HYFI vs. IBHE

Last updated Apr 2, 2026

Compare and contrast key facts about AB High Yield ETF (HYFI) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE).

HYFI and IBHE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HYFI is an actively managed fund by AllianceBernstein. It was launched on Jul 26, 2016. IBHE is a passively managed fund by iShares that tracks the performance of the Bloomberg 2025 Term High Yield and Income Index. It was launched on May 7, 2019.

Performance

HYFI vs. IBHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB High Yield ETF (HYFI) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). The values are adjusted to include any dividend payments, if applicable.

HYFI vs. IBHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HYFI AB High Yield ETF	0.22%	8.91%	7.98%	8.66%
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	4.45%	7.62%	6.62%

Returns By Period

HYFI

• 1D: 0.16%
• 1M: -0.29%
• YTD: 0.22%
• 6M: 1.34%
• 1Y: 8.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBHE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.83%
• 1Y: 3.24%
• 3Y*: 6.40%
• 5Y*: 4.09%
• 10Y*: —

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

HYFI vs. IBHE - Expense Ratio Comparison

HYFI has a 0.40% expense ratio, which is higher than IBHE's 0.35% expense ratio.

HYFI

AB High Yield ETF

IBHE

iShares iBonds 2025 Term High Yield & Income ETF

Return for Risk

HYFI vs. IBHE — Risk / Return Rank

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

HYFI

HYFI Risk / Return Rank: 72
HYFI Sharpe Ratio Rank: 71
HYFI Sortino Ratio Rank: 69
HYFI Omega Ratio Rank: 80
HYFI Calmar Ratio Rank: 56
HYFI Martin Ratio Rank: 84

IBHE

IBHE Risk / Return Rank: 98
IBHE Sharpe Ratio Rank: 97
IBHE Sortino Ratio Rank: 98
IBHE Omega Ratio Rank: 98
IBHE Calmar Ratio Rank: 97
IBHE Martin Ratio Rank: 99

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.

HYFI vs. IBHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB High Yield ETF (HYFI) 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.

	HYFI	IBHE	Difference
Sharpe ratio Return per unit of total volatility	1.33	2.90	-1.57
Sortino ratio Return per unit of downside risk	1.81	4.09	-2.28
Omega ratio Gain probability vs. loss probability	1.32	1.96	-0.64
Calmar ratio Return relative to maximum drawdown	1.56	5.38	-3.81
Martin ratio Return relative to average drawdown	10.57	49.80	-39.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYFI vs. IBHE - Sharpe Ratio Comparison

The current HYFI Sharpe Ratio is 1.33, which is lower than the IBHE Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of HYFI and IBHE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HYFI	IBHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	2.90	-1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	0.41	+1.25

Correlation

The correlation between HYFI and IBHE is 0.50, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HYFI vs. IBHE - Dividend Comparison

HYFI's dividend yield for the trailing twelve months is around 6.86%, more than IBHE's 3.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
HYFI AB High Yield ETF	6.86%	6.66%	6.57%	4.17%	0.00%	0.00%	0.00%	0.00%
IBHE iShares iBonds 2025 Term High Yield & Income ETF	3.14%	4.53%	6.92%	7.17%	5.77%	4.84%	5.74%	3.73%

Drawdowns

HYFI vs. IBHE - Drawdown Comparison

The maximum HYFI drawdown since its inception was -6.34%, smaller than the maximum IBHE drawdown of -26.91%. Use the drawdown chart below to compare losses from any high point for HYFI and IBHE.

Drawdown Indicators

	HYFI	IBHE	Difference
Max Drawdown Largest peak-to-trough decline	-6.34%	-26.91%	+20.57%
Max Drawdown (1Y) Largest decline over 1 year	-5.28%	-0.69%	-4.59%
Max Drawdown (5Y) Largest decline over 5 years	—	-8.51%	—
Current Drawdown Current decline from peak	-1.00%	0.00%	-1.00%
Average Drawdown Average peak-to-trough decline	-0.52%	-1.45%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.08%	+0.70%

Volatility

HYFI vs. IBHE - Volatility Comparison

AB High Yield ETF (HYFI) has a higher volatility of 2.38% compared to iShares iBonds 2025 Term High Yield & Income ETF (IBHE) at 0.00%. This indicates that HYFI'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.

Volatility by Period

	HYFI	IBHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.38%	0.00%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	3.07%	0.49%	+2.58%
Volatility (1Y) Calculated over the trailing 1-year period	6.28%	1.33%	+4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.44%	4.90%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.44%	11.67%	-6.23%