IVOL vs. IGHG
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and IGHG (ProShares Investment Grade-Interest Rate Hedged) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while IGHG is a Corporate Bonds fund tracking the Citi Corporate Investment Grade (Treasury Rate-Hedged) Index. IVOL is actively managed, while IGHG is passively managed. Over the past 5 years, IVOL returned -5.77%/yr vs 5.20%/yr for IGHG. At a correlation of -0.03, they often move in opposite directions. IVOL charges 0.99%/yr vs 0.30%/yr for IGHG.
Performance
IVOL vs. IGHG - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -8.36% return, which is significantly lower than IGHG's 1.88% return.
IVOL
- 1D
- -0.29%
- 1M
- -1.83%
- 6M
- -7.05%
- YTD
- -8.36%
- 1Y
- -7.46%
- 3Y*
- -2.50%
- 5Y*
- -5.77%
- 10Y*
- —
IGHG
- 1D
- -0.20%
- 1M
- -0.45%
- 6M
- 1.70%
- YTD
- 1.88%
- 1Y
- 4.71%
- 3Y*
- 7.82%
- 5Y*
- 5.20%
- 10Y*
- 4.68%
IVOL vs. IGHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -8.36% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
IGHG ProShares Investment Grade-Interest Rate Hedged | 1.88% | 5.65% | 9.20% | 11.58% | -0.90% | 0.88% | 0.61% | 7.01% |
Correlation
The correlation between IVOL and IGHG is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | -0.03 |
The correlation between IVOL and IGHG shifts across timeframes, from -0.17 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IVOL vs. IGHG — Risk / Return Rank
IVOL
IGHG
IVOL vs. IGHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and ProShares Investment Grade-Interest Rate Hedged (IGHG). 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.
| IVOL | IGHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.53 | ||
| Sortino ratioReturn per unit of downside risk | -3.62 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.26 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 2.70 | -3.32 |
| Martin ratioReturn relative to average drawdown | -1.33 | 9.52 | -10.85 |
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Drawdowns
IVOL vs. IGHG - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, which is greater than IGHG's maximum drawdown of -25.16%. Use the drawdown chart below to compare losses from any high point for IVOL and IGHG.
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Drawdown Indicators
| IVOL | IGHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -25.16% | -6.00% |
Max Drawdown (1Y)Largest decline over 1 year | -12.08% | -1.75% | -10.33% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -3.74% | -10.74% |
Max Drawdown (5Y)Largest decline over 5 years | -30.28% | -8.75% | -21.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.16% | — |
Current DrawdownCurrent decline from peak | -27.93% | -0.49% | -27.44% |
Average DrawdownAverage peak-to-trough decline | -13.49% | -2.28% | -11.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.60% | 0.50% | +5.10% |
Volatility
IVOL vs. IGHG - Volatility Comparison
Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) has a higher volatility of 2.63% compared to ProShares Investment Grade-Interest Rate Hedged (IGHG) at 0.62%. This indicates that IVOL's price experiences larger fluctuations and is considered to be riskier than IGHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVOL | IGHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 0.62% | +2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 4.97% | 2.11% | +2.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.73% | 3.36% | +3.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 5.01% | +7.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.94% | 7.32% | +4.62% |
IVOL vs. IGHG - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than IGHG's 0.30% expense ratio.
Dividends
IVOL vs. IGHG - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.95%, less than IGHG's 5.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 5.14% | 5.14% | 5.06% | 4.99% | 3.55% | 2.50% | 2.79% | 3.48% | 4.13% | 3.36% | 3.37% | 3.65% |
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.95% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IVOL and IGHG have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVOL has higher volatility (2.63%) compared to IGHG (0.62%). In terms of maximum drawdown, IVOL dropped -31.16% vs IGHG's -25.16%.
On 5-year performance, IGHG leads with 5.20% vs -5.77% for IVOL. On fees, IGHG is cheaper at 0.30% per year. On volatility, IGHG has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IGHG has performed better with a 5.20% return vs -5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGHG is cheaper with a 0.30% expense ratio, compared with 0.99% for IVOL.
IGHG has the higher dividend yield at 5.14%, compared with 3.95% for IVOL.
IVOL is categorized as Inflation-Protected Bonds, while IGHG is Corporate Bonds. They also come from different issuers: CICC and ProShares. Their fees differ too: 0.99% for IVOL and 0.30% for IGHG.
IGHG currently has the higher Sharpe Ratio (1.41 vs -1.11), 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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