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. 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
- 0.03%
- 1M
- 0.33%
- 6M
- 2.31%
- YTD
- 2.49%
- 1Y
- 5.10%
- 3Y*
- 6.49%
- 5Y*
- —
- 10Y*
- —
IBHE
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CLOA vs. IBHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CLOA iShares AAA CLO Active ETF | 2.49% | 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 -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
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 |
The correlation between CLOA and IBHE shifts across timeframes, from -0.12 (1 year) to -0.01 (3 years), reflecting how their relationship changes across market environments.
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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 | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 3.47 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 28.99 | — | — |
| Martin ratioReturn relative to average drawdown | 152.61 | — | — |
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Drawdowns
CLOA vs. IBHE - Drawdown Comparison
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Drawdown Indicators
| CLOA | IBHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.34% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -0.18% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -1.13% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | — | — |
Average DrawdownAverage peak-to-trough decline | -0.05% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | — | — |
Volatility
CLOA vs. IBHE - Volatility Comparison
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Volatility by Period
| CLOA | IBHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.48% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.67% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.30% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.30% | — | — |
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 4.90%, while IBHE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CLOA iShares AAA CLO Active ETF | 4.90% | 5.35% | 6.01% | 5.88% | 0.00% | 0.00% | 0.00% | 0.00% |
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 1.87% | 4.53% | 6.92% | 7.17% | 5.77% | 4.84% | 5.74% | 3.73% |
Frequently Asked Questions
CLOA and IBHE have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CLOA is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CLOA is cheaper with a 0.20% expense ratio, compared with 0.35% for IBHE.
CLOA has the higher dividend yield at 4.90%, compared with 1.87% 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.
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