ICVT vs. SPFF
ICVT (iShares Convertible Bond ETF) and SPFF (Global X SuperIncome Preferred ETF) are both Preferred Stock/Convertible Bonds funds - ICVT tracks the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index while SPFF tracks the S&P Enhanced Yield North American Preferred Stock Index. Both are passively managed. Over the past 10 years, ICVT returned 14.18%/yr vs 3.02%/yr for SPFF. At a 0.47 correlation, their price movements are largely independent. ICVT charges 0.20%/yr vs 0.58%/yr for SPFF.
Performance
ICVT vs. SPFF - 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 SPFF's 4.37% return. Over the past 10 years, ICVT has outperformed SPFF with an annualized return of 14.18%, while SPFF has yielded a comparatively lower 3.02% 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%
SPFF
- 1D
- -0.84%
- 1M
- 0.81%
- YTD
- 4.37%
- 6M
- 3.21%
- 1Y
- 15.54%
- 3Y*
- 8.72%
- 5Y*
- 1.64%
- 10Y*
- 3.02%
ICVT vs. SPFF - 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% |
SPFF Global X SuperIncome Preferred ETF | 4.37% | 7.52% | 8.62% | 3.00% | -14.29% | 5.15% | 6.91% | 13.04% | -2.55% | 1.80% |
Correlation
The correlation between ICVT and SPFF is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015 | 0.47 |
The correlation between ICVT and SPFF shifts across timeframes, from 0.47 (all time) to 0.62 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ICVT vs. SPFF — Risk / Return Rank
ICVT
SPFF
ICVT vs. SPFF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and Global X SuperIncome Preferred ETF (SPFF). 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 | SPFF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.27 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 5.35 | 2.06 | +3.29 |
| Martin ratioReturn relative to average drawdown | 18.22 | 6.19 | +12.03 |
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Drawdowns
ICVT vs. SPFF - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, smaller than the maximum SPFF drawdown of -35.92%. Use the drawdown chart below to compare losses from any high point for ICVT and SPFF.
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Drawdown Indicators
| ICVT | SPFF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -35.92% | +2.67% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -7.58% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -11.22% | -12.51% | +1.29% |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | -22.88% | -7.07% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -35.92% | +2.67% |
Current DrawdownCurrent decline from peak | -1.95% | -2.57% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -9.46% | -4.05% | -5.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 2.52% | -0.31% |
Volatility
ICVT vs. SPFF - Volatility Comparison
iShares Convertible Bond ETF (ICVT) has a higher volatility of 7.08% compared to Global X SuperIncome Preferred ETF (SPFF) at 3.72%. This indicates that ICVT's price experiences larger fluctuations and is considered to be riskier than SPFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICVT | SPFF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.08% | 3.72% | +3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 13.10% | 7.74% | +5.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.68% | 9.98% | +5.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.51% | 11.02% | +2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.61% | 13.53% | +2.08% |
ICVT vs. SPFF - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is lower than SPFF's 0.58% expense ratio.
Dividends
ICVT vs. SPFF - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.30%, less than SPFF's 6.49% 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% |
SPFF Global X SuperIncome Preferred ETF | 6.49% | 6.47% | 6.39% | 6.64% | 7.15% | 5.78% | 5.75% | 5.97% | 7.60% | 7.24% | 7.04% | 7.50% |
Frequently Asked Questions
ICVT and SPFF have a correlation of 0.62, 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 SPFF (3.72%). In terms of maximum drawdown, ICVT dropped -33.25% vs SPFF's -35.92%.
On 10-year performance, ICVT leads with 14.18% vs 3.02% for SPFF. On fees, ICVT is cheaper at 0.20% per year. On volatility, SPFF has been the lower-risk option at 3.72%. 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 3.02%. 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 0.58% for SPFF.
SPFF has the higher dividend yield at 6.49%, compared with 1.30% for ICVT.
ICVT tracks Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index, while SPFF tracks S&P Enhanced Yield North American Preferred Stock Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.20% for ICVT and 0.58% for SPFF.
ICVT currently has the higher Sharpe Ratio (2.57 vs 1.56), 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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