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IVV vs. PNNT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IVV vs. PNNT

Last updated Jun 13, 2026

IVV (iShares Core S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index, while PNNT (PennantPark Investment Corporation) is a stock. Over the past 10 years, IVV returned 15.47%/yr vs 7.07%/yr for PNNT. At a 0.48 correlation, their price movements are largely independent.

Performance

IVV vs. PNNT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P 500 ETF (IVV) and PennantPark Investment Corporation (PNNT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IVV achieves a 9.08% return, which is significantly higher than PNNT's -29.84% return. Over the past 10 years, IVV has outperformed PNNT with an annualized return of 15.47%, while PNNT has yielded a comparatively lower 7.07% annualized return.

IVV

1D
0.55%
1M
-0.08%
YTD
9.08%
6M
9.43%
1Y
24.38%
3Y*
20.95%
5Y*
13.42%
10Y*
15.47%

PNNT

1D
1.58%
1M
-8.53%
YTD
-29.84%
6M
-27.65%
1Y
-33.82%
3Y*
0.38%
5Y*
0.83%
10Y*
7.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IVV vs. PNNT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IVV
iShares Core S&P 500 ETF		9.08%17.85%24.93%26.31%-18.16%28.76%18.40%31.07%-4.49%21.75%
PNNT
PennantPark Investment Corporation		-29.84%-2.96%16.56%37.25%-8.90%61.71%-17.99%14.30%2.05%-0.65%

Correlation

The correlation between IVV and PNNT is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.38

Correlation (3Y)
Calculated over the trailing 3-year period

0.40

Correlation (5Y)
Calculated over the trailing 5-year period

0.45

Correlation (10Y)
Calculated over the trailing 10-year period

0.41

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2007

0.48

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core S&P 500 ETF

PennantPark Investment Corporation

Often compared with IVV:
IVV vs. VOOIVV vs. SPYIVV vs. FXAIXIVV vs. QQQIVV vs. VTIIVV vs. IOOIVV vs. CSPX.L
Often compared with PNNT:
PNNT vs. PFLTPNNT vs. MAINPNNT vs. TRINPNNT vs. GSBDPNNT vs. CGBDPNNT vs. JEPQPNNT vs. JEPI

Return for Risk

IVV vs. PNNT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IVV
IVV Risk / Return Rank: 7070
Overall Rank
IVV Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
IVV Sortino Ratio Rank: 6969
Sortino Ratio Rank
IVV Omega Ratio Rank: 7171
Omega Ratio Rank
IVV Calmar Ratio Rank: 6363
Calmar Ratio Rank
IVV Martin Ratio Rank: 7676
Martin Ratio Rank
PNNT
PNNT Risk / Return Rank: 55
Overall Rank
PNNT Sharpe Ratio Rank: 22
Sharpe Ratio Rank
PNNT Sortino Ratio Rank: 44
Sortino Ratio Rank
PNNT Omega Ratio Rank: 55
Omega Ratio Rank
PNNT Calmar Ratio Rank: 1212
Calmar Ratio Rank
PNNT Martin Ratio Rank: 44
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IVV vs. PNNT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 ETF (IVV) and PennantPark Investment Corporation (PNNT). 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.

IVVPNNTDifference
Sharpe ratioReturn per unit of total volatility
2.00
-1.25

+3.25

Sortino ratioReturn per unit of downside risk
2.70
-1.70

+4.40

Omega ratioGain probability vs. loss probability

1.36

0.78

+0.58

Calmar ratioReturn relative to maximum drawdown

2.76

-0.80

+3.55

Martin ratioReturn relative to average drawdown

12.43

-1.65

+14.08

IVV vs. PNNT - Sharpe Ratio Comparison

The current IVV Sharpe Ratio is 2.00, which is higher than the PNNT Sharpe Ratio of -1.25. The chart below compares the historical Sharpe Ratios of IVV and PNNT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IVV vs. PNNT - Drawdown Comparison

The maximum IVV drawdown since its inception was -55.25%, smaller than the maximum PNNT drawdown of -82.16%. Use the drawdown chart below to compare losses from any high point for IVV and PNNT.

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Drawdown Indicators

IVVPNNTDifference

Max Drawdown

Largest peak-to-trough decline

-55.25%

-82.16%

+26.91%

Max Drawdown (1Y)

Largest decline over 1 year

-8.89%

-42.61%

+33.72%

Max Drawdown (3Y)

Largest decline over 3 years

-18.75%

-42.61%

+23.86%

Max Drawdown (5Y)

Largest decline over 5 years

-24.53%

-42.61%

+18.08%

Max Drawdown (10Y)

Largest decline over 10 years

-33.90%

-69.14%

+35.24%

Current Drawdown

Current decline from peak

-2.35%

-40.28%

+37.93%

Average Drawdown

Average peak-to-trough decline

-10.77%

-15.29%

+4.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

20.58%

-18.61%

Volatility

IVV vs. PNNT - Volatility Comparison

The current volatility for iShares Core S&P 500 ETF (IVV) is 4.37%, while PennantPark Investment Corporation (PNNT) has a volatility of 9.97%. This indicates that IVV experiences smaller price fluctuations and is considered to be less risky than PNNT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IVVPNNTDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.37%

9.97%

-5.60%

Volatility (6M)

Calculated over the trailing 6-month period

9.59%

23.95%

-14.36%

Volatility (1Y)

Calculated over the trailing 1-year period

12.28%

27.06%

-14.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.95%

23.79%

-6.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.08%

32.76%

-14.68%

Dividends

IVV vs. PNNT - Dividend Comparison

IVV's dividend yield for the trailing twelve months is around 1.08%, less than PNNT's 24.94% yield.

PositionTTM20252024202320222021202020192018201720162015
IVV
iShares Core S&P 500 ETF		1.08%1.17%1.30%1.44%1.66%1.20%1.57%1.85%2.21%1.75%2.01%2.27%
PNNT
PennantPark Investment Corporation		24.94%16.11%12.85%11.65%10.43%6.93%11.71%11.03%11.30%10.42%14.62%18.12%

Frequently Asked Questions

IVV and PNNT have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PNNT has higher volatility (9.97%) compared to IVV (4.37%). In terms of maximum drawdown, IVV dropped -55.25% vs PNNT's -82.16%.

IVV currently has the higher Sharpe Ratio (2.00 vs -1.25), 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.

Portfolio Optimizer

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