BRHY vs. IBHE
BRHY (iShares High Yield Active ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both High Yield Bonds funds from iShares. BRHY is actively managed, while IBHE is passively managed. Over the past year, BRHY returned 6.86% vs 2.00% for IBHE. At a 0.20 correlation, their price movements are largely independent. BRHY charges 0.45%/yr vs 0.35%/yr for IBHE.
Performance
BRHY vs. IBHE - Performance Comparison
Loading charts...
Returns By Period
BRHY
- 1D
- -0.02%
- 1M
- 0.38%
- YTD
- 1.72%
- 6M
- 1.84%
- 1Y
- 6.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBHE
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 2.00%
- 3Y*
- 5.93%
- 5Y*
- 3.89%
- 10Y*
- —
BRHY vs. IBHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BRHY iShares High Yield Active ETF | 1.72% | 9.74% | 5.16% |
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 0.00% | 4.45% | 3.61% |
Correlation
The correlation between BRHY 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 Jun 18, 2024 | 0.20 |
The correlation between BRHY and IBHE shifts across timeframes, from 0.04 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BRHY vs. IBHE — Risk / Return Rank
BRHY
IBHE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BRHY vs. IBHE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Active ETF (BRHY) 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.
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.
| BRHY | IBHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -4.25 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 2.32 | -0.89 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 25.02 | -22.53 |
| Martin ratioReturn relative to average drawdown | 11.43 | 98.47 | -87.05 |
Loading charts...
Drawdowns
BRHY vs. IBHE - Drawdown Comparison
The maximum BRHY drawdown since its inception was -4.42%, smaller than the maximum IBHE drawdown of -26.91%. Use the drawdown chart below to compare losses from any high point for BRHY and IBHE.
Loading charts...
Drawdown Indicators
| BRHY | IBHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.42% | -26.91% | +22.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -0.11% | -2.65% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.94% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.51% | — |
Current DrawdownCurrent decline from peak | -0.37% | 0.00% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -0.39% | -1.42% | +1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 0.05% | +0.55% |
Volatility
BRHY vs. IBHE - Volatility Comparison
iShares High Yield Active ETF (BRHY) has a higher volatility of 1.08% compared to iShares iBonds 2025 Term High Yield & Income ETF (IBHE) at 0.00%. This indicates that BRHY'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.
Loading charts...
Volatility by Period
| BRHY | IBHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 0.00% | +1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.53% | 0.38% | +2.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.23% | 0.74% | +2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.01% | 4.87% | -0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.01% | 11.52% | -7.51% |
BRHY vs. IBHE - Expense Ratio Comparison
BRHY has a 0.45% expense ratio, which is higher than IBHE's 0.35% expense ratio.
Dividends
BRHY vs. IBHE - Dividend Comparison
BRHY's dividend yield for the trailing twelve months is around 7.85%, while IBHE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BRHY iShares High Yield Active ETF | 7.85% | 7.97% | 4.27% | 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
BRHY 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.
BRHY has higher volatility (1.08%) compared to IBHE (0.00%). In terms of maximum drawdown, BRHY dropped -4.42% vs IBHE's -26.91%.
On 1-year performance, BRHY leads with 6.86% vs 2.00% 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, BRHY has performed better with a 6.86% return vs 2.00%. 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 0.45% for BRHY.
BRHY has the higher dividend yield at 7.85%, compared with 2.29% for IBHE.
Their fees differ too: 0.45% for BRHY and 0.35% for IBHE.
IBHE currently has the higher Sharpe Ratio (3.89 vs 2.14), 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.
Find the right allocation for BRHY and IBHE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer