ICVT — iShares Convertible Bond ETF

ICVT Price Performance — Growth of $10,000

Value of a $10,000 investment in ICVT over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

ICVT Drawdown

The "underwater" chart: ICVT's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The iShares Convertible Bond ETF (ICVT) is a $8.10 billion fund issued by iShares, holding 12.9% of its assets in its top ten positions with Western Digital Corp as the largest single holding at 3.0%. It carries an ETFValuer grade of C, reflecting a score of 58.3 out of 100. Within the Preferred & Convertible category, it ranks 1 of 8, placing it at the top of its peer group. The fund’s expense ratio of 0.2% is significantly lower than the category median of 0.425%. However, its dividend yield of 1.53% trails the category median of 6.35% substantially.

The fund’s rating was downgraded from B to C on 2026-10-13, coinciding with a price of $105.01 that sits at 33.0% of its 52-week range. Short-term performance shows weakness, with one-month and three-month returns of -7.87% and -7.10% respectively. In contrast, the longer-term record is positive, with one-year and three-year returns of +6.16% and +57.78%. This long-term outperformance stands in sharp relief to the category median one-year return of -3.00%. The available price history covers only 3.0 years, limiting the depth of historical context.

With a beta of 1.09, the fund moves slightly more than the broader market. Annualized volatility of 18.30% is classified as Moderate, while the maximum drawdown has reached -15.11%. The Sharpe ratio of 0.06 suggests that risk-adjusted returns have been minimal relative to the volatility experienced. Liquidity is supported by an average daily volume of 631,410 shares. These metrics collectively describe a fund that has experienced moderate price swings and limited risk-adjusted efficiency over the tracked period.

AI-generated summary based on the data on this page.

ICVT Top Holdings

Holdings as of 2026-07-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 12.9% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how ICVT's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With ICVT

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with ICVT's top 10 — CWB overlaps most, holding 5 of the same companies as ICVT's top 10 (8.5% of ICVT's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.96% (as of 2026-10-22) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 19.03 (as of 2026-10-22) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

ICVT Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 631K/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $8.10B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: ICVT is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

ICVT Performance History

How ICVT Compares to Other Preferred & Convertible ETFs