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 -5.77%/yr vs 13.01%/yr for VOO. At a 0.02 correlation, their price movements are largely independent. 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 -8.36% return, which is significantly lower than VOO's 10.45% return.
IVOL
- 1D
- -0.29%
- 1M
- -1.83%
- 6M
- -7.05%
- YTD
- -8.36%
- 1Y
- -7.46%
- 3Y*
- -2.50%
- 5Y*
- -5.77%
- 10Y*
- —
VOO
- 1D
- -0.77%
- 1M
- 1.25%
- 6M
- 8.34%
- YTD
- 10.45%
- 1Y
- 21.53%
- 3Y*
- 20.16%
- 5Y*
- 13.01%
- 10Y*
- 15.16%
IVOL vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -8.36% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
VOO Vanguard S&P 500 ETF | 10.45% | 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 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
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. 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 | -2.84 | ||
| Sortino ratioReturn per unit of downside risk | -3.91 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.31 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 2.43 | -3.05 |
| Martin ratioReturn relative to average drawdown | -1.33 | 10.60 | -11.93 |
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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 | -12.08% | -8.90% | -3.18% |
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 | -27.93% | -1.11% | -26.82% |
Average DrawdownAverage peak-to-trough decline | -13.49% | -3.68% | -9.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.60% | 2.04% | +3.56% |
Volatility
IVOL vs. VOO - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 2.63%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.16%. 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 | 2.63% | 4.16% | -1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 4.97% | 9.97% | -5.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.73% | 12.53% | -5.80% |
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 | 11.94% | 18.00% | -6.06% |
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 3.95%, 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 | 3.95% | 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 (4.16%) compared to IVOL (2.63%). In terms of maximum drawdown, IVOL dropped -31.16% vs VOO's -33.99%.
On 5-year performance, VOO leads with 13.01% vs -5.77% for IVOL. On fees, VOO is cheaper at 0.03% per year. On volatility, IVOL has been the lower-risk option at 2.63%. 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 13.01% return vs -5.77%. 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 3.95%, 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 (1.73 vs -1.11), 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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