IBHE vs. BRLN
IBHE (iShares iBonds 2025 Term High Yield & Income ETF) and BRLN (BlackRock Floating Rate Loan ETF) are both exchange-traded funds - IBHE is a High Yield Bonds fund tracking the Bloomberg 2025 Term High Yield and Income Index, while BRLN is a Bank Loan fund actively managed by BlackRock. IBHE is passively managed, while BRLN is actively managed. Over the past 3 years, IBHE returned 5.99%/yr vs 7.50%/yr for BRLN. At a 0.10 correlation, their price movements are largely independent. IBHE charges 0.35%/yr vs 0.55%/yr for BRLN.
Performance
IBHE vs. BRLN - Performance Comparison
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Returns By Period
IBHE
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.13%
- 1Y
- 2.05%
- 3Y*
- 5.99%
- 5Y*
- 3.89%
- 10Y*
- —
BRLN
- 1D
- 0.09%
- 1M
- 0.87%
- YTD
- 1.44%
- 6M
- 2.08%
- 1Y
- 5.39%
- 3Y*
- 7.50%
- 5Y*
- —
- 10Y*
- —
IBHE vs. BRLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 0.00% | 4.45% | 7.62% | 10.32% | 1.97% |
BRLN BlackRock Floating Rate Loan ETF | 1.44% | 5.38% | 7.49% | 13.42% | 2.13% |
Correlation
The correlation between IBHE and BRLN is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2022 | 0.10 |
The correlation between IBHE and BRLN shifts across timeframes, from -0.13 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBHE vs. BRLN — Risk / Return Rank
IBHE
BRLN
IBHE vs. BRLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2025 Term High Yield & Income ETF (IBHE) and BlackRock Floating Rate Loan ETF (BRLN). 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.
| IBHE | BRLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +2.86 | ||
| Omega ratioGain probability vs. loss probability | 2.06 | 1.34 | +0.71 |
| Calmar ratioReturn relative to maximum drawdown | 22.58 | 2.70 | +19.88 |
| Martin ratioReturn relative to average drawdown | 88.89 | 10.51 | +78.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBHE | BRLN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.31 | 1.77 | +1.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.83 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 2.19 | -1.79 |
Drawdowns
IBHE vs. BRLN - Drawdown Comparison
The maximum IBHE drawdown since its inception was -26.91%, which is greater than BRLN's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for IBHE and BRLN.
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Drawdown Indicators
| IBHE | BRLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.91% | -3.85% | -23.06% |
Max Drawdown (1Y)Largest decline over 1 year | -0.11% | -2.00% | +1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -0.94% | -3.85% | +2.91% |
Max Drawdown (5Y)Largest decline over 5 years | -8.51% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.12% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -1.42% | -0.31% | -1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.51% | -0.46% |
Volatility
IBHE vs. BRLN - Volatility Comparison
The current volatility for iShares iBonds 2025 Term High Yield & Income ETF (IBHE) is 0.00%, while BlackRock Floating Rate Loan ETF (BRLN) has a volatility of 0.80%. This indicates that IBHE experiences smaller price fluctuations and is considered to be less risky than BRLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBHE | BRLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 0.80% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 0.39% | 2.24% | -1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.78% | 3.06% | -2.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 3.73% | +1.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.52% | 3.73% | +7.79% |
IBHE vs. BRLN - Expense Ratio Comparison
IBHE has a 0.35% expense ratio, which is lower than BRLN's 0.55% expense ratio.
Dividends
IBHE vs. BRLN - Dividend Comparison
IBHE's dividend yield for the trailing twelve months is around 2.29%, less than BRLN's 6.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BRLN BlackRock Floating Rate Loan ETF | 6.35% | 6.50% | 7.87% | 9.06% | 1.48% | 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
IBHE and BRLN have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRLN has higher volatility (0.80%) compared to IBHE (0.00%). In terms of maximum drawdown, IBHE dropped -26.91% vs BRLN's -3.85%.
On 3-year performance, BRLN leads with 7.50% vs 5.99% for IBHE. On fees, IBHE is cheaper at 0.35% 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.
Over the 3-year period, BRLN has performed better with a 7.50% return vs 5.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBHE is cheaper with a 0.35% expense ratio, compared with 0.55% for BRLN.
BRLN has the higher dividend yield at 6.35%, compared with 2.29% for IBHE.
IBHE is categorized as High Yield Bonds, while BRLN is Bank Loan. They also come from different issuers: iShares and BlackRock. Their fees differ too: 0.35% for IBHE and 0.55% for BRLN.
IBHE currently has the higher Sharpe Ratio (3.31 vs 1.77), 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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