AVK vs IVV
Advent Convertible and Income Fund vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | AVK | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 2.77% | 0.03% | |
| AUM | $623M | $907.0B | |
| Dividend Yield | 10.48% | 1.10% | |
| Holdings | 435 | 508 | |
| YTD Return | +9.23% | +12.96% | |
| 1Y Return | +14.89% | +20.70% | |
| 3Y Return (annualized) | +16.72% | +22.10% | |
| 5Y Return (annualized) | +4.96% | +13.40% | |
| Volatility (annualized) | 20.9% | 15.1% | |
| Max Drawdown | -72.6% | -56.5% | |
| Fund Family | Guggenheim Investments | iShares by BlackRock (US) | |
| Category | Convertible | Equity | |
| Inception | Apr 29, 2003 | May 15, 2000 |
AVK vs IVV Performance
Advent Convertible and Income Fund (AVK) is a ETF from Guggenheim Investments and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year AVK returned +14.89% while IVV returned +20.70%. Year to date, AVK is up 9.23% versus a gain of 12.96% for IVV.
Over three years, AVK compounded at +16.72% per year against +22.10% for IVV; over five years the annualized figures are +4.96% and +13.40% respectively. Across the full 23-year window we track, IVV has the edge at +7.01% annualized vs +0.03%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
AVK has been the more volatile fund, with annualized monthly volatility of 20.9% compared with 15.1% for IVV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -72.6% for AVK and -56.5% for IVV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
AVK charges 2.77% per year while IVV charges 0.03%. On a $10,000 position that is $277 vs $3 annually, a gap of $274 per year that compounds over a long holding period. On income, AVK currently yields 10.48% against 1.10% for IVV.
Holdings Overlap
AVK and IVV share 18 holdings out of 752 unique holdings combined, representing a 5.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, AVK or IVV?
AVK has an expense ratio of 2.77% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $274 per year of difference.
Which performed better, AVK or IVV?
Over the past year AVK returned +14.89% vs +20.70% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (23 years), AVK annualized +0.03% vs +7.01% for IVV. Past performance does not guarantee future results.
Which is riskier, AVK or IVV?
AVK has been the more volatile fund at 20.9% annualized versus 15.1% for IVV. Worst drawdown: AVK -72.6% vs IVV -56.5%.
Should I hold both AVK and IVV?
AVK and IVV have a monthly-return correlation of 0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between AVK and IVV?
AVK and IVV share 18 common holdings with a 5.1% weight overlap. Combined, they hold 752 unique securities.
Which pays a higher dividend, AVK or IVV?
AVK yields 10.48% while IVV yields 1.10%, so AVK currently pays the higher dividend yield.
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