ITRAX vs. IOEZX

Last updated Jun 4, 2026

ITRAX (VY® T. Rowe Price Capital Appreciation Portfolio) and IOEZX (ICON Equity Income Fund) are both Diversified Portfolio funds. Over the past 10 years, ITRAX returned 10.45%/yr vs 8.56%/yr for IOEZX. Their correlation of 0.81 suggests significant overlap in exposure. ITRAX charges 1.24%/yr vs 1.00%/yr for IOEZX.

Performance

ITRAX vs. IOEZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VY® T. Rowe Price Capital Appreciation Portfolio (ITRAX) and ICON Equity Income Fund (IOEZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ITRAX achieves a 5.07% return, which is significantly lower than IOEZX's 13.83% return. Over the past 10 years, ITRAX has outperformed IOEZX with an annualized return of 10.45%, while IOEZX has yielded a comparatively lower 8.56% annualized return.

ITRAX

• 1D: -0.31%
• 1M: 2.33%
• YTD: 5.07%
• 6M: 3.60%
• 1Y: 12.16%
• 3Y*: 12.24%
• 5Y*: 7.91%
• 10Y*: 10.45%

IOEZX

• 1D: 0.91%
• 1M: -0.69%
• YTD: 13.83%
• 6M: 15.02%
• 1Y: 27.35%
• 3Y*: 12.80%
• 5Y*: 4.43%
• 10Y*: 8.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ITRAX vs. IOEZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ITRAX VY® T. Rowe Price Capital Appreciation Portfolio	5.07%	10.14%	12.12%	18.26%	-12.54%	17.94%	17.52%	23.99%	-0.12%	14.74%
IOEZX ICON Equity Income Fund	13.83%	14.29%	6.12%	3.82%	-13.56%	24.15%	3.16%	27.70%	-10.11%	13.59%

Correlation

The correlation between ITRAX and IOEZX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Feb 4, 2004	0.81

Over the past year, the correlation between ITRAX and IOEZX has dropped to 0.40 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

ITRAX vs. IOEZX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ITRAX

ITRAX Risk / Return Rank: 19
ITRAX Sharpe Ratio Rank: 13
ITRAX Sortino Ratio Rank: 13
ITRAX Omega Ratio Rank: 31
ITRAX Calmar Ratio Rank: 20
ITRAX Martin Ratio Rank: 17

IOEZX

IOEZX Risk / Return Rank: 70
IOEZX Sharpe Ratio Rank: 62
IOEZX Sortino Ratio Rank: 67
IOEZX Omega Ratio Rank: 51
IOEZX Calmar Ratio Rank: 86
IOEZX Martin Ratio Rank: 83

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.

ITRAX vs. IOEZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VY® T. Rowe Price Capital Appreciation Portfolio (ITRAX) and ICON Equity Income Fund (IOEZX). 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.

	ITRAX	IOEZX	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.32	-1.35
Sortino ratio: Return per unit of downside risk	1.47	3.41	-1.94
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio: Return relative to maximum drawdown	1.61	4.13	-2.52
Martin ratio: Return relative to average drawdown	4.59	15.74	-11.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITRAX vs. IOEZX - Sharpe Ratio Comparison

The current ITRAX Sharpe Ratio is 0.97, which is lower than the IOEZX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of ITRAX and IOEZX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ITRAX	IOEZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	2.32	-1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.32	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.52	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.40	+0.17

Drawdowns

ITRAX vs. IOEZX - Drawdown Comparison

The maximum ITRAX drawdown since its inception was -42.74%, smaller than the maximum IOEZX drawdown of -56.15%. Use the drawdown chart below to compare losses from any high point for ITRAX and IOEZX.

Drawdown Indicators

	ITRAX	IOEZX	Difference
Max Drawdown Largest peak-to-trough decline	-42.74%	-56.15%	+13.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-6.77%	-2.01%
Max Drawdown (3Y) Largest decline over 3 years	-9.99%	-13.95%	+3.96%
Max Drawdown (5Y) Largest decline over 5 years	-17.53%	-21.47%	+3.94%
Max Drawdown (10Y) Largest decline over 10 years	-27.01%	-38.12%	+11.11%
Current Drawdown Current decline from peak	-7.17%	-2.20%	-4.97%
Average Drawdown Average peak-to-trough decline	-4.68%	-8.58%	+3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	1.77%	+1.14%

Volatility

ITRAX vs. IOEZX - Volatility Comparison

VY® T. Rowe Price Capital Appreciation Portfolio (ITRAX) has a higher volatility of 12.04% compared to ICON Equity Income Fund (IOEZX) at 3.68%. This indicates that ITRAX's price experiences larger fluctuations and is considered to be riskier than IOEZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ITRAX	IOEZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.04%	3.68%	+8.36%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	8.84%	+4.35%
Volatility (1Y) Calculated over the trailing 1-year period	14.63%	12.05%	+2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.48%	13.83%	-1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.68%	16.48%	-3.80%

ITRAX vs. IOEZX - Expense Ratio Comparison

ITRAX has a 1.24% expense ratio, which is higher than IOEZX's 1.00% expense ratio.

Dividends

ITRAX vs. IOEZX - Dividend Comparison

ITRAX's dividend yield for the trailing twelve months is around 16.49%, more than IOEZX's 2.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IOEZX ICON Equity Income Fund	2.97%	3.56%	4.32%	3.75%	13.63%	12.92%	3.68%	4.74%	3.80%	3.13%	3.32%	4.24%
ITRAX VY® T. Rowe Price Capital Appreciation Portfolio	16.49%	17.33%	2.68%	11.74%	17.12%	13.46%	8.70%	6.53%	10.32%	5.87%	10.79%	16.34%

Frequently Asked Questions

Can I hold both ITRAX and IOEZX in my portfolio?

ITRAX and IOEZX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ITRAX or IOEZX?

ITRAX has higher volatility (12.04%) compared to IOEZX (3.68%). In terms of maximum drawdown, ITRAX dropped -42.74% vs IOEZX's -56.15%.

Which has better risk-adjusted returns?

IOEZX currently has the higher Sharpe Ratio (2.32 vs 0.96), 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.