IBDX vs. MILK

Last updated Jun 4, 2026

IBDX (iShares iBonds Dec 2032 Term Corporate ETF) and MILK (Pacer US Cash Cows Bond ETF) are both Corporate Bonds funds - IBDX tracks the Bloomberg December 2032 Maturity Corporate Index while MILK tracks the Solactive Pacer US Cash Cows Bond Index. Both are passively managed. Over the past year, IBDX returned 5.93% vs 9.23% for MILK. Their correlation of 0.88 suggests significant overlap in exposure. IBDX charges 0.10%/yr vs 0.49%/yr for MILK.

Performance

IBDX vs. MILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2032 Term Corporate ETF (IBDX) and Pacer US Cash Cows Bond ETF (MILK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBDX achieves a 0.16% return, which is significantly lower than MILK's 2.18% return.

IBDX

• 1D: -0.20%
• 1M: 0.16%
• YTD: 0.16%
• 6M: 0.26%
• 1Y: 5.93%
• 3Y*: 5.73%
• 5Y*: —
• 10Y*: —

MILK

• 1D: -0.24%
• 1M: 1.10%
• YTD: 2.18%
• 6M: 1.55%
• 1Y: 9.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBDX vs. MILK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBDX iShares iBonds Dec 2032 Term Corporate ETF	0.16%	9.05%	0.08%
MILK Pacer US Cash Cows Bond ETF	2.18%	7.49%	-0.35%

Correlation

The correlation between IBDX and MILK is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.88

The correlation between IBDX and MILK has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.

Return for Risk

IBDX vs. MILK — Risk / Return Rank

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

IBDX

IBDX Risk / Return Rank: 45
IBDX Sharpe Ratio Rank: 45
IBDX Sortino Ratio Rank: 48
IBDX Omega Ratio Rank: 45
IBDX Calmar Ratio Rank: 44
IBDX Martin Ratio Rank: 44

MILK

MILK Risk / Return Rank: 52
MILK Sharpe Ratio Rank: 53
MILK Sortino Ratio Rank: 55
MILK Omega Ratio Rank: 51
MILK Calmar Ratio Rank: 50
MILK Martin Ratio Rank: 53

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.

IBDX vs. MILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2032 Term Corporate ETF (IBDX) and Pacer US Cash Cows Bond ETF (MILK). 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.

	IBDX	MILK	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.78	-0.23
Sortino ratio: Return per unit of downside risk	2.32	2.59	-0.27
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	2.16	2.47	-0.31
Martin ratio: Return relative to average drawdown	7.01	8.90	-1.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBDX vs. MILK - Sharpe Ratio Comparison

The current IBDX Sharpe Ratio is 1.55, which is comparable to the MILK Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of IBDX and MILK, 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

	IBDX	MILK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	1.78	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.97	-0.32

Drawdowns

IBDX vs. MILK - Drawdown Comparison

The maximum IBDX drawdown since its inception was -12.51%, which is greater than MILK's maximum drawdown of -6.16%. Use the drawdown chart below to compare losses from any high point for IBDX and MILK.

Drawdown Indicators

	IBDX	MILK	Difference
Max Drawdown Largest peak-to-trough decline	-12.51%	-6.16%	-6.35%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-3.75%	+0.99%
Max Drawdown (3Y) Largest decline over 3 years	-7.09%	—	—
Current Drawdown Current decline from peak	-1.43%	-0.24%	-1.19%
Average Drawdown Average peak-to-trough decline	-2.39%	-1.09%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	1.04%	-0.19%

Volatility

IBDX vs. MILK - Volatility Comparison

The current volatility for iShares iBonds Dec 2032 Term Corporate ETF (IBDX) is 1.18%, while Pacer US Cash Cows Bond ETF (MILK) has a volatility of 1.58%. This indicates that IBDX experiences smaller price fluctuations and is considered to be less risky than MILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBDX	MILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	1.58%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	3.78%	-1.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.86%	5.21%	-1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.46%	6.69%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.46%	6.69%	+0.77%

IBDX vs. MILK - Expense Ratio Comparison

IBDX has a 0.10% expense ratio, which is lower than MILK's 0.49% expense ratio.

Dividends

IBDX vs. MILK - Dividend Comparison

IBDX's dividend yield for the trailing twelve months is around 4.83%, less than MILK's 7.04% yield.

Position	TTM	2025	2024	2023	2022
IBDX iShares iBonds Dec 2032 Term Corporate ETF	4.83%	4.81%	5.02%	4.59%	2.39%
MILK Pacer US Cash Cows Bond ETF	7.04%	6.97%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBDX and MILK in my portfolio?

IBDX and MILK have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBDX or MILK?

MILK has higher volatility (1.58%) compared to IBDX (1.18%). In terms of maximum drawdown, IBDX dropped -12.51% vs MILK's -6.16%.

Which ETF is better, IBDX or MILK?

On 1-year performance, MILK leads with 9.23% vs 5.93% for IBDX. On fees, IBDX is cheaper at 0.10% per year. On volatility, IBDX has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBDX or MILK?

Over the 1-year period, MILK has performed better with a 9.23% return vs 5.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBDX or MILK?

IBDX is cheaper with a 0.10% expense ratio, compared with 0.49% for MILK.

Which ETF pays a higher dividend yield, IBDX or MILK?

MILK has the higher dividend yield at 7.04%, compared with 4.83% for IBDX.

What is the main difference between IBDX and MILK?

IBDX tracks Bloomberg December 2032 Maturity Corporate Index, while MILK tracks Solactive Pacer US Cash Cows Bond Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.10% for IBDX and 0.49% for MILK.

Which has better risk-adjusted returns?

MILK currently has the higher Sharpe Ratio (1.78 vs 1.55), 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.