VPC vs. IAI
VPC (Virtus Private Credit ETF) and IAI (iShares U.S. Broker-Dealers & Securities Exchanges ETF) are both exchange-traded funds - VPC is a Nontraditional Bonds fund tracking the Indxx Private Credit Index, while IAI is a Financials Equities fund tracking the Dow Jones U.S. Select Investment Services Index. Both are passively managed. Over the past 5 years, VPC returned 0.39%/yr vs 14.88%/yr for IAI. A 0.55 correlation means they provide meaningful diversification when combined. VPC charges 0.75%/yr vs 0.38%/yr for IAI.
Performance
VPC vs. IAI - Performance Comparison
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Returns By Period
In the year-to-date period, VPC achieves a -12.79% return, which is significantly lower than IAI's 4.12% return.
VPC
- 1D
- 0.41%
- 1M
- -3.76%
- YTD
- -12.79%
- 6M
- -11.42%
- 1Y
- -15.79%
- 3Y*
- 1.19%
- 5Y*
- 0.39%
- 10Y*
- —
IAI
- 1D
- -0.65%
- 1M
- 3.38%
- YTD
- 4.12%
- 6M
- 2.06%
- 1Y
- 17.16%
- 3Y*
- 29.87%
- 5Y*
- 14.88%
- 10Y*
- 19.81%
VPC vs. IAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VPC Virtus Private Credit ETF | -12.79% | -6.75% | 10.52% | 22.20% | -11.70% | 34.18% | -9.50% | 9.25% |
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 4.12% | 25.80% | 34.37% | 15.27% | -10.87% | 40.48% | 18.61% | 15.44% |
Correlation
The correlation between VPC and IAI is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019 | 0.55 |
The correlation between VPC and IAI shifts across timeframes, from 0.44 (1 year) to 0.56 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VPC vs. IAI — Risk / Return Rank
VPC
IAI
VPC vs. IAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Private Credit ETF (VPC) and iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI). 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.
| VPC | IAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.16 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 1.04 | -1.74 |
| Martin ratioReturn relative to average drawdown | -1.30 | 2.96 | -4.26 |
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Drawdowns
VPC vs. IAI - Drawdown Comparison
The maximum VPC drawdown since its inception was -53.45%, smaller than the maximum IAI drawdown of -75.46%. Use the drawdown chart below to compare losses from any high point for VPC and IAI.
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Drawdown Indicators
| VPC | IAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.45% | -75.46% | +22.01% |
Max Drawdown (1Y)Largest decline over 1 year | -22.76% | -16.52% | -6.24% |
Max Drawdown (3Y)Largest decline over 3 years | -24.86% | -23.14% | -1.72% |
Max Drawdown (5Y)Largest decline over 5 years | -24.86% | -28.84% | +3.98% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.38% | — |
Current DrawdownCurrent decline from peak | -22.76% | -1.91% | -20.85% |
Average DrawdownAverage peak-to-trough decline | -7.76% | -22.61% | +14.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.20% | 5.80% | +6.40% |
Volatility
VPC vs. IAI - Volatility Comparison
The current volatility for Virtus Private Credit ETF (VPC) is 4.19%, while iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) has a volatility of 5.64%. This indicates that VPC experiences smaller price fluctuations and is considered to be less risky than IAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VPC | IAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.19% | 5.64% | -1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 11.26% | 15.39% | -4.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.50% | 19.29% | -5.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 21.42% | -7.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.52% | 22.75% | -2.23% |
VPC vs. IAI - Expense Ratio Comparison
VPC has a 0.75% expense ratio, which is higher than IAI's 0.38% expense ratio.
Dividends
VPC vs. IAI - Dividend Comparison
VPC's dividend yield for the trailing twelve months is around 16.70%, more than IAI's 1.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 1.10% | 0.95% | 1.05% | 1.80% | 2.14% | 1.31% | 1.55% | 1.52% | 1.58% | 1.37% | 1.49% | 1.31% |
VPC Virtus Private Credit ETF | 16.70% | 14.33% | 11.26% | 11.71% | 10.74% | 6.31% | 10.06% | 8.19% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VPC and IAI have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAI has higher volatility (5.64%) compared to VPC (4.19%). In terms of maximum drawdown, VPC dropped -53.45% vs IAI's -75.46%.
On 5-year performance, IAI leads with 14.88% vs 0.39% for VPC. On fees, IAI is cheaper at 0.38% per year. On volatility, VPC has been the lower-risk option at 4.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IAI has performed better with a 14.88% return vs 0.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAI is cheaper with a 0.38% expense ratio, compared with 0.75% for VPC.
VPC has the higher dividend yield at 16.70%, compared with 1.10% for IAI.
VPC is categorized as Nontraditional Bonds, while IAI is Financials Equities. VPC tracks Indxx Private Credit Index, while IAI tracks Dow Jones U.S. Select Investment Services Index. They also come from different issuers: Virtus Investment Partners and iShares. Their fees differ too: 0.75% for VPC and 0.38% for IAI.
IAI currently has the higher Sharpe Ratio (0.89 vs -1.18), 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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