InfraCap Equity Income Fund ETF (ICAP) Performance
ICAP total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +4.3% since Dec 31, 2025
- 1 year
- +8.7% total return
- 3 years
- +19.0% a year
- Since first price
- +6.5% a year since 2021
ICAP trailing returns vs SPY, QQQ, AGG
| Period | ICAP total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −4.3% | −5.2% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.5% | −5.1% | +3.2% | +1.9% | −0.4% |
| 6 months | −1.9% | −7.0% | +7.8% | +8.4% | −1.5% |
| YTD | +4.3% | −3.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +8.7% | −2.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +68.3%+19.0%/yr | +27.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionDec 29, 2021 | +35.4%+6.5%/yr | −11.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: ICAP vs SPY
From Dec 29, 2021: ICAP grew to $13,542, SPY to $16,958.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ICAP returns by calendar year
3 of 4 full years positive. Best 2025 (+15.8%), worst 2022 (−10.7%). 2026 is year to date.
ICAP annual returns table
| Year | ICAP | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +4.3% | −10.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +15.8% | −18.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +14.8% | −9.0% | +24.9% | +25.6% | +1.3% |
| 2023 | +8.8% | −21.7% | +26.2% | +54.9% | +5.7% |
| 2022 | −10.7% | −23.4% | −18.2% | −32.6% | −13.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
ICAP largest drawdowns
Now 8.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Apr 20, 2022 | −24.7% | Oct 30, 2023 | Jul 16, 2024 | 1.5 years | 2.2 years |
| Nov 29, 2024 | −20.3% | Apr 8, 2025 | Jul 17, 2025 | 4 months | 8 months |
| Feb 10, 2026 | −10.7% | Mar 30, 2026 | Apr 17, 2026 | 48 days | 2 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
ICAP risk statistics
| Statistic | 3 years | Since 2021 |
|---|---|---|
| Annualized return | +17.7% | +7.0% |
| Volatility (annualized) | 15.0% | 19.4% |
| Sharpe ratio | 0.88 | 0.25 |
| Sortino ratio | 1.63 | 0.37 |
| Best month | +9.9% | +11.4% |
| Worst month | −6.6% | −14.5% |
| Best 12 months | +37.7% | +37.7% |
| Worst 12 months | +7.1% | −21.3% |
| Positive months | 61% | 56% |
| Beta vs S&P 500 | 0.96 | — |
| Correlation with S&P 500 | 0.80 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
ICAP rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 47 | −21.3% | +10.4% | +37.7% | 74% |
| 3-year (a year) | 23 | +1.5% | +10.9% | +19.6% | 100% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
ICAP performance overview
InfraCap Equity Income Fund ETF (ICAP) returned +8.7% over the past year, with distributions reinvested. Since its first recorded price in 2021 it has returned +6.5% a year, turning $10,000 into about $13,542. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −24.7%, from Apr 20, 2022 to Oct 30, 2023, and it took 9 months to get back to the old high. ICAP finished 3 of its 4 full calendar years with a gain; the best year was 2025 (+15.8%) and the worst 2022 (−10.7%). Volatility has been 19.4% a year.
Related: ICAP chart, ICAP holdings, ICAP dividends, ICAP valuation. See the ICAP overview for the latest quote and fund facts.
ICAP performance FAQ
What is the ICAP return over the past year?
ICAP returned +8.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 2.1%.
How much would $10,000 invested in ICAP be worth?
$10,000 invested in ICAP at its first recorded close on December 29, 2021 would be worth about $13,542 on October 23, 2026 with distributions reinvested.
What was the worst year for ICAP?
The worst calendar year was 2022, with a total return of −10.7%. The best was 2025 at +15.8%.
What is the biggest drawdown of ICAP?
The largest peak-to-trough decline was −24.7% between April 20, 2022 and October 30, 2023. It recovered to the old high on July 16, 2024, 9 months after the bottom.
How volatile is ICAP?
Over the past 3 years ICAP had an annualized volatility of 15.0% and a Sharpe ratio of 0.88 (excess return over 1–3 month T-bills per unit of risk).