ICVT vs. UCIB
ICVT (iShares Convertible Bond ETF) and UCIB (ETRACS CMCI Total Return ETN Series B) 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 UCIB is a Commodities fund tracking the UBS Bloomberg CMCI Index. Both are passively managed. Over the past 10 years, ICVT returned 13.21%/yr vs 10.40%/yr for UCIB. At a 0.18 correlation, their price movements are largely independent. ICVT charges 0.20%/yr vs 0.55%/yr for UCIB.
Performance
ICVT vs. UCIB - Performance Comparison
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Returns By Period
In the year-to-date period, ICVT achieves a 18.95% return, which is significantly lower than UCIB's 21.81% return. Over the past 10 years, ICVT has outperformed UCIB with an annualized return of 13.21%, while UCIB has yielded a comparatively lower 10.40% annualized return.
ICVT
- 1D
- -1.31%
- 1M
- -2.72%
- 6M
- 14.16%
- YTD
- 18.95%
- 1Y
- 30.12%
- 3Y*
- 16.90%
- 5Y*
- 6.47%
- 10Y*
- 13.21%
UCIB
- 1D
- 1.36%
- 1M
- 1.53%
- 6M
- 18.69%
- YTD
- 21.81%
- 1Y
- 27.51%
- 3Y*
- 11.74%
- 5Y*
- 12.08%
- 10Y*
- 10.40%
ICVT vs. UCIB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 18.95% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
UCIB ETRACS CMCI Total Return ETN Series B | 21.81% | 8.97% | 6.58% | -2.26% | 18.24% | 37.34% | 1.10% | 10.86% | -9.48% | 5.85% |
Correlation
The correlation between ICVT and UCIB is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015 | 0.18 |
The correlation between ICVT and UCIB shifts across timeframes, from 0.04 (1 year) to 0.18 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
ICVT vs. UCIB — Risk / Return Rank
ICVT
UCIB
ICVT vs. UCIB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and ETRACS CMCI Total Return ETN Series B (UCIB). 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 | UCIB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.25 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.01 | 1.41 | +2.60 |
| Martin ratioReturn relative to average drawdown | 12.37 | 3.92 | +8.46 |
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Drawdowns
ICVT vs. UCIB - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, smaller than the maximum UCIB drawdown of -51.29%. Use the drawdown chart below to compare losses from any high point for ICVT and UCIB.
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Drawdown Indicators
| ICVT | UCIB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -51.29% | +18.04% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -19.66% | +12.11% |
Max Drawdown (3Y)Largest decline over 3 years | -11.22% | -19.66% | +8.44% |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | -20.95% | -9.00% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -36.94% | +3.69% |
Current DrawdownCurrent decline from peak | -6.26% | -14.73% | +8.47% |
Average DrawdownAverage peak-to-trough decline | -9.44% | -21.01% | +11.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 7.04% | -4.60% |
Volatility
ICVT vs. UCIB - Volatility Comparison
iShares Convertible Bond ETF (ICVT) and ETRACS CMCI Total Return ETN Series B (UCIB) have volatilities of 6.57% and 6.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICVT | UCIB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.57% | 6.34% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 13.66% | 32.07% | -18.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.33% | 32.74% | -16.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.64% | 26.94% | -13.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.66% | 23.40% | -7.74% |
ICVT vs. UCIB - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is lower than UCIB's 0.55% expense ratio.
Dividends
ICVT vs. UCIB - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.35%, while UCIB has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.35% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
UCIB ETRACS CMCI Total Return ETN Series B | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ICVT and UCIB have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (6.57%) compared to UCIB (6.34%). In terms of maximum drawdown, ICVT dropped -33.25% vs UCIB's -51.29%.
On 10-year performance, ICVT leads with 13.21% vs 10.40% for UCIB. On fees, ICVT is cheaper at 0.20% per year. On volatility, UCIB has been the lower-risk option at 6.34%. 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 13.21% return vs 10.40%. 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 0.55% for UCIB.
ICVT has the higher dividend yield at 1.35%, compared with 0.00% for UCIB.
ICVT is categorized as Preferred Stock/Convertible Bonds, while UCIB is Commodities. ICVT tracks Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index, while UCIB tracks UBS Bloomberg CMCI Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.20% for ICVT and 0.55% for UCIB.
ICVT currently has the higher Sharpe Ratio (1.86 vs 0.85), 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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