ICVT vs. VGUS
ICVT (iShares Convertible Bond ETF) and VGUS (Vanguard Ultra-Short Treasury 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 VGUS is a Ultrashort Bond fund tracking the Bloomberg Short Treasury Index. Both are passively managed. Over the past year, ICVT returned 43.39% vs 3.86% for VGUS. At a correlation of -0.16, they often move in opposite directions. ICVT charges 0.20%/yr vs 0.07%/yr for VGUS.
Performance
ICVT vs. VGUS - Performance Comparison
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Returns By Period
In the year-to-date period, ICVT achieves a 26.89% return, which is significantly higher than VGUS's 1.59% return.
ICVT
- 1D
- 0.02%
- 1M
- 5.09%
- YTD
- 26.89%
- 6M
- 24.71%
- 1Y
- 43.39%
- 3Y*
- 20.83%
- 5Y*
- 7.36%
- 10Y*
- 14.40%
VGUS
- 1D
- 0.01%
- 1M
- 0.18%
- YTD
- 1.59%
- 6M
- 1.69%
- 1Y
- 3.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICVT vs. VGUS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICVT iShares Convertible Bond ETF | 26.89% | 13.44% |
VGUS Vanguard Ultra-Short Treasury ETF | 1.59% | 3.78% |
Correlation
The correlation between ICVT and VGUS is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025 | -0.16 |
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Return for Risk
ICVT vs. VGUS — Risk / Return Rank
ICVT
VGUS
ICVT vs. VGUS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and Vanguard Ultra-Short Treasury ETF (VGUS). 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 | VGUS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.06 | ||
| Sortino ratioReturn per unit of downside risk | -30.57 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 10.51 | -9.01 |
| Calmar ratioReturn relative to maximum drawdown | 5.78 | 53.22 | -47.45 |
| Martin ratioReturn relative to average drawdown | 19.71 | 402.91 | -383.19 |
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Drawdowns
ICVT vs. VGUS - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, which is greater than VGUS's maximum drawdown of -0.07%. Use the drawdown chart below to compare losses from any high point for ICVT and VGUS.
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Drawdown Indicators
| ICVT | VGUS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -0.07% | -33.18% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -0.07% | -7.48% |
Max Drawdown (3Y)Largest decline over 3 years | -11.22% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -9.46% | -0.00% | -9.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 0.01% | +2.20% |
Volatility
ICVT vs. VGUS - Volatility Comparison
iShares Convertible Bond ETF (ICVT) has a higher volatility of 6.96% compared to Vanguard Ultra-Short Treasury ETF (VGUS) at 0.12%. This indicates that ICVT's price experiences larger fluctuations and is considered to be riskier than VGUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICVT | VGUS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.96% | 0.12% | +6.84% |
Volatility (6M)Calculated over the trailing 6-month period | 12.95% | 0.18% | +12.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.57% | 0.33% | +15.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.49% | 0.34% | +13.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.61% | 0.34% | +15.27% |
ICVT vs. VGUS - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is higher than VGUS's 0.07% 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. VGUS - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.28%, less than VGUS's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.28% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
VGUS Vanguard Ultra-Short Treasury ETF | 3.60% | 3.12% | 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 VGUS 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 (6.96%) compared to VGUS (0.12%). In terms of maximum drawdown, ICVT dropped -33.25% vs VGUS's -0.07%.
On 1-year performance, ICVT leads with 43.39% vs 3.86% for VGUS. On fees, VGUS is cheaper at 0.07% per year. On volatility, VGUS has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ICVT has performed better with a 43.39% return vs 3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGUS is cheaper with a 0.07% expense ratio, compared with 0.20% for ICVT.
VGUS has the higher dividend yield at 3.60%, compared with 1.28% for ICVT.
ICVT is categorized as Preferred Stock/Convertible Bonds, while VGUS is Ultrashort Bond. ICVT tracks Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index, while VGUS tracks Bloomberg Short Treasury Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for ICVT and 0.07% for VGUS.
VGUS currently has the higher Sharpe Ratio (11.86 vs 2.81), 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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