GTOQ vs. IBHE
GTOQ (Invesco High Yield Systematic Bond ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both High Yield Bonds funds. GTOQ is actively managed, while IBHE is passively managed. At a 0.46 correlation, their price movements are largely independent. GTOQ charges 0.39%/yr vs 0.35%/yr for IBHE.
Performance
GTOQ vs. IBHE - Performance Comparison
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Returns By Period
GTOQ
- 1D
- -0.04%
- 1M
- 0.17%
- 6M
- 1.53%
- YTD
- 1.97%
- 1Y
- 6.14%
- 3Y*
- 8.67%
- 5Y*
- 3.75%
- 10Y*
- —
IBHE
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GTOQ vs. IBHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GTOQ Invesco High Yield Systematic Bond ETF | 1.97% | 8.04% | 8.13% | 14.17% | -12.17% | 5.37% | 0.38% |
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 0.00% | 4.45% | 7.62% | 10.32% | -4.08% | 4.40% | 1.30% |
Correlation
The correlation between GTOQ and IBHE is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.46 |
Over the past year, the correlation between GTOQ and IBHE has dropped to 0.03 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.
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Return for Risk
GTOQ vs. IBHE — Risk / Return Rank
GTOQ
IBHE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GTOQ vs. IBHE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Systematic Bond ETF (GTOQ) 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.
| GTOQ | IBHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.31 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | — | — |
| Martin ratioReturn relative to average drawdown | 8.64 | — | — |
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Drawdowns
GTOQ vs. IBHE - Drawdown Comparison
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Drawdown Indicators
| GTOQ | IBHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.96% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -2.95% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.25% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.96% | — | — |
Current DrawdownCurrent decline from peak | -0.09% | — | — |
Average DrawdownAverage peak-to-trough decline | -3.25% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | — | — |
Volatility
GTOQ vs. IBHE - Volatility Comparison
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Volatility by Period
| GTOQ | IBHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.72% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.49% | — | — |
GTOQ vs. IBHE - Expense Ratio Comparison
GTOQ has a 0.39% expense ratio, which is higher than IBHE's 0.35% expense ratio.
Dividends
GTOQ vs. IBHE - Dividend Comparison
GTOQ's dividend yield for the trailing twelve months is around 6.82%, while IBHE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GTOQ Invesco High Yield Systematic Bond ETF | 6.82% | 7.04% | 7.20% | 6.76% | 6.17% | 4.86% | 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
GTOQ and IBHE have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBHE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBHE is cheaper with a 0.35% expense ratio, compared with 0.39% for GTOQ.
GTOQ has the higher dividend yield at 6.82%, compared with 1.87% for IBHE.
They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for GTOQ and 0.35% for IBHE.
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