IVVB vs. GVIP

Last updated Jun 24, 2026

IVVB (iShares Large Cap Deep Buffer ETF) and GVIP (Goldman Sachs Hedge Industry VIP ETF) are both exchange-traded funds - IVVB is a Options Trading fund actively managed by iShares, while GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP Index. IVVB is actively managed, while GVIP is passively managed. Over the past year, IVVB returned 12.68% vs 35.53% for GVIP. Their correlation of 0.84 suggests significant overlap in exposure. IVVB charges 0.50%/yr vs 0.45%/yr for GVIP.

Performance

IVVB vs. GVIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Deep Buffer ETF (IVVB) and Goldman Sachs Hedge Industry VIP ETF (GVIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVVB achieves a 3.81% return, which is significantly lower than GVIP's 16.34% return.

IVVB

• 1D: -0.46%
• 1M: -0.43%
• YTD: 3.81%
• 6M: 2.94%
• 1Y: 12.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GVIP

• 1D: -6.01%
• 1M: 3.42%
• YTD: 16.34%
• 6M: 15.67%
• 1Y: 35.53%
• 3Y*: 29.99%
• 5Y*: 12.53%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IVVB vs. GVIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IVVB iShares Large Cap Deep Buffer ETF	3.81%	9.60%	18.66%	2.64%
GVIP Goldman Sachs Hedge Industry VIP ETF	16.34%	25.27%	29.82%	14.59%

Correlation

The correlation between IVVB and GVIP is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023	0.84

The correlation between IVVB and GVIP has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

Return for Risk

IVVB vs. GVIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IVVB

IVVB Risk / Return Rank: 53
IVVB Sharpe Ratio Rank: 54
IVVB Sortino Ratio Rank: 52
IVVB Omega Ratio Rank: 54
IVVB Calmar Ratio Rank: 47
IVVB Martin Ratio Rank: 56

GVIP

GVIP Risk / Return Rank: 54
GVIP Sharpe Ratio Rank: 52
GVIP Sortino Ratio Rank: 47
GVIP Omega Ratio Rank: 51
GVIP Calmar Ratio Rank: 56
GVIP Martin Ratio Rank: 64

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.

IVVB vs. GVIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Deep Buffer ETF (IVVB) and Goldman Sachs Hedge Industry VIP ETF (GVIP). 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.

	IVVB	GVIP	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.70	+0.02
Sortino ratio: Return per unit of downside risk	2.41	2.26	+0.16
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.22	2.61	-0.40
Martin ratio: Return relative to average drawdown	9.43	11.04	-1.61

IVVB vs. GVIP - Sharpe Ratio Comparison

The current IVVB Sharpe Ratio is 1.72, which is comparable to the GVIP Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of IVVB and GVIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IVVB vs. GVIP - Drawdown Comparison

The maximum IVVB drawdown since its inception was -13.08%, smaller than the maximum GVIP drawdown of -37.09%. Use the drawdown chart below to compare losses from any high point for IVVB and GVIP.

Drawdown Indicators

	IVVB	GVIP	Difference
Max Drawdown Largest peak-to-trough decline	-13.08%	-37.09%	+24.01%
Max Drawdown (1Y) Largest decline over 1 year	-5.75%	-13.67%	+7.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.09%	—
Current Drawdown Current decline from peak	-0.88%	-6.01%	+5.13%
Average Drawdown Average peak-to-trough decline	-1.59%	-7.56%	+5.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	3.23%	-1.88%

Volatility

IVVB vs. GVIP - Volatility Comparison

The current volatility for iShares Large Cap Deep Buffer ETF (IVVB) is 1.74%, while Goldman Sachs Hedge Industry VIP ETF (GVIP) has a volatility of 11.43%. This indicates that IVVB experiences smaller price fluctuations and is considered to be less risky than GVIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVVB	GVIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	11.43%	-9.69%
Volatility (6M) Calculated over the trailing 6-month period	5.49%	17.87%	-12.38%
Volatility (1Y) Calculated over the trailing 1-year period	7.40%	21.01%	-13.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.25%	21.83%	-12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.25%	21.87%	-12.62%

IVVB vs. GVIP - Expense Ratio Comparison

IVVB has a 0.50% expense ratio, which is higher than GVIP's 0.45% expense ratio.

Dividends

IVVB vs. GVIP - Dividend Comparison

IVVB's dividend yield for the trailing twelve months is around 1.18%, more than GVIP's 0.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GVIP Goldman Sachs Hedge Industry VIP ETF	0.29%	0.34%	0.29%	0.77%	0.02%	0.00%	0.12%	0.77%	0.44%	0.45%	0.08%
IVVB iShares Large Cap Deep Buffer ETF	1.18%	1.22%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVVB and GVIP in my portfolio?

IVVB and GVIP have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVVB or GVIP?

GVIP has higher volatility (11.43%) compared to IVVB (1.74%). In terms of maximum drawdown, IVVB dropped -13.08% vs GVIP's -37.09%.

Which ETF is better, IVVB or GVIP?

On 1-year performance, GVIP leads with 35.53% vs 12.68% for IVVB. On fees, GVIP is cheaper at 0.45% per year. On volatility, IVVB has been the lower-risk option at 1.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVVB or GVIP?

Over the 1-year period, GVIP has performed better with a 35.53% return vs 12.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVVB or GVIP?

GVIP is cheaper with a 0.45% expense ratio, compared with 0.50% for IVVB.

Which ETF pays a higher dividend yield, IVVB or GVIP?

IVVB has the higher dividend yield at 1.18%, compared with 0.29% for GVIP.

What is the main difference between IVVB and GVIP?

IVVB is categorized as Options Trading, while GVIP is Large Cap Growth Equities. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.50% for IVVB and 0.45% for GVIP.

Which has better risk-adjusted returns?

IVVB currently has the higher Sharpe Ratio (1.72 vs 1.70), 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.