- ISIN
- US46435G4745
- CUSIP
- 46435G474
- Issuer
- iShares
- Inception Date
- Jun 14, 2016
- Region
- North America (U.S.)
- Category
- High Yield Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- Bloomberg US High Yield Fallen Angel 3% Capped Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $2B
Highlights
- Avg. Volume (1M)
- 681K
- Avg. Volume Value (1M)
- $18.39M
Share Price Chart
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Performance
FALN Performance Chart
iShares Fallen Angels USD Bond ETF (FALN) is up 1.9% since the beginning of the year. FALN is currently trading at $27 per share. Investors who bought $1,000 worth of FALN shares 5 years ago would now be looking at an investment worth $1,181.
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Compare this symbol against anything
Returns By Period
iShares Fallen Angels USD Bond ETF (FALN) has returned 1.86% so far this year and 6.24% over the past 12 months. Over the last ten years, FALN has returned 6.24% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
iShares Fallen Angels USD Bond ETF
- 1D
- -0.11%
- 1M
- -0.92%
- 6M
- 0.86%
- YTD
- 1.86%
- 1Y
- 6.24%
- 3Y*
- 8.53%
- 5Y*
- 3.39%
- 10Y*
- 6.24%
- ALL TIME*
- 6.52%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
FALN Monthly Returns History
Based on dividend-adjusted daily data since Jun 17, 2016, FALN's average daily return is +0.03%, while the average monthly return is +0.56%. At this rate, an investment would double in approximately 10.3 years.
Historically, 68% of months were positive and 32% were negative. The best month was Apr 2020 with a return of +11.8%, while the worst month was Mar 2020 at -15.8%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 4 months.
On a daily basis, FALN closed higher 53% of trading days. The best single day was Apr 9, 2020 with a return of +6.0%, while the worst single day was Mar 18, 2020 at -7.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.99% | 0.54% | -2.55% | 2.13% | 0.77% | 0.70% | -0.66% | 1.86% | |||||
| 2025 | 1.35% | 0.79% | -0.79% | -1.39% | 1.74% | 2.66% | 0.08% | 1.61% | 2.22% | -0.35% | 0.66% | 0.08% | 8.92% |
| 2024 | 1.21% | -0.22% | 1.72% | -1.91% | 1.47% | -0.37% | 2.83% | 1.76% | 1.31% | -1.14% | 2.13% | -1.24% | 7.68% |
| 2023 | 3.82% | -1.76% | 1.57% | 0.03% | -0.58% | 2.31% | 0.88% | 0.41% | -2.07% | -0.69% | 5.89% | 3.19% | 13.47% |
| 2022 | -4.04% | -1.85% | -1.01% | -4.90% | 0.98% | -6.60% | 4.88% | -1.90% | -4.47% | 1.36% | 4.11% | -0.59% | -13.79% |
| 2021 | -0.19% | -0.03% | 0.31% | 1.09% | 0.38% | 1.84% | 0.82% | 0.72% | -0.27% | 0.34% | -1.83% | 2.16% | 5.40% |
Benchmark Metrics
iShares Fallen Angels USD Bond ETF has an annualized alpha of 1.81%, beta of 0.34, and R2 of 0.49 versus S&P 500 Index. Calculated based on daily prices since June 17, 2016.
- This ETF participated in 45.77% of S&P 500 Index downside but only 39.63% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.34 may look defensive, but with R2 of 0.49 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.49 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 1.81%
- Beta
- 0.34
- R²
- 0.49
- Upside Capture
- 39.63%
- Downside Capture
- 45.77%
Expense Ratio
FALN has an expense ratio of 0.25%, which is considered low.
Return for Risk
Risk / Return Rank
FALN ranks 53 for risk / return — above 53% of ETFs peers on PortfoliosLab. Its historical combined result is near the middle of the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for iShares Fallen Angels USD Bond ETF (FALN) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FALN | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 2.00 | -0.43 |
| Martin ratioReturn relative to average drawdown | 6.42 | 8.49 | -2.07 |
Dividends
Dividend History
iShares Fallen Angels USD Bond ETF provided a 5.98% dividend yield over the last twelve months, with an annual payout of $1.61 per share. The fund has been increasing its distributions for 4 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.61 | $1.72 | $1.67 | $1.42 | $1.25 | $1.02 | $1.51 | $1.45 | $1.46 | $1.90 | $0.95 |
Dividend yield | 5.98% | 6.31% | 6.24% | 5.37% | 5.08% | 3.40% | 5.14% | 5.35% | 5.97% | 6.98% | 3.55% |
Monthly Dividends
The table displays the monthly dividend distributions for iShares Fallen Angels USD Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.15 | $0.15 | $0.14 | $0.15 | $0.15 | $0.14 | $0.88 | |||||
| 2025 | $0.00 | $0.14 | $0.14 | $0.14 | $0.15 | $0.14 | $0.13 | $0.14 | $0.14 | $0.14 | $0.15 | $0.29 | $1.72 |
| 2024 | $0.00 | $0.12 | $0.13 | $0.17 | $0.13 | $0.14 | $0.14 | $0.14 | $0.13 | $0.14 | $0.14 | $0.27 | $1.67 |
| 2023 | $0.00 | $0.11 | $0.11 | $0.11 | $0.11 | $0.11 | $0.11 | $0.14 | $0.12 | $0.12 | $0.11 | $0.25 | $1.42 |
| 2022 | $0.00 | $0.09 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.11 | $0.10 | $0.10 | $0.14 | $0.21 | $1.25 |
| 2021 | $0.00 | $0.11 | $0.10 | $0.09 | $0.08 | $0.08 | $0.07 | $0.08 | $0.08 | $0.08 | $0.08 | $0.16 | $1.02 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iShares Fallen Angels USD Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iShares Fallen Angels USD Bond ETF was 29.22%, occurring on Mar 20, 2020. Recovery took 82 trading sessions.
The current iShares Fallen Angels USD Bond ETF drawdown is 1.07%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-29.22%Mar 2020 | 1mo 1d | 3mo 29d | 5moFeb 2020 - Jul 2020 | COVID crash2020 |
-18.78%Oct 2022 | 11mo 14d | 1y 7mo | 2y 6moNov 2021 - Jun 2024 | Bear market2022 |
-8.18%Dec 2018 | 11mo 3d | 2mo 7d | 1y 1moJan 2018 - Mar 2019 | Rate-hike selloffLate 2018 |
-5.92%Apr 2025 | 1mo 6d | 2mo 2d | 3mo 8dMar 2025 - Jun 2025 | 2025 selloff2025 |
-4.10%Nov 2016 | 21d | 26d | 1mo 17dOct 2016 - Dec 2016 | — |
Drawdown Indicators
| FALN | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.22% | -56.78% | +27.56% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | -9.10% | +5.14% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -18.90% | +12.98% |
Max Drawdown (5Y)Largest decline over 5 years | -18.78% | -25.43% | +6.65% |
Max Drawdown (10Y)Largest decline over 10 years | -29.22% | -33.92% | +4.70% |
Current DrawdownCurrent decline from peak | -1.07% | -1.58% | +0.51% |
Average DrawdownAverage peak-to-trough decline | -3.28% | -10.70% | +7.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 2.14% | -1.17% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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