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ICVT vs. TIPZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICVT vs. TIPZ

Last updated Jun 4, 2026

ICVT (iShares Convertible Bond ETF) and TIPZ (PIMCO Broad US TIPS Index ETF) 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 TIPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury. Both are passively managed. Over the past 10 years, ICVT returned 13.99%/yr vs 2.49%/yr for TIPZ. At a 0.07 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

ICVT vs. TIPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Convertible Bond ETF (ICVT) and PIMCO Broad US TIPS Index ETF (TIPZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ICVT achieves a 25.28% return, which is significantly higher than TIPZ's 2.58% return. Over the past 10 years, ICVT has outperformed TIPZ with an annualized return of 13.99%, while TIPZ has yielded a comparatively lower 2.49% 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%

TIPZ

1D
-0.20%
1M
-0.01%
YTD
2.58%
6M
1.00%
1Y
5.12%
3Y*
3.86%
5Y*
0.77%
10Y*
2.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICVT vs. TIPZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
TIPZ
PIMCO Broad US TIPS Index ETF		2.58%5.87%1.52%3.37%-12.67%5.48%10.98%8.64%-1.65%3.12%

Correlation

The correlation between ICVT and TIPZ is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.12

Correlation (3Y)
Calculated over the trailing 3-year period

0.18

Correlation (5Y)
Calculated over the trailing 5-year period

0.15

Correlation (10Y)
Calculated over the trailing 10-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Jun 5, 2015

0.07

The correlation between ICVT and TIPZ shifts across timeframes, from 0.07 (all time) to 0.18 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares Convertible Bond ETF

PIMCO Broad US TIPS Index ETF

Often compared with ICVT:
ICVT vs. CWBICVT vs. FCVSXICVT vs. LKORICVT vs. SPYICVT vs. FCVTICVT vs. GOLYICVT vs. JAAAX
Often compared with TIPZ:
TIPZ vs. TIPTIPZ vs. TIPXTIPZ vs. ITPS.LTIPZ vs. TDTTTIPZ vs. VTIPTIPZ vs. STIPTIPZ vs. RINF

Return for Risk

ICVT vs. TIPZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICVT
ICVT Risk / Return Rank: 8787
Overall Rank
ICVT Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ICVT Sortino Ratio Rank: 8484
Sortino Ratio Rank
ICVT Omega Ratio Rank: 8484
Omega Ratio Rank
ICVT Calmar Ratio Rank: 9090
Calmar Ratio Rank
ICVT Martin Ratio Rank: 8989
Martin Ratio Rank
TIPZ
TIPZ Risk / Return Rank: 4040
Overall Rank
TIPZ Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
TIPZ Sortino Ratio Rank: 3737
Sortino Ratio Rank
TIPZ Omega Ratio Rank: 3737
Omega Ratio Rank
TIPZ Calmar Ratio Rank: 4848
Calmar Ratio Rank
TIPZ Martin Ratio Rank: 4545
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ICVT vs. TIPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and PIMCO Broad US TIPS Index ETF (TIPZ). 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.

ICVTTIPZDifference
Sharpe ratioReturn per unit of total volatility
2.95
1.31

+1.64

Sortino ratioReturn per unit of downside risk
3.84
1.93

+1.90

Omega ratioGain probability vs. loss probability

1.52

1.24

+0.28

Calmar ratioReturn relative to maximum drawdown

5.62

2.36

+3.26

Martin ratioReturn relative to average drawdown

20.48

7.37

+13.10

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICVT vs. TIPZ - Sharpe Ratio Comparison

The current ICVT Sharpe Ratio is 2.95, which is higher than the TIPZ Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of ICVT and TIPZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ICVTTIPZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.95

1.31

+1.64

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

0.12

+0.47

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.91

0.43

+0.48

Sharpe Ratio (All Time)

Calculated using the full available price history

0.78

0.53

+0.26

Drawdowns

ICVT vs. TIPZ - Drawdown Comparison

The maximum ICVT drawdown since its inception was -33.25%, which is greater than TIPZ's maximum drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for ICVT and TIPZ.

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Drawdown Indicators

ICVTTIPZDifference

Max Drawdown

Largest peak-to-trough decline

-33.25%

-15.77%

-17.48%

Max Drawdown (1Y)

Largest decline over 1 year

-7.55%

-2.18%

-5.37%

Max Drawdown (3Y)

Largest decline over 3 years

-11.22%

-4.74%

-6.48%

Max Drawdown (5Y)

Largest decline over 5 years

-29.95%

-15.77%

-14.18%

Max Drawdown (10Y)

Largest decline over 10 years

-33.25%

-15.77%

-17.48%

Current Drawdown

Current decline from peak

-0.97%

-1.44%

+0.47%

Average Drawdown

Average peak-to-trough decline

-9.50%

-4.33%

-5.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.07%

0.70%

+1.37%

Volatility

ICVT vs. TIPZ - Volatility Comparison

iShares Convertible Bond ETF (ICVT) has a higher volatility of 5.53% compared to PIMCO Broad US TIPS Index ETF (TIPZ) at 0.96%. This indicates that ICVT's price experiences larger fluctuations and is considered to be riskier than TIPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ICVTTIPZDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.53%

0.96%

+4.57%

Volatility (6M)

Calculated over the trailing 6-month period

11.69%

2.88%

+8.81%

Volatility (1Y)

Calculated over the trailing 1-year period

14.36%

3.92%

+10.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.23%

6.37%

+6.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.50%

5.84%

+9.66%

ICVT vs. TIPZ - Expense Ratio Comparison

Both ICVT and TIPZ have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

ICVT vs. TIPZ - Dividend Comparison

ICVT's dividend yield for the trailing twelve months is around 1.30%, less than TIPZ's 5.11% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
TIPZ
PIMCO Broad US TIPS Index ETF		5.11%4.74%4.44%4.69%7.14%4.41%1.47%1.65%2.23%1.70%1.06%0.56%

Frequently Asked Questions

ICVT and TIPZ have a correlation of 0.12, 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 TIPZ (0.96%). In terms of maximum drawdown, ICVT dropped -33.25% vs TIPZ's -15.77%.

On 10-year performance, ICVT leads with 13.99% vs 2.49% for TIPZ. Both ETFs have the same 0.20% expense ratio. On volatility, TIPZ has been the lower-risk option at 0.96%. 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 2.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ICVT and TIPZ have the same expense ratio: 0.20% per year.

TIPZ has the higher dividend yield at 5.11%, compared with 1.30% for ICVT.

ICVT is categorized as Preferred Stock/Convertible Bonds, while TIPZ is Inflation-Protected Bonds. ICVT tracks Barclays U.S. Convertible Cash Pay Bond > $250MM Index, while TIPZ tracks ICE BofA US Inflation-Linked Treasury. They also come from different issuers: iShares and PIMCO.

ICVT currently has the higher Sharpe Ratio (2.95 vs 1.31), 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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