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AOHY vs. IBHE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AOHY vs. IBHE

Last updated Jun 6, 2026

AOHY (Angel Oak High Yield Opportunities ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both High Yield Bonds funds. AOHY is actively managed, while IBHE is passively managed. Over the past year, AOHY returned 6.64% vs 2.27% for IBHE. At a 0.17 correlation, their price movements are largely independent. AOHY charges 0.55%/yr vs 0.35%/yr for IBHE.

Performance

AOHY vs. IBHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak High Yield Opportunities ETF (AOHY) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

AOHY

1D
-0.38%
1M
-0.20%
YTD
1.82%
6M
2.37%
1Y
6.64%
3Y*
—
5Y*
—
10Y*
—

IBHE

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.06%
1Y
2.27%
3Y*
5.93%
5Y*
3.89%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

AOHY vs. IBHE - Yearly Performance Comparison

2026 (YTD)20252024
AOHY
Angel Oak High Yield Opportunities ETF		1.82%7.62%7.50%
IBHE
iShares iBonds 2025 Term High Yield & Income ETF		0.00%4.45%6.40%

Correlation

The correlation between AOHY and IBHE is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.04

Correlation (All Time)
Calculated using the full available price history since Feb 21, 2024

0.17

The correlation between AOHY and IBHE shifts across timeframes, from -0.04 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

AOHY vs. IBHE - Sectors Allocation Comparison

Sectors
AOHY
IBHE

Basic Materials

100.0%

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

100.0%

Technology

-

-

Utilities

-

-

Basic Materials

AOHY
100.0%
IBHE

-

Communication Services

AOHY

-

IBHE

-

Consumer Cyclical

AOHY

-

IBHE

-

Consumer Defensive

AOHY

-

IBHE

-

Energy

AOHY

-

IBHE

-

Financial Services

AOHY

-

IBHE

-

Healthcare

AOHY

-

IBHE

-

Industrials

AOHY

-

IBHE

-

Real Estate

AOHY

-

IBHE
100.0%

Technology

AOHY

-

IBHE

-

Utilities

AOHY

-

IBHE

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Angel Oak High Yield Opportunities ETF

iShares iBonds 2025 Term High Yield & Income ETF

Often compared with AOHY:
AOHY vs. JSIAOHY vs. HYHGAOHY vs. SCHDAOHY vs. HYGHAOHY vs. SPYAOHY vs. SPHYAOHY vs. BSJP
Often compared with IBHE:
IBHE vs. IBTEIBHE vs. IBHDIBHE vs. CLOAIBHE vs. EIFAXIBHE vs. NUHYIBHE vs. DBSCXIBHE vs. ICSH

Return for Risk

AOHY vs. IBHE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AOHY
AOHY Risk / Return Rank: 7171
Overall Rank
AOHY Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
AOHY Sortino Ratio Rank: 7575
Sortino Ratio Rank
AOHY Omega Ratio Rank: 7575
Omega Ratio Rank
AOHY Calmar Ratio Rank: 6060
Calmar Ratio Rank
AOHY Martin Ratio Rank: 7777
Martin Ratio Rank
IBHE
IBHE Risk / Return Rank: 9898
Overall Rank
IBHE Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
IBHE Sortino Ratio Rank: 9898
Sortino Ratio Rank
IBHE Omega Ratio Rank: 9898
Omega Ratio Rank
IBHE Calmar Ratio Rank: 9999
Calmar Ratio Rank
IBHE Martin Ratio Rank: 9999
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AOHY vs. IBHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak High Yield Opportunities ETF (AOHY) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

AOHYIBHEDifference
Sharpe ratioReturn per unit of total volatility
2.08
3.89

-1.81

Sortino ratioReturn per unit of downside risk
3.17
7.42

-4.25

Omega ratioGain probability vs. loss probability

1.42

2.32

-0.89

Calmar ratioReturn relative to maximum drawdown

2.82

25.02

-22.20

Martin ratioReturn relative to average drawdown

14.18

98.47

-84.29

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOHY vs. IBHE - Sharpe Ratio Comparison

The current AOHY Sharpe Ratio is 2.08, which is lower than the IBHE Sharpe Ratio of 3.89. The chart below compares the historical Sharpe Ratios of AOHY and IBHE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

AOHYIBHEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

3.89

-1.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.83

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.96

0.41

+1.56

Drawdowns

AOHY vs. IBHE - Drawdown Comparison

The maximum AOHY drawdown since its inception was -4.17%, smaller than the maximum IBHE drawdown of -26.91%. Use the drawdown chart below to compare losses from any high point for AOHY and IBHE.

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Drawdown Indicators

AOHYIBHEDifference

Max Drawdown

Largest peak-to-trough decline

-4.17%

-26.91%

+22.74%

Max Drawdown (1Y)

Largest decline over 1 year

-2.37%

-0.11%

-2.26%

Max Drawdown (3Y)

Largest decline over 3 years

—

-0.94%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-8.51%

—

Current Drawdown

Current decline from peak

-0.59%

0.00%

-0.59%

Average Drawdown

Average peak-to-trough decline

-0.35%

-1.42%

+1.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.47%

0.05%

+0.42%

Volatility

AOHY vs. IBHE - Volatility Comparison

Angel Oak High Yield Opportunities ETF (AOHY) has a higher volatility of 1.03% compared to iShares iBonds 2025 Term High Yield & Income ETF (IBHE) at 0.00%. This indicates that AOHY's price experiences larger fluctuations and is considered to be riskier than IBHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AOHYIBHEDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.03%

0.00%

+1.03%

Volatility (6M)

Calculated over the trailing 6-month period

2.53%

0.38%

+2.15%

Volatility (1Y)

Calculated over the trailing 1-year period

3.20%

0.74%

+2.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.79%

4.87%

-1.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.79%

11.52%

-7.73%

AOHY vs. IBHE - Expense Ratio Comparison

AOHY has a 0.55% expense ratio, which is higher than IBHE's 0.35% expense ratio.

Dividends

AOHY vs. IBHE - Dividend Comparison

AOHY's dividend yield for the trailing twelve months is around 6.54%, more than IBHE's 2.29% yield.

PositionTTM2025202420232022202120202019
AOHY
Angel Oak High Yield Opportunities ETF		6.54%6.53%6.04%0.00%0.00%0.00%0.00%0.00%
IBHE
iShares iBonds 2025 Term High Yield & Income ETF		2.29%4.53%6.92%7.17%5.77%4.84%5.74%3.73%

Frequently Asked Questions

AOHY and IBHE have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AOHY has higher volatility (1.03%) compared to IBHE (0.00%). In terms of maximum drawdown, AOHY dropped -4.17% vs IBHE's -26.91%.

On 1-year performance, AOHY leads with 6.64% vs 2.27% for IBHE. On fees, IBHE is cheaper at 0.35% per year. On volatility, IBHE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, AOHY has performed better with a 6.64% return vs 2.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IBHE is cheaper with a 0.35% expense ratio, compared with 0.55% for AOHY.

AOHY has the higher dividend yield at 6.54%, compared with 2.29% for IBHE.

They also come from different issuers: Angel Oak and iShares. Their fees differ too: 0.55% for AOHY and 0.35% for IBHE.

IBHE currently has the higher Sharpe Ratio (3.89 vs 2.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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