CLOA vs. IBHE
CLOA (iShares AAA CLO Active ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both exchange-traded funds - CLOA is a CLO fund actively managed by BlackRock, while IBHE is a High Yield Bonds fund tracking the Bloomberg 2025 Term High Yield and Income Index. CLOA is actively managed, while IBHE is passively managed. Over the past 3 years, CLOA returned 6.62%/yr vs 5.93%/yr for IBHE. At a correlation of -0.03, they often move in opposite directions. CLOA charges 0.20%/yr vs 0.35%/yr for IBHE.
Performance
CLOA vs. IBHE - Performance Comparison
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Returns By Period
CLOA
- 1D
- -0.01%
- 1M
- 0.25%
- YTD
- 2.26%
- 6M
- 2.47%
- 1Y
- 5.22%
- 3Y*
- 6.62%
- 5Y*
- —
- 10Y*
- —
IBHE
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 1.96%
- 3Y*
- 5.93%
- 5Y*
- 3.89%
- 10Y*
- —
CLOA vs. IBHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CLOA iShares AAA CLO Active ETF | 2.26% | 5.44% | 7.25% | 8.38% |
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 0.00% | 4.45% | 7.62% | 8.40% |
Correlation
The correlation between CLOA and IBHE is -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | -0.03 |
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Return for Risk
CLOA vs. IBHE — Risk / Return Rank
CLOA
IBHE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CLOA vs. IBHE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares AAA CLO Active ETF (CLOA) 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.
| CLOA | IBHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.67 | ||
| Sortino ratioReturn per unit of downside risk | +6.82 | ||
| Omega ratioGain probability vs. loss probability | 3.41 | 2.32 | +1.10 |
| Calmar ratioReturn relative to maximum drawdown | 29.67 | 25.02 | +4.65 |
| Martin ratioReturn relative to average drawdown | 151.25 | 98.47 | +52.77 |
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Drawdowns
CLOA vs. IBHE - Drawdown Comparison
The maximum CLOA drawdown since its inception was -1.34%, smaller than the maximum IBHE drawdown of -26.91%. Use the drawdown chart below to compare losses from any high point for CLOA and IBHE.
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Drawdown Indicators
| CLOA | IBHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.34% | -26.91% | +25.57% |
Max Drawdown (1Y)Largest decline over 1 year | -0.18% | -0.11% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -1.13% | -0.94% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.51% | — |
Current DrawdownCurrent decline from peak | -0.01% | 0.00% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.05% | -1.42% | +1.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.05% | -0.02% |
Volatility
CLOA vs. IBHE - Volatility Comparison
iShares AAA CLO Active ETF (CLOA) has a higher volatility of 0.15% compared to iShares iBonds 2025 Term High Yield & Income ETF (IBHE) at 0.00%. This indicates that CLOA'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
| CLOA | IBHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.00% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 0.49% | 0.38% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.69% | 0.74% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.31% | 4.87% | -3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.31% | 11.52% | -10.21% |
CLOA vs. IBHE - Expense Ratio Comparison
CLOA has a 0.20% expense ratio, which is lower than IBHE's 0.35% expense ratio.
Dividends
CLOA vs. IBHE - Dividend Comparison
CLOA's dividend yield for the trailing twelve months is around 4.95%, while IBHE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CLOA iShares AAA CLO Active ETF | 4.95% | 5.35% | 6.01% | 5.88% | 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
CLOA and IBHE have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CLOA has higher volatility (0.15%) compared to IBHE (0.00%). In terms of maximum drawdown, CLOA dropped -1.34% vs IBHE's -26.91%.
On 3-year performance, CLOA leads with 6.62% vs 5.93% for IBHE. On fees, CLOA is cheaper at 0.20% 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 3-year period, CLOA has performed better with a 6.62% return vs 5.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLOA is cheaper with a 0.20% expense ratio, compared with 0.35% for IBHE.
CLOA has the higher dividend yield at 4.95%, compared with 2.29% for IBHE.
CLOA is categorized as CLO, while IBHE is High Yield Bonds. They also come from different issuers: BlackRock and iShares. Their fees differ too: 0.20% for CLOA and 0.35% for IBHE.
CLOA currently has the higher Sharpe Ratio (7.57 vs 3.89), 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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