IVOL vs. LQD
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while LQD is a Corporate Bonds fund tracking the iBoxx $ Liquid Investment Grade Index. IVOL is actively managed, while LQD is passively managed. Over the past 5 years, IVOL returned -5.77%/yr vs -0.04%/yr for LQD. At a 0.21 correlation, their price movements are largely independent. IVOL charges 0.99%/yr vs 0.15%/yr for LQD.
Performance
IVOL vs. LQD - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -6.33% return, which is significantly lower than LQD's 0.46% return.
IVOL
- 1D
- -0.34%
- 1M
- -3.62%
- YTD
- -6.33%
- 6M
- -7.21%
- 1Y
- -5.59%
- 3Y*
- -3.54%
- 5Y*
- -5.77%
- 10Y*
- —
LQD
- 1D
- -0.28%
- 1M
- 0.72%
- YTD
- 0.46%
- 6M
- -0.03%
- 1Y
- 6.08%
- 3Y*
- 4.95%
- 5Y*
- -0.04%
- 10Y*
- 2.52%
IVOL vs. LQD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -6.33% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.23% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.46% | 7.90% | 0.86% | 9.40% | -17.92% | -1.84% | 10.97% | 9.84% |
Correlation
The correlation between IVOL and LQD is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since May 15, 2019 | 0.21 |
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Return for Risk
IVOL vs. LQD — Risk / Return Rank
IVOL
LQD
IVOL vs. LQD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD). 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 | LQD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.95 | ||
| Sortino ratioReturn per unit of downside risk | -2.82 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.20 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | 1.83 | -2.40 |
| Martin ratioReturn relative to average drawdown | -1.28 | 5.23 | -6.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IVOL | LQD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.81 | 1.14 | -1.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.01 | -0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.29 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | 0.54 | -0.65 |
Drawdowns
IVOL vs. LQD - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, which is greater than LQD's maximum drawdown of -24.95%. Use the drawdown chart below to compare losses from any high point for IVOL and LQD.
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Drawdown Indicators
| IVOL | LQD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -24.95% | -6.21% |
Max Drawdown (1Y)Largest decline over 1 year | -9.81% | -3.34% | -6.47% |
Max Drawdown (3Y)Largest decline over 3 years | -16.63% | -8.43% | -8.20% |
Max Drawdown (5Y)Largest decline over 5 years | -30.62% | -24.95% | -5.67% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.95% | — |
Current DrawdownCurrent decline from peak | -26.33% | -3.72% | -22.61% |
Average DrawdownAverage peak-to-trough decline | -13.30% | -3.99% | -9.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | 1.17% | +3.21% |
Volatility
IVOL vs. LQD - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 1.07%, while iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) has a volatility of 1.65%. This indicates that IVOL experiences smaller price fluctuations and is considered to be less risky than LQD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVOL | LQD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 1.65% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 4.44% | 3.90% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.89% | 5.36% | +1.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.84% | 8.65% | +4.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.99% | 8.68% | +3.31% |
IVOL vs. LQD - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than LQD's 0.15% expense ratio.
Dividends
IVOL vs. LQD - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.89%, less than LQD's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.89% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% | 0.00% | 0.00% | 0.00% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.57% | 4.48% | 4.45% | 3.99% | 3.30% | 2.30% | 2.66% | 3.29% | 3.67% | 3.10% | 3.34% | 3.47% |
Frequently Asked Questions
IVOL and LQD have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LQD has higher volatility (1.65%) compared to IVOL (1.07%). In terms of maximum drawdown, IVOL dropped -31.16% vs LQD's -24.95%.
On 5-year performance, LQD leads with -0.04% vs -5.77% for IVOL. On fees, LQD is cheaper at 0.15% per year. On volatility, IVOL has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, LQD has performed better with a -0.04% return vs -5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LQD is cheaper with a 0.15% expense ratio, compared with 0.99% for IVOL.
LQD has the higher dividend yield at 4.57%, compared with 3.89% for IVOL.
IVOL is categorized as Inflation-Protected Bonds, while LQD is Corporate Bonds. They also come from different issuers: CICC and iShares. Their fees differ too: 0.99% for IVOL and 0.15% for LQD.
LQD currently has the higher Sharpe Ratio (1.14 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.
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