IBHE vs. IBIT
IBHE (iShares iBonds 2025 Term High Yield & Income ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - IBHE is a High Yield Bonds fund tracking the Bloomberg 2025 Term High Yield and Income Index, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, IBHE returned 2.31% vs -38.74% for IBIT. At a 0.17 correlation, their price movements are largely independent. IBHE charges 0.35%/yr vs 0.25%/yr for IBIT.
Performance
IBHE vs. IBIT - Performance Comparison
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Returns By Period
IBHE
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.09%
- 1Y
- 2.31%
- 3Y*
- 6.07%
- 5Y*
- 3.89%
- 10Y*
- —
IBIT
- 1D
- -2.76%
- 1M
- -18.50%
- YTD
- -25.48%
- 6M
- -29.84%
- 1Y
- -38.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBHE vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 0.00% | 4.45% | 7.20% |
IBIT iShares Bitcoin Trust ETF | -25.48% | -6.41% | 99.21% |
Correlation
The correlation between IBHE and IBIT is -0.01, 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 | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.17 |
The correlation between IBHE and IBIT shifts across timeframes, from -0.01 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBHE vs. IBIT — Risk / Return Rank
IBHE
IBIT
IBHE vs. IBIT - 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 iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.40 | ||
| Sortino ratioReturn per unit of downside risk | +7.56 | ||
| Omega ratioGain probability vs. loss probability | 2.19 | 0.86 | +1.33 |
| Calmar ratioReturn relative to maximum drawdown | 12.78 | -0.79 | +13.57 |
| Martin ratioReturn relative to average drawdown | 63.40 | -1.36 | +64.76 |
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 | IBIT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.51 | -0.89 | +4.40 |
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 | 0.30 | +0.11 |
Drawdowns
IBHE vs. IBIT - Drawdown Comparison
The maximum IBHE drawdown since its inception was -26.91%, smaller than the maximum IBIT drawdown of -49.36%. Use the drawdown chart below to compare losses from any high point for IBHE and IBIT.
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Drawdown Indicators
| IBHE | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.91% | -49.36% | +22.45% |
Max Drawdown (1Y)Largest decline over 1 year | -0.22% | -49.36% | +49.14% |
Max Drawdown (3Y)Largest decline over 3 years | -0.94% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -8.51% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -48.10% | +48.10% |
Average DrawdownAverage peak-to-trough decline | -1.42% | -16.02% | +14.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 28.44% | -28.39% |
Volatility
IBHE vs. IBIT - Volatility Comparison
The current volatility for iShares iBonds 2025 Term High Yield & Income ETF (IBHE) is 0.00%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 9.50%. This indicates that IBHE experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBHE | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 9.50% | -9.50% |
Volatility (6M)Calculated over the trailing 6-month period | 0.39% | 34.44% | -34.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.78% | 43.73% | -42.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 50.19% | -45.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.53% | 50.19% | -38.66% |
IBHE vs. IBIT - Expense Ratio Comparison
IBHE has a 0.35% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
IBHE vs. IBIT - Dividend Comparison
IBHE's dividend yield for the trailing twelve months is around 2.29%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBHE and IBIT have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (9.50%) compared to IBHE (0.00%). In terms of maximum drawdown, IBHE dropped -26.91% vs IBIT's -49.36%.
On 1-year performance, IBHE leads with 2.31% vs -38.74% for IBIT. On fees, IBIT is cheaper at 0.25% 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 1-year period, IBHE has performed better with a 2.31% return vs -38.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.35% for IBHE.
IBHE has the higher dividend yield at 2.29%, compared with 0.00% for IBIT.
IBHE is categorized as High Yield Bonds, while IBIT is Cryptocurrency. IBHE tracks Bloomberg 2025 Term High Yield and Income Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.35% for IBHE and 0.25% for IBIT.
IBHE currently has the higher Sharpe Ratio (3.51 vs -0.89), 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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