VRP vs. ICVT
VRP (Invesco Variable Rate Preferred ETF) and ICVT (iShares Convertible Bond ETF) are both Preferred Stock/Convertible Bonds funds - VRP tracks the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index while ICVT tracks the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. Both are passively managed. Over the past 10 years, VRP returned 5.19%/yr vs 14.18%/yr for ICVT. At a 0.40 correlation, their price movements are largely independent. VRP charges 0.50%/yr vs 0.20%/yr for ICVT.
Performance
VRP vs. ICVT - Performance Comparison
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Returns By Period
In the year-to-date period, VRP achieves a 2.23% return, which is significantly lower than ICVT's 24.42% return. Over the past 10 years, VRP has underperformed ICVT with an annualized return of 5.19%, while ICVT has yielded a comparatively higher 14.18% annualized return.
VRP
- 1D
- 0.04%
- 1M
- 0.49%
- YTD
- 2.23%
- 6M
- 2.36%
- 1Y
- 6.26%
- 3Y*
- 9.77%
- 5Y*
- 4.31%
- 10Y*
- 5.19%
ICVT
- 1D
- -1.95%
- 1M
- 3.04%
- YTD
- 24.42%
- 6M
- 22.70%
- 1Y
- 40.17%
- 3Y*
- 20.04%
- 5Y*
- 6.76%
- 10Y*
- 14.18%
VRP vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VRP Invesco Variable Rate Preferred ETF | 2.23% | 7.34% | 11.10% | 10.35% | -9.00% | 4.20% | 5.11% | 18.84% | -6.62% | 9.26% |
ICVT iShares Convertible Bond ETF | 24.42% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
Correlation
The correlation between VRP and ICVT is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015 | 0.40 |
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Return for Risk
VRP vs. ICVT — Risk / Return Rank
VRP
ICVT
VRP vs. ICVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred ETF (VRP) 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.
| VRP | ICVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.46 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 5.35 | -3.17 |
| Martin ratioReturn relative to average drawdown | 11.69 | 18.22 | -6.54 |
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Drawdowns
VRP vs. ICVT - Drawdown Comparison
The maximum VRP drawdown since its inception was -46.04%, which is greater than ICVT's maximum drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for VRP and ICVT.
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Drawdown Indicators
| VRP | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.04% | -33.25% | -12.79% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -7.55% | +4.66% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -11.22% | +6.96% |
Max Drawdown (5Y)Largest decline over 5 years | -13.76% | -29.95% | +16.19% |
Max Drawdown (10Y)Largest decline over 10 years | -46.04% | -33.25% | -12.79% |
Current DrawdownCurrent decline from peak | -0.16% | -1.95% | +1.79% |
Average DrawdownAverage peak-to-trough decline | -2.30% | -9.46% | +7.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 2.21% | -1.67% |
Volatility
VRP vs. ICVT - Volatility Comparison
The current volatility for Invesco Variable Rate Preferred ETF (VRP) is 0.54%, while iShares Convertible Bond ETF (ICVT) has a volatility of 7.08%. This indicates that VRP 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.
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Volatility by Period
| VRP | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 7.08% | -6.54% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 13.10% | -10.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 15.68% | -12.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.55% | 13.51% | -6.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.53% | 15.61% | -1.08% |
VRP vs. ICVT - Expense Ratio Comparison
VRP has a 0.50% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Dividends
VRP vs. ICVT - Dividend Comparison
VRP's dividend yield for the trailing twelve months is around 6.24%, more than ICVT's 1.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.30% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
VRP Invesco Variable Rate Preferred ETF | 6.24% | 6.53% | 5.78% | 6.61% | 5.38% | 4.25% | 4.17% | 4.71% | 5.28% | 4.69% | 5.10% | 5.02% |
Frequently Asked Questions
VRP and ICVT have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (7.08%) compared to VRP (0.54%). In terms of maximum drawdown, VRP dropped -46.04% vs ICVT's -33.25%.
On 10-year performance, ICVT leads with 14.18% vs 5.19% for VRP. On fees, ICVT is cheaper at 0.20% per year. On volatility, VRP has been the lower-risk option at 0.54%. 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 14.18% return vs 5.19%. 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 0.50% for VRP.
VRP has the higher dividend yield at 6.24%, compared with 1.30% for ICVT.
VRP tracks Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index, while ICVT tracks Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for VRP and 0.20% for ICVT.
ICVT currently has the higher Sharpe Ratio (2.57 vs 2.17), 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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