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 -5.61%/yr vs -0.09%/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 -8.02% return, which is significantly lower than LQD's 1.27% return.
IVOL
- 1D
- 0.12%
- 1M
- -2.62%
- YTD
- -8.02%
- 6M
- -7.41%
- 1Y
- -7.56%
- 3Y*
- -2.73%
- 5Y*
- -5.61%
- 10Y*
- —
LQD
- 1D
- 0.08%
- 1M
- 1.04%
- YTD
- 1.27%
- 6M
- 0.85%
- 1Y
- 5.30%
- 3Y*
- 5.07%
- 5Y*
- -0.09%
- 10Y*
- 2.49%
IVOL vs. LQD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -8.02% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 1.27% | 7.90% | 0.86% | 9.40% | -17.92% | -1.84% | 10.97% | 10.00% |
Correlation
The correlation between IVOL and LQD is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since May 14, 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.
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 | LQD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.98 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.17 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.63 | 1.59 | -2.22 |
| Martin ratioReturn relative to average drawdown | -1.49 | 4.44 | -5.93 |
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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 | -12.08% | -3.34% | -8.74% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -8.43% | -6.05% |
Max Drawdown (5Y)Largest decline over 5 years | -30.28% | -24.95% | -5.33% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.95% | — |
Current DrawdownCurrent decline from peak | -27.66% | -2.94% | -24.72% |
Average DrawdownAverage peak-to-trough decline | -13.41% | -3.99% | -9.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.10% | 1.20% | +3.90% |
Volatility
IVOL vs. LQD - Volatility Comparison
Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) has a higher volatility of 2.56% compared to iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) at 1.44%. This indicates that IVOL's price experiences larger fluctuations and is considered to be riskier 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 | 2.56% | 1.44% | +1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 4.98% | 4.00% | +0.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.02% | 5.32% | +1.70% |
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 | 11.97% | 8.69% | +3.28% |
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 3.97%, less than LQD's 4.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.97% | 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 | 4.53% | 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 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVOL has higher volatility (2.56%) compared to LQD (1.44%). In terms of maximum drawdown, IVOL dropped -31.16% vs LQD's -24.95%.
On 5-year performance, LQD leads with -0.09% vs -5.61% for IVOL. On fees, LQD is cheaper at 0.15% per year. On volatility, LQD has been the lower-risk option at 1.44%. 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 -0.09% return vs -5.61%. 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 4.53%, compared with 3.97% 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 (1.00 vs -1.08), 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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