HYBL vs. IBHF

Last updated Jun 4, 2026

HYBL (SPDR Blackstone High Income ETF) and IBHF (iShares iBonds 2026 Term High Yield and Income ETF) are both exchange-traded funds - HYBL is a High Yield Bonds fund actively managed by State Street, while IBHF is a Corporate Bonds fund actively managed by iShares. Both are actively managed. Over the past 3 years, HYBL returned 8.58%/yr vs 7.23%/yr for IBHF. A 0.66 correlation means they provide meaningful diversification when combined. HYBL charges 0.70%/yr vs 0.35%/yr for IBHF.

Performance

HYBL vs. IBHF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Blackstone High Income ETF (HYBL) and iShares iBonds 2026 Term High Yield and Income ETF (IBHF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYBL achieves a 1.11% return, which is significantly higher than IBHF's 0.41% return.

HYBL

• 1D: -0.20%
• 1M: 0.16%
• YTD: 1.11%
• 6M: 1.71%
• 1Y: 6.35%
• 3Y*: 8.58%
• 5Y*: —
• 10Y*: —

IBHF

• 1D: -0.04%
• 1M: -0.05%
• YTD: 0.41%
• 6M: 0.86%
• 1Y: 4.76%
• 3Y*: 7.23%
• 5Y*: 4.05%
• 10Y*: —

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

HYBL vs. IBHF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYBL SPDR Blackstone High Income ETF	1.11%	7.78%	9.12%	11.86%	-4.72%
IBHF iShares iBonds 2026 Term High Yield and Income ETF	0.41%	6.60%	8.55%	10.40%	-3.65%

Correlation

The correlation between HYBL and IBHF is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022	0.66

Over the past year, the correlation between HYBL and IBHF has dropped to 0.40 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

Return for Risk

HYBL vs. IBHF — Risk / Return Rank

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

HYBL

HYBL Risk / Return Rank: 68
HYBL Sharpe Ratio Rank: 72
HYBL Sortino Ratio Rank: 80
HYBL Omega Ratio Rank: 80
HYBL Calmar Ratio Rank: 52
HYBL Martin Ratio Rank: 55

IBHF

IBHF Risk / Return Rank: 86
IBHF Sharpe Ratio Rank: 71
IBHF Sortino Ratio Rank: 89
IBHF Omega Ratio Rank: 83
IBHF Calmar Ratio Rank: 94
IBHF 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.

HYBL vs. IBHF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Blackstone High Income ETF (HYBL) and iShares iBonds 2026 Term High Yield and Income ETF (IBHF). 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.

	HYBL	IBHF	Difference
Sharpe ratio Return per unit of total volatility	2.40	2.36	+0.04
Sortino ratio Return per unit of downside risk	3.66	4.14	-0.48
Omega ratio Gain probability vs. loss probability	1.48	1.51	-0.03
Calmar ratio Return relative to maximum drawdown	2.64	7.48	-4.84
Martin ratio Return relative to average drawdown	9.71	23.36	-13.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYBL vs. IBHF - Sharpe Ratio Comparison

The current HYBL Sharpe Ratio is 2.40, which is comparable to the IBHF Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of HYBL and IBHF, 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

	HYBL	IBHF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.36	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.83	+0.42

Drawdowns

HYBL vs. IBHF - Drawdown Comparison

The maximum HYBL drawdown since its inception was -8.46%, smaller than the maximum IBHF drawdown of -11.19%. Use the drawdown chart below to compare losses from any high point for HYBL and IBHF.

Drawdown Indicators

	HYBL	IBHF	Difference
Max Drawdown Largest peak-to-trough decline	-8.46%	-11.19%	+2.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-0.64%	-1.77%
Max Drawdown (3Y) Largest decline over 3 years	-4.32%	-2.53%	-1.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.19%	—
Current Drawdown Current decline from peak	-0.20%	-0.58%	+0.38%
Average Drawdown Average peak-to-trough decline	-1.35%	-1.80%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.20%	+0.46%

Volatility

HYBL vs. IBHF - Volatility Comparison

The current volatility for SPDR Blackstone High Income ETF (HYBL) is 0.68%, while iShares iBonds 2026 Term High Yield and Income ETF (IBHF) has a volatility of 0.76%. This indicates that HYBL experiences smaller price fluctuations and is considered to be less risky than IBHF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYBL	IBHF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.76%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.14%	1.22%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	2.66%	2.03%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.57%	5.80%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.57%	5.66%	-1.09%

HYBL vs. IBHF - Expense Ratio Comparison

HYBL has a 0.70% expense ratio, which is higher than IBHF's 0.35% expense ratio.

Dividends

HYBL vs. IBHF - Dividend Comparison

HYBL's dividend yield for the trailing twelve months is around 7.12%, more than IBHF's 6.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HYBL SPDR Blackstone High Income ETF	7.12%	7.22%	7.88%	7.93%	5.10%	0.00%	0.00%
IBHF iShares iBonds 2026 Term High Yield and Income ETF	6.54%	6.73%	7.17%	7.33%	6.01%	4.55%	0.61%

Frequently Asked Questions

Can I hold both HYBL and IBHF in my portfolio?

HYBL and IBHF have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYBL or IBHF?

IBHF has higher volatility (0.76%) compared to HYBL (0.68%). In terms of maximum drawdown, HYBL dropped -8.46% vs IBHF's -11.19%.

Which ETF is better, HYBL or IBHF?

On 3-year performance, HYBL leads with 8.58% vs 7.23% for IBHF. On fees, IBHF is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYBL or IBHF?

Over the 3-year period, HYBL has performed better with a 8.58% return vs 7.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYBL or IBHF?

IBHF is cheaper with a 0.35% expense ratio, compared with 0.70% for HYBL.

Which ETF pays a higher dividend yield, HYBL or IBHF?

HYBL has the higher dividend yield at 7.12%, compared with 6.54% for IBHF.

What is the main difference between HYBL and IBHF?

HYBL is categorized as High Yield Bonds, while IBHF is Corporate Bonds. They also come from different issuers: State Street and iShares. Their fees differ too: 0.70% for HYBL and 0.35% for IBHF.

Which has better risk-adjusted returns?

HYBL currently has the higher Sharpe Ratio (2.40 vs 2.36), 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.