IVOL vs. VOO
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while VOO is a S&P 500 fund tracking the S&P 500 Index. IVOL is actively managed, while VOO is passively managed. Over the past 5 years, IVOL returned -5.87%/yr vs 12.83%/yr for VOO. Their 0.03 correlation means their historical movements had little consistent relationship. IVOL charges 0.99%/yr vs 0.03%/yr for VOO.
Performance
IVOL vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -7.33% return, which is significantly lower than VOO's 10.16% return.
IVOL
- 1D
- 0.17%
- 1M
- 0.36%
- 6M
- -6.64%
- YTD
- -7.33%
- 1Y
- -7.62%
- 3Y*
- -1.90%
- 5Y*
- -5.87%
- 10Y*
- —
- ALL TIME*
- -1.42%
VOO
- 1D
- 0.71%
- 1M
- 0.26%
- 6M
- 8.58%
- YTD
- 10.16%
- 1Y
- 21.58%
- 3Y*
- 19.42%
- 5Y*
- 12.83%
- 10Y*
- 15.14%
- ALL TIME*
- 14.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.46M | $1.22M | $2.07M | |
| $3.82B | $3.78B | $5.44B |
IVOL vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -7.33% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
VOO Vanguard S&P 500 ETF | 10.16% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 16.34% |
Correlation
The correlation between IVOL and VOO is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.00 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | 0.03 |
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Return for Risk
IVOL vs. VOO — Risk / Return Rank
IVOL
VOO
IVOL vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.39 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.28 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 2.21 | -2.71 |
| Martin ratioReturn relative to average drawdown | -0.99 | 9.44 | -10.42 |
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Drawdowns
IVOL vs. VOO - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for IVOL and VOO.
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Drawdown Indicators
| IVOL | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -33.99% | +2.83% |
Max Drawdown (1Y)Largest decline over 1 year | -12.17% | -8.90% | -3.27% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -18.69% | +4.21% |
Max Drawdown (5Y)Largest decline over 5 years | -30.28% | -24.52% | -5.76% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.99% | — |
Current DrawdownCurrent decline from peak | -27.12% | -1.38% | -25.74% |
Average DrawdownAverage peak-to-trough decline | -13.60% | -3.67% | -9.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.22% | 2.08% | +4.14% |
Volatility
IVOL vs. VOO - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 1.74%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.54%. This indicates that IVOL experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVOL | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 3.54% | -1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 10.10% | -5.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.74% | 12.82% | -6.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 16.93% | -4.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.91% | 18.01% | -6.10% |
IVOL vs. VOO - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
IVOL vs. VOO - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.88%, more than VOO's 1.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.88% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% | 0.00% | 0.00% | 0.00% |
VOO Vanguard S&P 500 ETF | 1.07% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
IVOL and VOO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOO has higher volatility (3.54%) compared to IVOL (1.74%). In terms of maximum drawdown, IVOL dropped -31.16% vs VOO's -33.99%.
On 5-year performance, VOO leads with 12.83% vs -5.87% for IVOL. On fees, VOO is cheaper at 0.03% per year. On volatility, IVOL has been the lower-risk option at 1.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VOO has performed better with a 12.83% return vs -5.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.99% for IVOL.
IVOL has the higher dividend yield at 3.88%, compared with 1.07% for VOO.
IVOL is categorized as Inflation-Protected Bonds, while VOO is S&P 500. They also come from different issuers: CICC and Vanguard. Their fees differ too: 0.99% for IVOL and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (1.53 vs -0.92), 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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