IBHE vs. JPHY
IBHE (iShares iBonds 2025 Term High Yield & Income ETF) and JPHY (JPMorgan High Yield Research Enhanced ETF) are both High Yield Bonds funds. IBHE is passively managed, while JPHY is actively managed. Over the past year, IBHE returned 2.00% vs 6.37% for JPHY. At a correlation of -0.01, they often move in opposite directions. IBHE charges 0.35%/yr vs 0.24%/yr for JPHY.
Performance
IBHE vs. JPHY - Performance Comparison
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Returns By Period
IBHE
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 2.00%
- 3Y*
- 5.93%
- 5Y*
- 3.89%
- 10Y*
- —
JPHY
- 1D
- -0.03%
- 1M
- 0.45%
- YTD
- 2.22%
- 6M
- 2.19%
- 1Y
- 6.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBHE vs. JPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 0.00% | 2.00% |
JPHY JPMorgan High Yield Research Enhanced ETF | 2.22% | 4.06% |
Correlation
The correlation between IBHE and JPHY 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 (All Time) Calculated using the full available price history since Jun 25, 2025 | -0.01 |
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Return for Risk
IBHE vs. JPHY - 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 JPMorgan High Yield Research Enhanced ETF (JPHY). 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.
| IBHE | JPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 2.32 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 25.02 | — | — |
| Martin ratioReturn relative to average drawdown | 98.47 | — | — |
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Drawdowns
IBHE vs. JPHY - Drawdown Comparison
The maximum IBHE drawdown since its inception was -26.91%, which is greater than JPHY's maximum drawdown of -1.65%. Use the drawdown chart below to compare losses from any high point for IBHE and JPHY.
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Drawdown Indicators
| IBHE | JPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.91% | -1.65% | -25.26% |
Max Drawdown (1Y)Largest decline over 1 year | -0.11% | -1.65% | +1.54% |
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% | -0.15% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -1.42% | -0.21% | -1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | — | — |
Volatility
IBHE vs. JPHY - Volatility Comparison
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Volatility by Period
| IBHE | JPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.38% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.74% | 3.01% | -2.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 3.01% | +1.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.52% | 3.01% | +8.51% |
IBHE vs. JPHY - Expense Ratio Comparison
IBHE has a 0.35% expense ratio, which is higher than JPHY's 0.24% expense ratio.
Dividends
IBHE vs. JPHY - Dividend Comparison
IBHE has not paid dividends to shareholders, while JPHY's dividend yield for the trailing twelve months is around 5.91%.
| 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% |
JPHY JPMorgan High Yield Research Enhanced ETF | 5.91% | 3.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBHE and JPHY 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.
On 1-year performance, JPHY leads with 6.37% vs 2.00% for IBHE. On fees, JPHY is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, JPHY has performed better with a 6.37% return vs 2.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPHY is cheaper with a 0.24% expense ratio, compared with 0.35% for IBHE.
JPHY has the higher dividend yield at 5.91%, compared with 2.29% for IBHE.
They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.35% for IBHE and 0.24% for JPHY.
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