HYBL vs. IBIT
HYBL (SPDR Blackstone High Income ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - HYBL is a High Yield Bonds fund actively managed by State Street, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. HYBL is actively managed, while IBIT is passively managed. Over the past year, HYBL returned 4.96% vs -44.68% for IBIT. At a 0.35 correlation, their price movements are largely independent. HYBL charges 0.70%/yr vs 0.25%/yr for IBIT.
Performance
HYBL vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, HYBL achieves a 1.65% return, which is significantly higher than IBIT's -25.70% return.
HYBL
- 1D
- 0.04%
- 1M
- 0.38%
- 6M
- 1.26%
- YTD
- 1.65%
- 1Y
- 4.96%
- 3Y*
- 8.10%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.64%
IBIT
- 1D
- 1.49%
- 1M
- 3.57%
- 6M
- -31.99%
- YTD
- -25.70%
- 1Y
- -44.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.65%
HYBL vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HYBL SPDR Blackstone High Income ETF | 1.65% | 7.78% | 9.24% |
IBIT iShares Bitcoin Trust ETF | -25.70% | -6.41% | 89.87% |
Correlation
The correlation between HYBL and IBIT is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.35 |
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Return for Risk
HYBL vs. IBIT — Risk / Return Rank
HYBL
IBIT
HYBL vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Blackstone High Income ETF (HYBL) and iShares Bitcoin Trust ETF (IBIT). 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.
| HYBL | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.92 | ||
| Sortino ratioReturn per unit of downside risk | +4.38 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.83 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | -0.84 | +2.90 |
| Martin ratioReturn relative to average drawdown | 7.56 | -1.34 | +8.90 |
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Drawdowns
HYBL vs. IBIT - Drawdown Comparison
The maximum HYBL drawdown since its inception was -8.46%, smaller than the maximum IBIT drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for HYBL and IBIT.
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Drawdown Indicators
| HYBL | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.46% | -53.30% | +44.84% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -53.30% | +50.89% |
Max Drawdown (3Y)Largest decline over 3 years | -4.32% | — | — |
Current DrawdownCurrent decline from peak | -0.02% | -48.25% | +48.23% |
Average DrawdownAverage peak-to-trough decline | -1.32% | -17.81% | +16.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 33.42% | -32.76% |
Volatility
HYBL vs. IBIT - Volatility Comparison
The current volatility for SPDR Blackstone High Income ETF (HYBL) is 0.40%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 10.67%. This indicates that HYBL experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYBL | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 10.67% | -10.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.12% | 34.60% | -32.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.62% | 44.40% | -41.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.52% | 49.85% | -45.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.52% | 49.85% | -45.33% |
HYBL vs. IBIT - Expense Ratio Comparison
HYBL has a 0.70% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
HYBL vs. IBIT - Dividend Comparison
HYBL's dividend yield for the trailing twelve months is around 7.06%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYBL SPDR Blackstone High Income ETF | 7.06% | 7.22% | 7.88% | 7.93% | 5.10% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYBL and IBIT have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (10.67%) compared to HYBL (0.40%). In terms of maximum drawdown, HYBL dropped -8.46% vs IBIT's -53.30%.
On 1-year performance, HYBL leads with 4.96% vs -44.68% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, HYBL has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HYBL has performed better with a 4.96% return vs -44.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.70% for HYBL.
HYBL has the higher dividend yield at 7.06%, compared with 0.00% for IBIT.
HYBL is categorized as High Yield Bonds, while IBIT is Cryptocurrency. They also come from different issuers: State Street and iShares. Their fees differ too: 0.70% for HYBL and 0.25% for IBIT.
HYBL currently has the higher Sharpe Ratio (1.91 vs -1.01), 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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