HYRM vs. IBHE

Last updated Jun 3, 2026

HYRM (Xtrackers Risk Managed USD High Yield Strategy ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both High Yield Bonds funds - HYRM tracks the Adaptive Wealth Strategies Risk Managed High Yield Index - USD - US Dollar - Benchmark TR Net while IBHE tracks the Bloomberg 2025 Term High Yield and Income Index. Both are passively managed. Over the past 3 years, HYRM returned 7.86%/yr vs 6.07%/yr for IBHE. A 0.66 correlation means they provide meaningful diversification when combined. HYRM charges 0.30%/yr vs 0.35%/yr for IBHE.

Performance

HYRM vs. IBHE - Performance Comparison

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

Returns By Period

HYRM

• 1D: 0.04%
• 1M: 0.17%
• YTD: 1.50%
• 6M: 2.05%
• 1Y: 6.83%
• 3Y*: 7.86%
• 5Y*: —
• 10Y*: —

IBHE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.13%
• 1Y: 2.31%
• 3Y*: 6.07%
• 5Y*: 3.92%
• 10Y*: —

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

HYRM vs. IBHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYRM Xtrackers Risk Managed USD High Yield Strategy ETF	1.50%	5.98%	7.81%	11.98%	-7.10%
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	4.45%	7.62%	10.32%	-2.41%

Correlation

The correlation between HYRM 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	0.46
Correlation (All Time) Calculated using the full available price history since Feb 11, 2022	0.66

Over the past year, the correlation between HYRM and IBHE has dropped to 0.03 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

HYRM vs. IBHE - Sectors Allocation Comparison

Sectors	HYRM	IBHE
Financial Services	92.7%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	100.0%
Technology	-	-
Utilities	-	-

Return for Risk

HYRM vs. IBHE — Risk / Return Rank

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

HYRM

HYRM Risk / Return Rank: 65
HYRM Sharpe Ratio Rank: 57
HYRM Sortino Ratio Rank: 64
HYRM Omega Ratio Rank: 63
HYRM Calmar Ratio Rank: 66
HYRM Martin Ratio Rank: 74

IBHE

IBHE Risk / Return Rank: 97
IBHE Sharpe Ratio Rank: 93
IBHE Sortino Ratio Rank: 97
IBHE Omega Ratio Rank: 98
IBHE Calmar Ratio Rank: 96
IBHE Martin Ratio Rank: 98

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.

HYRM vs. IBHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM) 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.

	HYRM	IBHE	Difference
Sharpe ratio Return per unit of total volatility	1.98	3.51	-1.53
Sortino ratio Return per unit of downside risk	3.00	6.33	-3.33
Omega ratio Gain probability vs. loss probability	1.39	2.19	-0.80
Calmar ratio Return relative to maximum drawdown	3.31	9.64	-6.32
Martin ratio Return relative to average drawdown	14.29	68.01	-53.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYRM vs. IBHE - Sharpe Ratio Comparison

The current HYRM Sharpe Ratio is 1.98, which is lower than the IBHE Sharpe Ratio of 3.51. The chart below compares the historical Sharpe Ratios of HYRM 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.

Sharpe Ratios by Period

	HYRM	IBHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	3.51	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.41	+0.17

Drawdowns

HYRM vs. IBHE - Drawdown Comparison

The maximum HYRM drawdown since its inception was -12.42%, smaller than the maximum IBHE drawdown of -26.91%. Use the drawdown chart below to compare losses from any high point for HYRM and IBHE.

Drawdown Indicators

	HYRM	IBHE	Difference
Max Drawdown Largest peak-to-trough decline	-12.42%	-26.91%	+14.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.53%	-0.22%	-2.31%
Max Drawdown (3Y) Largest decline over 3 years	-4.62%	-0.94%	-3.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-8.51%	—
Current Drawdown Current decline from peak	-0.05%	0.00%	-0.05%
Average Drawdown Average peak-to-trough decline	-2.57%	-1.42%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.05%	+0.54%

Volatility

HYRM vs. IBHE - Volatility Comparison

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM) has a higher volatility of 1.05% compared to iShares iBonds 2025 Term High Yield & Income ETF (IBHE) at 0.00%. This indicates that HYRM'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

	HYRM	IBHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	0.00%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	3.22%	0.39%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	4.22%	0.81%	+3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.87%	4.87%	+3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.87%	11.53%	-3.66%

HYRM vs. IBHE - Expense Ratio Comparison

HYRM has a 0.30% expense ratio, which is lower than IBHE's 0.35% expense ratio.

Dividends

HYRM vs. IBHE - Dividend Comparison

HYRM's dividend yield for the trailing twelve months is around 5.92%, more than IBHE's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HYRM Xtrackers Risk Managed USD High Yield Strategy ETF	5.92%	6.28%	6.08%	5.78%	4.69%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both HYRM and IBHE in my portfolio?

HYRM 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.

Which is riskier, HYRM or IBHE?

HYRM has higher volatility (1.05%) compared to IBHE (0.00%). In terms of maximum drawdown, HYRM dropped -12.42% vs IBHE's -26.91%.

Which ETF is better, HYRM or IBHE?

On 3-year performance, HYRM leads with 7.86% vs 6.07% for IBHE. On fees, HYRM is cheaper at 0.30% 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.

Which ETF has performed better, HYRM or IBHE?

Over the 3-year period, HYRM has performed better with a 7.86% return vs 6.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYRM or IBHE?

HYRM is cheaper with a 0.30% expense ratio, compared with 0.35% for IBHE.

Which ETF pays a higher dividend yield, HYRM or IBHE?

HYRM has the higher dividend yield at 5.92%, compared with 2.29% for IBHE.

What is the main difference between HYRM and IBHE?

HYRM tracks Adaptive Wealth Strategies Risk Managed High Yield Index - USD - US Dollar - Benchmark TR Net, while IBHE tracks Bloomberg 2025 Term High Yield and Income Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.30% for HYRM and 0.35% for IBHE.

Which has better risk-adjusted returns?

IBHE currently has the higher Sharpe Ratio (3.51 vs 1.98), 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.