IBC2.DE vs. UDHY.DE
IBC2.DE (iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist)) and UDHY.DE (iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist)) are both High Yield Bonds funds from iShares - IBC2.DE tracks the Markit iBoxx USD Liquid High Yield Capped Index (EUR Hedged) while UDHY.DE tracks the ICE BofAML US High Yield Constrained. Both are passively managed. Over the past 3 years, IBC2.DE returned 6.22%/yr vs 5.72%/yr for UDHY.DE. At a 0.21 correlation, their price movements are largely independent. IBC2.DE charges 0.55%/yr vs 0.20%/yr for UDHY.DE.
Performance
IBC2.DE vs. UDHY.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IBC2.DE achieves a 0.98% return, which is significantly lower than UDHY.DE's 1.13% return.
IBC2.DE
- 1D
- 0.00%
- 1M
- 0.52%
- 6M
- 0.98%
- YTD
- 0.98%
- 1Y
- 3.60%
- 3Y*
- 6.22%
- 5Y*
- 1.62%
- 10Y*
- —
UDHY.DE
- 1D
- 0.00%
- 1M
- 2.04%
- 6M
- 0.92%
- YTD
- 1.13%
- 1Y
- 4.75%
- 3Y*
- 5.72%
- 5Y*
- —
- 10Y*
- —
IBC2.DE vs. UDHY.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBC2.DE iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) | 0.98% | 7.02% | 4.85% | 8.05% | -6.17% |
UDHY.DE iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) | 1.13% | -3.31% | 14.00% | 9.01% | -3.77% |
Correlation
The correlation between IBC2.DE and UDHY.DE is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2022 | 0.21 |
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Return for Risk
IBC2.DE vs. UDHY.DE — Risk / Return Rank
IBC2.DE
UDHY.DE
IBC2.DE vs. UDHY.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) (IBC2.DE) and iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) (UDHY.DE). 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.
| IBC2.DE | UDHY.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.15 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | 0.26 | +0.92 |
| Martin ratioReturn relative to average drawdown | 5.24 | 0.38 | +4.86 |
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Drawdowns
IBC2.DE vs. UDHY.DE - Drawdown Comparison
The maximum IBC2.DE drawdown since its inception was -22.54%, which is greater than UDHY.DE's maximum drawdown of -18.01%. Use the drawdown chart below to compare losses from any high point for IBC2.DE and UDHY.DE.
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Drawdown Indicators
| IBC2.DE | UDHY.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.54% | -18.01% | -4.53% |
Max Drawdown (1Y)Largest decline over 1 year | -3.03% | -18.01% | +14.98% |
Max Drawdown (3Y)Largest decline over 3 years | -4.22% | -18.01% | +13.79% |
Max Drawdown (5Y)Largest decline over 5 years | -15.71% | — | — |
Current DrawdownCurrent decline from peak | -0.00% | -13.03% | +13.03% |
Average DrawdownAverage peak-to-trough decline | -3.57% | -5.86% | +2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 12.42% | -11.73% |
Volatility
IBC2.DE vs. UDHY.DE - Volatility Comparison
The current volatility for iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) (IBC2.DE) is 0.91%, while iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) (UDHY.DE) has a volatility of 1.53%. This indicates that IBC2.DE experiences smaller price fluctuations and is considered to be less risky than UDHY.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBC2.DE | UDHY.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 1.53% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 3.27% | 4.85% | -1.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.16% | 22.23% | -18.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.95% | 13.04% | -6.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.21% | 13.04% | -4.83% |
IBC2.DE vs. UDHY.DE - Expense Ratio Comparison
IBC2.DE has a 0.55% expense ratio, which is higher than UDHY.DE's 0.20% expense ratio.
Dividends
IBC2.DE vs. UDHY.DE - Dividend Comparison
IBC2.DE's dividend yield for the trailing twelve months is around 6.19%, more than UDHY.DE's 5.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IBC2.DE iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) | 6.19% | 6.07% | 6.33% | 5.59% | 5.13% | 4.34% | 4.82% | 5.58% | 3.90% |
UDHY.DE iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) | 5.34% | 8.01% | 7.25% | 6.34% | 1.63% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBC2.DE and UDHY.DE have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, UDHY.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UDHY.DE is cheaper with a 0.20% expense ratio, compared with 0.55% for IBC2.DE.
IBC2.DE tracks Markit iBoxx USD Liquid High Yield Capped Index (EUR Hedged), while UDHY.DE tracks ICE BofAML US High Yield Constrained. Their fees differ too: 0.55% for IBC2.DE and 0.20% for UDHY.DE.
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