ICVT vs SPY
iShares Convertible Bond ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ICVT or SPY?
Convertibles against Large Cap Blend.
SPY has a lower expense ratio. ICVT led over 1Y, SPY over 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | ICVT | SPY |
|---|---|---|
| Expense Ratio | 0.20% | 0.09%Best |
| AUM | $7.8B | $814.4B |
| Dividend Yield | 1.39% | 1.01% |
| Holdings | 377 | 505 |
| YTD Return | +14.00%Best | +13.78% |
| 1Y Return | +21.57%Best | +21.44% |
| 3Y Return (annualized) | +16.58% | +21.38%Best |
| 5Y Return (annualized) | +4.97% | +12.80%Best |
| Volatility (annualized) | 14.6%Best | 15.2% |
| Max Drawdown | -33.3%Best | -34.1% |
| $10,000 over 5 years | $12,745 | $18,262Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Convertible | Equity |
| Style | Convertibles | Large Cap Blend |
| Inception | Jun 2, 2015 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 4, 2015 to Sep 3, 2026 (11.2 years).
ICVT vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 11.2 years both funds cover.
ICVT vs SPY Performance
iShares Convertible Bond ETF (ICVT) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year ICVT returned +21.57% while SPY returned +21.44%. Year to date, ICVT is up 14.00% versus a gain of 13.78% for SPY.
Over three years, ICVT compounded at +16.58% per year against +21.38% for SPY; over five years the annualized figures are +4.97% and +12.80% respectively. Across the full 11-year window we track, SPY has the edge at +13.02% annualized vs +10.94%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.2% compared with 14.6% for ICVT. 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 -33.3% for ICVT and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ICVT charges 0.20% per year while SPY charges 0.09%. On a $10,000 position that is $20 vs $9 annually, a gap of $11 per year that compounds over a long holding period. On income, ICVT currently yields 1.39% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 128 holdings in ICVT and 504 in SPY, totalling 36.8% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 128 positions we hold weights for in ICVT and 504 in SPY, against full books of 377 and 505.
You are not choosing between two funds in isolation.
Whichever of ICVT and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ICVT or SPY?
ICVT has an expense ratio of 0.20% while SPY charges 0.09%. SPY is the cheaper option, by $11 a year on a $10,000 investment.
Which performed better, ICVT or SPY?
Over the past year ICVT returned +21.57% vs +21.44% for SPY, so ICVT leads on 1-year performance. Over the longest common window we track (11 years), ICVT annualized +10.94% vs +13.02% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ICVT or SPY?
SPY has been the more volatile fund at 15.2% annualized versus 14.6% for ICVT. Worst drawdown: ICVT -33.3% vs SPY -34.1%.
Should I hold both ICVT and SPY?
ICVT and SPY have a monthly-return correlation of 0.79, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, ICVT or SPY?
ICVT yields 1.39% while SPY yields 1.01%, so ICVT currently pays the higher dividend yield.
Is SPY better than ICVT?
SPY has a lower expense ratio. ICVT led over 1Y, SPY over 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.