IBHE vs. CLOA

Last updated Apr 1, 2026

Compare and contrast key facts about iShares iBonds 2025 Term High Yield & Income ETF (IBHE) and BlackRock AAA CLO ETF (CLOA).

IBHE and CLOA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. CLOA is an actively managed fund by BlackRock. It was launched on Jan 10, 2023.

Performance

IBHE vs. CLOA - Performance Comparison

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

IBHE vs. CLOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	4.45%	7.62%	8.02%
CLOA BlackRock AAA CLO ETF	0.94%	5.44%	7.25%	8.38%

Returns By Period

IBHE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.86%
• 1Y: 3.31%
• 3Y*: 6.40%
• 5Y*: 4.09%
• 10Y*: —

CLOA

• 1D: 0.04%
• 1M: 0.42%
• YTD: 0.94%
• 6M: 2.27%
• 1Y: 5.47%
• 3Y*: 6.87%
• 5Y*: —
• 10Y*: —

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

IBHE vs. CLOA - Expense Ratio Comparison

IBHE has a 0.35% expense ratio, which is higher than CLOA's 0.20% expense ratio.

IBHE

iShares iBonds 2025 Term High Yield & Income ETF

CLOA

BlackRock AAA CLO ETF

Return for Risk

IBHE vs. CLOA — Risk / Return Rank

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

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: 98
IBHE Martin Ratio Rank: 99

CLOA

CLOA Risk / Return Rank: 98
CLOA Sharpe Ratio Rank: 98
CLOA Sortino Ratio Rank: 98
CLOA Omega Ratio Rank: 99
CLOA Calmar Ratio Rank: 97
CLOA 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.

IBHE vs. CLOA - 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 AAA CLO ETF (CLOA). 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	CLOA	Difference
Sharpe ratio Return per unit of total volatility	2.96	3.34	-0.38
Sortino ratio Return per unit of downside risk	4.18	4.54	-0.36
Omega ratio Gain probability vs. loss probability	1.98	2.22	-0.24
Calmar ratio Return relative to maximum drawdown	5.52	5.01	+0.52
Martin ratio Return relative to average drawdown	51.15	36.22	+14.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBHE vs. CLOA - Sharpe Ratio Comparison

The current IBHE Sharpe Ratio is 2.96, which is comparable to the CLOA Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of IBHE and CLOA, 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

	IBHE	CLOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.96	3.34	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	5.12	-4.71

Correlation

The correlation between IBHE and CLOA is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

IBHE vs. CLOA - Dividend Comparison

IBHE's dividend yield for the trailing twelve months is around 3.60%, less than CLOA's 5.21% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
IBHE iShares iBonds 2025 Term High Yield & Income ETF	3.60%	4.53%	6.92%	7.17%	5.77%	4.84%	5.74%	3.73%
CLOA BlackRock AAA CLO ETF	5.21%	5.35%	6.01%	5.88%	0.00%	0.00%	0.00%	0.00%

Drawdowns

IBHE vs. CLOA - Drawdown Comparison

The maximum IBHE drawdown since its inception was -26.91%, which is greater than CLOA's maximum drawdown of -1.34%. Use the drawdown chart below to compare losses from any high point for IBHE and CLOA.

Drawdown Indicators

	IBHE	CLOA	Difference
Max Drawdown Largest peak-to-trough decline	-26.91%	-1.34%	-25.57%
Max Drawdown (1Y) Largest decline over 1 year	-0.73%	-1.10%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	-8.51%	—	—
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-1.46%	-0.06%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.15%	-0.07%

Volatility

IBHE vs. CLOA - Volatility Comparison

The current volatility for iShares iBonds 2025 Term High Yield & Income ETF (IBHE) is 0.00%, while BlackRock AAA CLO ETF (CLOA) has a volatility of 0.27%. This indicates that IBHE experiences smaller price fluctuations and is considered to be less risky than CLOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBHE	CLOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.27%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	0.49%	0.51%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	1.64%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.90%	1.35%	+3.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.68%	1.35%	+10.33%