IVOL vs. SPYG
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. IVOL is actively managed, while SPYG is passively managed. Over the past 5 years, IVOL returned -5.63%/yr vs 14.11%/yr for SPYG. At a 0.02 correlation, their price movements are largely independent. IVOL charges 0.99%/yr vs 0.04%/yr for SPYG.
Performance
IVOL vs. SPYG - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -8.37% return, which is significantly lower than SPYG's 8.70% return.
IVOL
- 1D
- 0.35%
- 1M
- -3.04%
- YTD
- -8.37%
- 6M
- -7.51%
- 1Y
- -7.39%
- 3Y*
- -2.64%
- 5Y*
- -5.63%
- 10Y*
- —
SPYG
- 1D
- -2.40%
- 1M
- -2.07%
- YTD
- 8.70%
- 6M
- 7.46%
- 1Y
- 26.87%
- 3Y*
- 25.48%
- 5Y*
- 14.11%
- 10Y*
- 18.05%
IVOL vs. SPYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -8.37% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
SPYG State Street SPDR Portfolio S&P 500 Growth ETF | 8.70% | 22.09% | 35.99% | 30.02% | -29.41% | 32.01% | 33.46% | 14.46% |
Correlation
The correlation between IVOL and SPYG is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | 0.02 |
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Return for Risk
IVOL vs. SPYG — Risk / Return Rank
IVOL
SPYG
IVOL vs. SPYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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 | SPYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.62 | ||
| Sortino ratioReturn per unit of downside risk | -3.62 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.28 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 1.96 | -2.58 |
| Martin ratioReturn relative to average drawdown | -1.48 | 7.79 | -9.27 |
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Drawdowns
IVOL vs. SPYG - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for IVOL and SPYG.
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Drawdown Indicators
| IVOL | SPYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -67.63% | +36.47% |
Max Drawdown (1Y)Largest decline over 1 year | -12.08% | -13.76% | +1.68% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -22.14% | +7.66% |
Max Drawdown (5Y)Largest decline over 5 years | -30.28% | -32.67% | +2.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.67% | — |
Current DrawdownCurrent decline from peak | -27.94% | -5.52% | -22.42% |
Average DrawdownAverage peak-to-trough decline | -13.39% | -24.28% | +10.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.99% | 3.46% | +1.53% |
Volatility
IVOL vs. SPYG - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 2.57%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 7.26%. This indicates that IVOL experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVOL | SPYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 7.26% | -4.69% |
Volatility (6M)Calculated over the trailing 6-month period | 4.97% | 13.90% | -8.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.05% | 17.26% | -10.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 21.36% | -8.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.98% | 20.73% | -8.75% |
IVOL vs. SPYG - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than SPYG's 0.04% expense ratio.
Dividends
IVOL vs. SPYG - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.98%, more than SPYG's 0.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.98% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% | 0.00% | 0.00% | 0.00% |
SPYG State Street SPDR Portfolio S&P 500 Growth ETF | 0.50% | 0.52% | 0.60% | 1.15% | 1.03% | 0.62% | 0.90% | 1.37% | 1.51% | 1.41% | 1.55% | 1.57% |
Frequently Asked Questions
IVOL and SPYG have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYG has higher volatility (7.26%) compared to IVOL (2.57%). In terms of maximum drawdown, IVOL dropped -31.16% vs SPYG's -67.63%.
On 5-year performance, SPYG leads with 14.11% vs -5.63% for IVOL. On fees, SPYG is cheaper at 0.04% per year. On volatility, IVOL has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPYG has performed better with a 14.11% return vs -5.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYG is cheaper with a 0.04% expense ratio, compared with 0.99% for IVOL.
IVOL has the higher dividend yield at 3.98%, compared with 0.50% for SPYG.
IVOL is categorized as Inflation-Protected Bonds, while SPYG is S&P 500. They also come from different issuers: CICC and State Street. Their fees differ too: 0.99% for IVOL and 0.04% for SPYG.
SPYG currently has the higher Sharpe Ratio (1.57 vs -1.05), 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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