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FTSL vs. IBHE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FTSL vs. IBHE

Last updated Jun 5, 2026

FTSL (First Trust Senior Loan Fund) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both High Yield Bonds funds. FTSL is actively managed, while IBHE is passively managed. Over the past 5 years, FTSL returned 5.02%/yr vs 3.89%/yr for IBHE. At a 0.40 correlation, their price movements are largely independent. FTSL charges 0.86%/yr vs 0.35%/yr for IBHE.

Performance

FTSL vs. IBHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Senior Loan Fund (FTSL) 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

FTSL

1D
0.03%
1M
0.20%
YTD
0.65%
6M
0.98%
1Y
4.56%
3Y*
7.36%
5Y*
5.02%
10Y*
4.44%

IBHE

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.13%
1Y
2.05%
3Y*
5.99%
5Y*
3.89%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FTSL vs. IBHE - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
FTSL
First Trust Senior Loan Fund		0.65%5.98%8.27%11.58%-2.50%3.94%2.99%3.36%
IBHE
iShares iBonds 2025 Term High Yield & Income ETF		0.00%4.45%7.62%10.32%-4.08%4.40%4.16%5.91%

Correlation

The correlation between FTSL and IBHE is 0.08, 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

0.08

Correlation (3Y)
Calculated over the trailing 3-year period

0.33

Correlation (5Y)
Calculated over the trailing 5-year period

0.40

Correlation (All Time)
Calculated using the full available price history since May 10, 2019

0.40

Over the past year, the correlation between FTSL and IBHE has dropped to 0.08 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

FTSL vs. IBHE - Sectors Allocation Comparison

Sectors
FTSL
IBHE

Basic Materials

100.0%

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

100.0%

Technology

-

-

Utilities

-

-

Basic Materials

FTSL
100.0%
IBHE

-

Communication Services

FTSL

-

IBHE

-

Consumer Cyclical

FTSL

-

IBHE

-

Consumer Defensive

FTSL

-

IBHE

-

Energy

FTSL

-

IBHE

-

Financial Services

FTSL

-

IBHE

-

Healthcare

FTSL

-

IBHE

-

Industrials

FTSL

-

IBHE

-

Real Estate

FTSL

-

IBHE
100.0%

Technology

FTSL

-

IBHE

-

Utilities

FTSL

-

IBHE

-

Compare stocks, funds, or ETFs

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First Trust Senior Loan Fund

iShares iBonds 2025 Term High Yield & Income ETF

Often compared with FTSL:
FTSL vs. BKLNFTSL vs. AAAFTSL vs. SJNKFTSL vs. HYLBFTSL vs. PFFDFTSL vs. LONZFTSL vs. SLYV
Often compared with IBHE:
IBHE vs. IBTEIBHE vs. IBHDIBHE vs. CLOAIBHE vs. EIFAXIBHE vs. NUHYIBHE vs. DBSCXIBHE vs. ICSH

Return for Risk

FTSL vs. IBHE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FTSL
FTSL Risk / Return Rank: 6363
Overall Rank
FTSL Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
FTSL Sortino Ratio Rank: 7676
Sortino Ratio Rank
FTSL Omega Ratio Rank: 8585
Omega Ratio Rank
FTSL Calmar Ratio Rank: 4040
Calmar Ratio Rank
FTSL Martin Ratio Rank: 4545
Martin Ratio Rank
IBHE
IBHE Risk / Return Rank: 9797
Overall Rank
IBHE Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
IBHE Sortino Ratio Rank: 9696
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.

FTSL vs. IBHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Senior Loan Fund (FTSL) 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.

FTSLIBHEDifference
Sharpe ratioReturn per unit of total volatility
2.17
3.31

-1.14

Sortino ratioReturn per unit of downside risk
3.37
5.62

-2.24

Omega ratioGain probability vs. loss probability

1.51

2.06

-0.55

Calmar ratioReturn relative to maximum drawdown

1.97

22.58

-20.62

Martin ratioReturn relative to average drawdown

7.30

88.89

-81.58

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

FTSL vs. IBHE - Sharpe Ratio Comparison

The current FTSL Sharpe Ratio is 2.17, which is lower than the IBHE Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of FTSL 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

FTSLIBHEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.17

3.31

-1.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.51

0.83

+0.68

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.86

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.85

0.41

+0.44

Drawdowns

FTSL vs. IBHE - Drawdown Comparison

The maximum FTSL drawdown since its inception was -22.67%, smaller than the maximum IBHE drawdown of -26.91%. Use the drawdown chart below to compare losses from any high point for FTSL and IBHE.

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Drawdown Indicators

FTSLIBHEDifference

Max Drawdown

Largest peak-to-trough decline

-22.67%

-26.91%

+4.24%

Max Drawdown (1Y)

Largest decline over 1 year

-2.33%

-0.11%

-2.22%

Max Drawdown (3Y)

Largest decline over 3 years

-2.66%

-0.94%

-1.72%

Max Drawdown (5Y)

Largest decline over 5 years

-6.96%

-8.51%

+1.55%

Max Drawdown (10Y)

Largest decline over 10 years

-22.67%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-0.76%

-1.42%

+0.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.63%

0.05%

+0.58%

Volatility

FTSL vs. IBHE - Volatility Comparison

First Trust Senior Loan Fund (FTSL) has a higher volatility of 0.36% compared to iShares iBonds 2025 Term High Yield & Income ETF (IBHE) at 0.00%. This indicates that FTSL'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

FTSLIBHEDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.36%

0.00%

+0.36%

Volatility (6M)

Calculated over the trailing 6-month period

1.95%

0.39%

+1.56%

Volatility (1Y)

Calculated over the trailing 1-year period

2.11%

0.78%

+1.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.35%

4.87%

-1.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.18%

11.52%

-6.34%

FTSL vs. IBHE - Expense Ratio Comparison

FTSL has a 0.86% expense ratio, which is higher than IBHE's 0.35% expense ratio.

Dividends

FTSL vs. IBHE - Dividend Comparison

FTSL's dividend yield for the trailing twelve months is around 6.46%, more than IBHE's 2.29% yield.

PositionTTM20252024202320222021202020192018201720162015
FTSL
First Trust Senior Loan Fund		6.46%6.59%7.56%7.59%4.77%3.17%3.48%4.44%4.29%3.64%3.70%3.95%
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%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FTSL and IBHE have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FTSL has higher volatility (0.36%) compared to IBHE (0.00%). In terms of maximum drawdown, FTSL dropped -22.67% vs IBHE's -26.91%.

On 5-year performance, FTSL leads with 5.02% vs 3.89% 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 5-year period, FTSL has performed better with a 5.02% return vs 3.89%. 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 0.86% for FTSL.

FTSL has the higher dividend yield at 6.46%, compared with 2.29% for IBHE.

They also come from different issuers: First Trust and iShares. Their fees differ too: 0.86% for FTSL and 0.35% for IBHE.

IBHE currently has the higher Sharpe Ratio (3.31 vs 2.17), 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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