96% | -2.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.51% | 22.69% | -9.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.61% | 22.42% | -6.81% |
ICVT vs. QQQ - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is higher than QQQ's 0.18% expense ratio. However, 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. QQQ - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.30%, more than QQQ's 0.43% 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% |
QQQ Invesco QQQ ETF | 0.43% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Frequently Asked Questions
ICVT and QQQ have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (9.17%) compared to ICVT (7.08%). In terms of maximum drawdown, ICVT dropped -33.25% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 22.07% vs 14.18% for ICVT. On fees, QQQ is cheaper at 0.18% per year. On volatility, ICVT has been the lower-risk option at 7.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 22.07% return vs 14.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.20% for ICVT.
ICVT has the higher dividend yield at 1.30%, compared with 0.43% for QQQ.
ICVT is categorized as Preferred Stock/Convertible Bonds, while QQQ is Nasdaq-100. ICVT tracks Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for ICVT and 0.18% for QQQ.
ICVT currently has the higher Sharpe Ratio (2.57 vs 1.95), 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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