LKOR vs. ICVT
LKOR (FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund) and ICVT (iShares Convertible Bond ETF) are both exchange-traded funds - LKOR is a Corporate Bonds fund tracking the Northern Trust US Long Corporate Bond Quality Value Index, while ICVT is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. Both are passively managed. Over the past 10 years, LKOR returned 2.46%/yr vs 14.40%/yr for ICVT. At a 0.19 correlation, their price movements are largely independent. LKOR charges 0.22%/yr vs 0.20%/yr for ICVT.
Performance
LKOR vs. ICVT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, LKOR achieves a 1.11% return, which is significantly lower than ICVT's 26.89% return. Over the past 10 years, LKOR has underperformed ICVT with an annualized return of 2.46%, while ICVT has yielded a comparatively higher 14.40% annualized return.
LKOR
- 1D
- -0.40%
- 1M
- 1.32%
- YTD
- 1.11%
- 6M
- 1.14%
- 1Y
- 6.27%
- 3Y*
- 4.46%
- 5Y*
- -1.95%
- 10Y*
- 2.46%
ICVT
- 1D
- 0.02%
- 1M
- 5.09%
- YTD
- 26.89%
- 6M
- 24.71%
- 1Y
- 43.39%
- 3Y*
- 20.83%
- 5Y*
- 7.36%
- 10Y*
- 14.40%
LKOR vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LKOR FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | 1.11% | 7.04% | -1.02% | 11.64% | -25.55% | -1.51% | 16.00% | 23.97% | -7.61% | 13.87% |
ICVT iShares Convertible Bond ETF | 26.89% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
Correlation
The correlation between LKOR and ICVT is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015 | 0.19 |
The correlation between LKOR and ICVT shifts across timeframes, from 0.19 (all time) to 0.31 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
LKOR vs. ICVT — Risk / Return Rank
LKOR
ICVT
LKOR vs. ICVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) and iShares Convertible Bond ETF (ICVT). 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.
| LKOR | ICVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.38 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.50 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 5.78 | -4.61 |
| Martin ratioReturn relative to average drawdown | 2.79 | 19.71 | -16.93 |
Loading charts...
Drawdowns
LKOR vs. ICVT - Drawdown Comparison
The maximum LKOR drawdown since its inception was -34.78%, roughly equal to the maximum ICVT drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for LKOR and ICVT.
Loading charts...
Drawdown Indicators
| LKOR | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.78% | -33.25% | -1.53% |
Max Drawdown (1Y)Largest decline over 1 year | -5.39% | -7.55% | +2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -12.74% | -11.22% | -1.52% |
Max Drawdown (5Y)Largest decline over 5 years | -34.78% | -29.95% | -4.83% |
Max Drawdown (10Y)Largest decline over 10 years | -34.78% | -33.25% | -1.53% |
Current DrawdownCurrent decline from peak | -13.31% | 0.00% | -13.31% |
Average DrawdownAverage peak-to-trough decline | -10.37% | -9.46% | -0.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 2.21% | +0.04% |
Volatility
LKOR vs. ICVT - Volatility Comparison
The current volatility for FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) is 1.89%, while iShares Convertible Bond ETF (ICVT) has a volatility of 6.96%. This indicates that LKOR experiences smaller price fluctuations and is considered to be less risky than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| LKOR | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 6.96% | -5.07% |
Volatility (6M)Calculated over the trailing 6-month period | 5.89% | 12.95% | -7.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.90% | 15.57% | -7.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.89% | 13.49% | -0.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.22% | 15.61% | -2.39% |
LKOR vs. ICVT - Expense Ratio Comparison
LKOR has a 0.22% expense ratio, which is higher than ICVT's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
LKOR vs. ICVT - Dividend Comparison
LKOR's dividend yield for the trailing twelve months is around 5.70%, more than ICVT's 1.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.28% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
LKOR FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | 5.70% | 5.57% | 5.52% | 4.90% | 4.71% | 4.73% | 6.56% | 3.71% | 4.21% | 3.77% | 5.53% | 1.22% |
Frequently Asked Questions
LKOR and ICVT have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (6.96%) compared to LKOR (1.89%). In terms of maximum drawdown, LKOR dropped -34.78% vs ICVT's -33.25%.
On 10-year performance, ICVT leads with 14.40% vs 2.46% for LKOR. On fees, ICVT is cheaper at 0.20% per year. On volatility, LKOR has been the lower-risk option at 1.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICVT has performed better with a 14.40% return vs 2.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICVT is cheaper with a 0.20% expense ratio, compared with 0.22% for LKOR.
LKOR has the higher dividend yield at 5.70%, compared with 1.28% for ICVT.
LKOR is categorized as Corporate Bonds, while ICVT is Preferred Stock/Convertible Bonds. LKOR tracks Northern Trust US Long Corporate Bond Quality Value Index, while ICVT tracks Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.22% for LKOR and 0.20% for ICVT.
ICVT currently has the higher Sharpe Ratio (2.81 vs 0.80), 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.
Find the right allocation for LKOR and ICVT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer