EVHY vs. IBHG

Last updated Jun 3, 2026

EVHY (Eaton Vance High Yield ETF) and IBHG (iShares iBonds 2027 Term High Yield and Income ETF) are both High Yield Bonds funds. EVHY is actively managed, while IBHG is passively managed. Over the past year, EVHY returned 7.04% vs 4.71% for IBHG. A 0.75 correlation means they provide meaningful diversification when combined. EVHY charges 0.48%/yr vs 0.35%/yr for IBHG.

Performance

EVHY vs. IBHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance High Yield ETF (EVHY) and iShares iBonds 2027 Term High Yield and Income ETF (IBHG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVHY achieves a 1.33% return, which is significantly higher than IBHG's 1.06% return.

EVHY

• 1D: 0.11%
• 1M: 0.46%
• YTD: 1.33%
• 6M: 1.94%
• 1Y: 7.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBHG

• 1D: -0.09%
• 1M: 0.14%
• YTD: 1.06%
• 6M: 1.66%
• 1Y: 4.71%
• 3Y*: 7.41%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EVHY vs. IBHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EVHY Eaton Vance High Yield ETF	1.33%	9.14%	6.39%	8.90%
IBHG iShares iBonds 2027 Term High Yield and Income ETF	1.06%	6.90%	7.42%	7.76%

Correlation

The correlation between EVHY and IBHG is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023	0.75

The correlation between EVHY and IBHG has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

Return for Risk

EVHY vs. IBHG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EVHY

EVHY Risk / Return Rank: 65
EVHY Sharpe Ratio Rank: 62
EVHY Sortino Ratio Rank: 69
EVHY Omega Ratio Rank: 68
EVHY Calmar Ratio Rank: 55
EVHY Martin Ratio Rank: 71

IBHG

IBHG Risk / Return Rank: 80
IBHG Sharpe Ratio Rank: 66
IBHG Sortino Ratio Rank: 77
IBHG Omega Ratio Rank: 70
IBHG Calmar Ratio Rank: 92
IBHG Martin Ratio Rank: 92

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.

EVHY vs. IBHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Yield ETF (EVHY) and iShares iBonds 2027 Term High Yield and Income ETF (IBHG). 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.

	EVHY	IBHG	Difference
Sharpe ratio Return per unit of total volatility	2.10	2.24	-0.14
Sortino ratio Return per unit of downside risk	3.20	3.50	-0.30
Omega ratio Gain probability vs. loss probability	1.42	1.43	-0.01
Calmar ratio Return relative to maximum drawdown	2.79	6.55	-3.76
Martin ratio Return relative to average drawdown	13.52	24.03	-10.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVHY vs. IBHG - Sharpe Ratio Comparison

The current EVHY Sharpe Ratio is 2.10, which is comparable to the IBHG Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of EVHY and IBHG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EVHY	IBHG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.24	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	2.21	0.57	+1.64

Drawdowns

EVHY vs. IBHG - Drawdown Comparison

The maximum EVHY drawdown since its inception was -3.71%, smaller than the maximum IBHG drawdown of -13.85%. Use the drawdown chart below to compare losses from any high point for EVHY and IBHG.

Drawdown Indicators

	EVHY	IBHG	Difference
Max Drawdown Largest peak-to-trough decline	-3.71%	-13.85%	+10.14%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-0.73%	-1.78%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.39%	—
Current Drawdown Current decline from peak	0.00%	-0.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-0.37%	-2.67%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.20%	+0.32%

Volatility

EVHY vs. IBHG - Volatility Comparison

Eaton Vance High Yield ETF (EVHY) has a higher volatility of 1.04% compared to iShares iBonds 2027 Term High Yield and Income ETF (IBHG) at 0.60%. This indicates that EVHY's price experiences larger fluctuations and is considered to be riskier than IBHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVHY	IBHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	0.60%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	1.53%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	2.10%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.53%	6.37%	-1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.53%	6.37%	-1.84%

EVHY vs. IBHG - Expense Ratio Comparison

EVHY has a 0.48% expense ratio, which is higher than IBHG's 0.35% expense ratio.

Dividends

EVHY vs. IBHG - Dividend Comparison

EVHY's dividend yield for the trailing twelve months is around 7.19%, more than IBHG's 6.07% yield.

Position	TTM	2025	2024	2023	2022	2021
EVHY Eaton Vance High Yield ETF	7.19%	7.39%	7.66%	1.44%	0.00%	0.00%
IBHG iShares iBonds 2027 Term High Yield and Income ETF	6.07%	6.33%	7.02%	6.66%	5.62%	2.13%

Frequently Asked Questions

Can I hold both EVHY and IBHG in my portfolio?

EVHY and IBHG have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVHY or IBHG?

EVHY has higher volatility (1.04%) compared to IBHG (0.60%). In terms of maximum drawdown, EVHY dropped -3.71% vs IBHG's -13.85%.

Which ETF is better, EVHY or IBHG?

On 1-year performance, EVHY leads with 7.04% vs 4.71% for IBHG. On fees, IBHG is cheaper at 0.35% per year. On volatility, IBHG has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVHY or IBHG?

Over the 1-year period, EVHY has performed better with a 7.04% return vs 4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVHY or IBHG?

IBHG is cheaper with a 0.35% expense ratio, compared with 0.48% for EVHY.

Which ETF pays a higher dividend yield, EVHY or IBHG?

EVHY has the higher dividend yield at 7.19%, compared with 6.07% for IBHG.

What is the main difference between EVHY and IBHG?

They also come from different issuers: Eaton Vance and iShares. Their fees differ too: 0.48% for EVHY and 0.35% for IBHG.

Which has better risk-adjusted returns?

IBHG currently has the higher Sharpe Ratio (2.24 vs 2.10), 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.