IVOL vs. IRVH

Last updated Jun 4, 2026

IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and IRVH (Global X Interest Rate Volatility & Inflation Hedge ETF) are both Inflation-Protected Bonds funds. Both are actively managed. Over the past 3 years, IVOL returned -3.54%/yr vs -0.70%/yr for IRVH. A 0.59 correlation means they provide meaningful diversification when combined. IVOL charges 0.99%/yr vs 0.50%/yr for IRVH.

Performance

IVOL vs. IRVH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVOL achieves a -6.33% return, which is significantly lower than IRVH's -3.15% return.

IVOL

• 1D: -0.34%
• 1M: -3.62%
• YTD: -6.33%
• 6M: -7.21%
• 1Y: -5.59%
• 3Y*: -3.54%
• 5Y*: -5.77%
• 10Y*: —

IRVH

• 1D: -0.18%
• 1M: -1.31%
• YTD: -3.15%
• 6M: -3.34%
• 1Y: -1.62%
• 3Y*: -0.70%
• 5Y*: —
• 10Y*: —

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

IVOL vs. IRVH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	-6.33%	11.97%	-11.07%	-5.18%	-9.96%
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	-3.15%	7.71%	-5.49%	0.83%	-6.69%

Correlation

The correlation between IVOL and IRVH is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jul 7, 2022	0.59

The correlation between IVOL and IRVH shifts across timeframes, from 0.46 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IVOL vs. IRVH — Risk / Return Rank

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

IVOL

IVOL Risk / Return Rank: 3
IVOL Sharpe Ratio Rank: 3
IVOL Sortino Ratio Rank: 3
IVOL Omega Ratio Rank: 3
IVOL Calmar Ratio Rank: 4
IVOL Martin Ratio Rank: 3

IRVH

IRVH Risk / Return Rank: 5
IRVH Sharpe Ratio Rank: 6
IRVH Sortino Ratio Rank: 5
IRVH Omega Ratio Rank: 5
IRVH Calmar Ratio Rank: 6
IRVH Martin Ratio Rank: 6

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.

IVOL vs. IRVH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH). 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.

	IVOL	IRVH	Difference
Sharpe ratio: Return per unit of total volatility	-0.81	-0.33	-0.49
Sortino ratio: Return per unit of downside risk	-1.14	-0.43	-0.71
Omega ratio: Gain probability vs. loss probability	0.88	0.95	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.57	-0.33	-0.24
Martin ratio: Return relative to average drawdown	-1.28	-0.70	-0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOL vs. IRVH - Sharpe Ratio Comparison

The current IVOL Sharpe Ratio is -0.81, which is lower than the IRVH Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of IVOL and IRVH, 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

	IVOL	IRVH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.81	-0.33	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	-0.22	+0.11

Drawdowns

IVOL vs. IRVH - Drawdown Comparison

The maximum IVOL drawdown since its inception was -31.16%, which is greater than IRVH's maximum drawdown of -14.98%. Use the drawdown chart below to compare losses from any high point for IVOL and IRVH.

Drawdown Indicators

	IVOL	IRVH	Difference
Max Drawdown Largest peak-to-trough decline	-31.16%	-14.98%	-16.18%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-4.89%	-4.92%
Max Drawdown (3Y) Largest decline over 3 years	-16.63%	-8.03%	-8.60%
Max Drawdown (5Y) Largest decline over 5 years	-30.62%	—	—
Current Drawdown Current decline from peak	-26.33%	-10.15%	-16.18%
Average Drawdown Average peak-to-trough decline	-13.30%	-9.72%	-3.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	2.33%	+2.05%

Volatility

IVOL vs. IRVH - Volatility Comparison

Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) has a higher volatility of 1.07% compared to Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) at 0.73%. This indicates that IVOL's price experiences larger fluctuations and is considered to be riskier than IRVH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOL	IRVH	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	0.73%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	4.44%	3.27%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	6.89%	4.95%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.84%	8.85%	+3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.99%	8.85%	+3.14%

IVOL vs. IRVH - Expense Ratio Comparison

IVOL has a 0.99% expense ratio, which is higher than IRVH's 0.50% expense ratio.

Dividends

IVOL vs. IRVH - Dividend Comparison

IVOL's dividend yield for the trailing twelve months is around 3.89%, less than IRVH's 5.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	5.55%	4.89%	3.34%	3.69%	2.73%	0.00%	0.00%	0.00%
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	3.89%	3.61%	3.83%	3.73%	3.92%	3.93%	3.44%	2.02%

Frequently Asked Questions

Can I hold both IVOL and IRVH in my portfolio?

IVOL and IRVH have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVOL or IRVH?

IVOL has higher volatility (1.07%) compared to IRVH (0.73%). In terms of maximum drawdown, IVOL dropped -31.16% vs IRVH's -14.98%.

Which ETF is better, IVOL or IRVH?

On 3-year performance, IRVH leads with -0.70% vs -3.54% for IVOL. On fees, IRVH is cheaper at 0.50% per year. On volatility, IRVH has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOL or IRVH?

Over the 3-year period, IRVH has performed better with a -0.70% return vs -3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOL or IRVH?

IRVH is cheaper with a 0.50% expense ratio, compared with 0.99% for IVOL.

Which ETF pays a higher dividend yield, IVOL or IRVH?

IRVH has the higher dividend yield at 5.55%, compared with 3.89% for IVOL.

What is the main difference between IVOL and IRVH?

They also come from different issuers: CICC and Global X. Their fees differ too: 0.99% for IVOL and 0.50% for IRVH.

Which has better risk-adjusted returns?

IRVH currently has the higher Sharpe Ratio (-0.33 vs -0.81), 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.