QTPI vs. ICVT

Last updated Jun 23, 2026

QTPI (North Square RCIM Tax-Advantaged Preferred and Income Securities ETF) and ICVT (iShares Convertible Bond ETF) are both Preferred Stock/Convertible Bonds funds. QTPI is actively managed, while ICVT is passively managed. Over the past year, QTPI returned 5.53% vs 43.39% for ICVT. At a 0.42 correlation, their price movements are largely independent. QTPI charges 0.60%/yr vs 0.20%/yr for ICVT.

Performance

QTPI vs. ICVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI) and iShares Convertible Bond ETF (ICVT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QTPI achieves a 1.20% return, which is significantly lower than ICVT's 26.89% return.

QTPI

• 1D: -0.26%
• 1M: 0.35%
• YTD: 1.20%
• 6M: 1.05%
• 1Y: 5.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

QTPI vs. ICVT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QTPI North Square RCIM Tax-Advantaged Preferred and Income Securities ETF	1.20%	7.37%	0.19%
ICVT iShares Convertible Bond ETF	26.89%	18.10%	-1.06%

Correlation

The correlation between QTPI and ICVT 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 (All Time) Calculated using the full available price history since Dec 19, 2024	0.42

Return for Risk

QTPI vs. ICVT — Risk / Return Rank

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

QTPI

QTPI Risk / Return Rank: 46
QTPI Sharpe Ratio Rank: 39
QTPI Sortino Ratio Rank: 40
QTPI Omega Ratio Rank: 37
QTPI Calmar Ratio Rank: 55
QTPI Martin Ratio Rank: 61

ICVT

ICVT Risk / Return Rank: 88
ICVT Sharpe Ratio Rank: 89
ICVT Sortino Ratio Rank: 84
ICVT Omega Ratio Rank: 86
ICVT Calmar Ratio Rank: 92
ICVT Martin Ratio Rank: 90

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.

QTPI vs. ICVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI) 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.

	QTPI	ICVT	Difference
Sharpe ratio: Return per unit of total volatility	1.34	2.81	-1.46
Sortino ratio: Return per unit of downside risk	1.97	3.57	-1.59
Omega ratio: Gain probability vs. loss probability	1.24	1.50	-0.26
Calmar ratio: Return relative to maximum drawdown	2.63	5.78	-3.15
Martin ratio: Return relative to average drawdown	10.68	19.71	-9.03

QTPI vs. ICVT - Sharpe Ratio Comparison

The current QTPI Sharpe Ratio is 1.34, which is lower than the ICVT Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of QTPI and ICVT, 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

QTPI vs. ICVT - Drawdown Comparison

The maximum QTPI drawdown since its inception was -4.08%, smaller than the maximum ICVT drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for QTPI and ICVT.

Drawdown Indicators

	QTPI	ICVT	Difference
Max Drawdown Largest peak-to-trough decline	-4.08%	-33.25%	+29.17%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	-7.55%	+5.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.95%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.25%	—
Current Drawdown Current decline from peak	-0.32%	0.00%	-0.32%
Average Drawdown Average peak-to-trough decline	-0.40%	-9.46%	+9.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	2.21%	-1.69%

Volatility

QTPI vs. ICVT - Volatility Comparison

The current volatility for North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI) is 1.34%, while iShares Convertible Bond ETF (ICVT) has a volatility of 6.96%. This indicates that QTPI 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.

Volatility by Period

	QTPI	ICVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	6.96%	-5.62%
Volatility (6M) Calculated over the trailing 6-month period	3.25%	12.95%	-9.70%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	15.57%	-11.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.96%	13.49%	-8.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.96%	15.61%	-10.65%

QTPI vs. ICVT - Expense Ratio Comparison

QTPI has a 0.60% expense ratio, which is higher than ICVT's 0.20% expense ratio.

Dividends

QTPI vs. ICVT - Dividend Comparison

QTPI's dividend yield for the trailing twelve months is around 4.43%, 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%
QTPI North Square RCIM Tax-Advantaged Preferred and Income Securities ETF	4.43%	4.58%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QTPI and ICVT in my portfolio?

QTPI and ICVT 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.

Which is riskier, QTPI or ICVT?

ICVT has higher volatility (6.96%) compared to QTPI (1.34%). In terms of maximum drawdown, QTPI dropped -4.08% vs ICVT's -33.25%.

Which ETF is better, QTPI or ICVT?

On 1-year performance, ICVT leads with 43.39% vs 5.53% for QTPI. On fees, ICVT is cheaper at 0.20% per year. On volatility, QTPI has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QTPI or ICVT?

Over the 1-year period, ICVT has performed better with a 43.39% return vs 5.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QTPI or ICVT?

ICVT is cheaper with a 0.20% expense ratio, compared with 0.60% for QTPI.

Which ETF pays a higher dividend yield, QTPI or ICVT?

QTPI has the higher dividend yield at 4.43%, compared with 1.28% for ICVT.

What is the main difference between QTPI and ICVT?

They also come from different issuers: North Square and iShares. Their fees differ too: 0.60% for QTPI and 0.20% for ICVT.

Which has better risk-adjusted returns?

ICVT currently has the higher Sharpe Ratio (2.81 vs 1.34), 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.