Quadratic Interest Rate Volatility and… (IVOL) Performance
IVOL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −8.2% since Dec 31, 2025
- 1 year
- −9.2% total return
- 5 years
- −5.8% a year
- Since first price
- −1.5% a year since 2019
IVOL trailing returns vs AGG, TLT, SPY
| Period | IVOL total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +6.7% | +6.4% | +0.9% | +1.5% | −1.0% |
| 3 months | +0.4% | −0.5% | −0.4% | −1.0% | +3.2% |
| 6 months | −5.2% | −6.9% | −1.5% | −3.8% | +7.8% |
| YTD | −8.2% | −10.7% | −1.0% | −3.4% | +12.3% |
| 1 year | −9.2% | −12.4% | −1.1% | −6.9% | +14.4% |
| 3 years | −9.3%−3.2%/yr | −18.6% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | −25.7%−5.8%/yr | −38.0% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| Since inceptionMay 14, 2019 | −10.8%−1.5%/yr | −31.6% | — | — | — |
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: IVOL vs AGG
From May 14, 2019: IVOL grew to $8,917, AGG to $10,955.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
IVOL returns by calendar year
2 of 6 full years positive. Best 2020 (+14.6%), worst 2022 (−12.7%). 2026 is year to date.
IVOL annual returns table
| Year | IVOL | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −8.2% | −14.2% | −1.0% | −3.4% | +12.3% |
| 2025 | +12.0% | −5.0% | +7.2% | +4.3% | +17.7% |
| 2024 | −11.1% | −13.7% | +1.3% | −8.1% | +24.9% |
| 2023 | −5.2% | −16.0% | +5.7% | +2.8% | +26.2% |
| 2022 | −12.7% | −17.7% | −13.0% | −31.2% | −18.2% |
| 2021 | −0.3% | −5.9% | −1.8% | −4.6% | +28.7% |
| 2020 | +14.6% | −8.0% | +7.5% | +18.2% | +18.3% |
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.
IVOL largest drawdowns
Now 27.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| May 18, 2021 | −32.4% | Sep 23, 2026 | not yet | 5.3 years | 5.4 years so far |
| Mar 6, 2020 | −8.0% | Mar 20, 2020 | Mar 26, 2020 | 14 days | 20 days |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
IVOL risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | −3.2% | −6.4% | −2.2% |
| Volatility (annualized) | 8.7% | 10.0% | 8.9% |
| Sharpe ratio | -0.84 | -0.96 | -0.50 |
| Sortino ratio | -1.09 | -1.15 | -0.63 |
| Best month | +7.8% | +9.0% | +9.0% |
| Worst month | −4.5% | −8.0% | −8.0% |
| Best 12 months | +13.3% | +13.3% | +16.0% |
| Worst 12 months | −11.7% | −18.0% | −18.0% |
| Positive months | 42% | 43% | 51% |
| Beta vs S&P 500 | -0.18 | 0.02 | — |
| Correlation with S&P 500 | -0.26 | 0.03 | — |
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.
IVOL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 78 | −18.0% | −3.8% | +16.0% | 41% |
| 3-year (a year) | 54 | −10.4% | −3.9% | +3.7% | 11% |
| 5-year (a year) | 30 | −6.4% | −3.3% | −1.9% | 0% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
IVOL performance overview
Quadratic Interest Rate Volatility and… (IVOL) returned −9.2% over the past year and −5.8% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned −1.5% a year, turning $10,000 into about $8,917. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −32.4%, from May 18, 2021 to Sep 23, 2026; the fund has not yet regained that high. IVOL finished 2 of its 6 full calendar years with a gain; the best year was 2020 (+14.6%) and the worst 2022 (−12.7%). Volatility has been 8.9% a year.
Related: IVOL chart, IVOL dividends, IVOL bond profile. See the IVOL overview for the latest quote and fund facts.
IVOL performance FAQ
What is the IVOL return over the past year?
IVOL returned −9.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 12.4%.
What is the average annual return of IVOL?
IVOL has returned −5.8% a year over 5 years, −1.5% a year since May 14, 2019 (total return, distributions reinvested).
How much would $10,000 invested in IVOL be worth?
$10,000 invested in IVOL at its first recorded close on May 14, 2019 would be worth about $8,917 on October 23, 2026 with distributions reinvested.
What was the worst year for IVOL?
The worst calendar year was 2022, with a total return of −12.7%. The best was 2020 at +14.6%.
What is the biggest drawdown of IVOL?
The largest peak-to-trough decline was −32.4% between May 18, 2021 and September 23, 2026. It has not yet recovered to that high; it is 27.8% below its peak.
How volatile is IVOL?
Over the past 3 years IVOL had an annualized volatility of 8.7% and a Sharpe ratio of -0.84 (excess return over 1–3 month T-bills per unit of risk).