IBHE vs. JPHY

Last updated Apr 2, 2026

Compare and contrast key facts about iShares iBonds 2025 Term High Yield & Income ETF (IBHE) and JPMorgan High Yield Research Enhanced ETF (JPHY).

IBHE and JPHY 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. JPHY is an actively managed fund by JPMorgan. It was launched on Sep 14, 2016.

Performance

IBHE vs. JPHY - 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 JPMorgan High Yield Research Enhanced ETF (JPHY). The values are adjusted to include any dividend payments, if applicable.

IBHE vs. JPHY - Yearly Performance Comparison

	2026 (YTD)	2025
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	1.94%
JPHY JPMorgan High Yield Research Enhanced ETF	0.38%	4.00%

Returns By Period

IBHE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.83%
• 1Y: 3.24%
• 3Y*: 6.40%
• 5Y*: 4.09%
• 10Y*: —

JPHY

• 1D: 0.22%
• 1M: -0.10%
• YTD: 0.38%
• 6M: 1.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBHE vs. JPHY - Expense Ratio Comparison

IBHE has a 0.35% expense ratio, which is higher than JPHY's 0.24% expense ratio.

IBHE

iShares iBonds 2025 Term High Yield & Income ETF

JPHY

JPMorgan High Yield Research Enhanced ETF

Return for Risk

IBHE vs. JPHY — 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: 97
IBHE Martin Ratio Rank: 99

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. 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.

	IBHE	JPHY	Difference
Sharpe ratio Return per unit of total volatility	2.90	—	—
Sortino ratio Return per unit of downside risk	4.09	—	—
Omega ratio Gain probability vs. loss probability	1.96	—	—
Calmar ratio Return relative to maximum drawdown	5.38	—	—
Martin ratio Return relative to average drawdown	49.80	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IBHE	JPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	—	—
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	1.87	-1.46

Correlation

The correlation between IBHE and JPHY is -0.01. 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. JPHY - Dividend Comparison

IBHE's dividend yield for the trailing twelve months is around 3.14%, less than JPHY's 4.91% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
IBHE iShares iBonds 2025 Term High Yield & Income ETF	3.14%	4.53%	6.92%	7.17%	5.77%	4.84%	5.74%	3.73%
JPHY JPMorgan High Yield Research Enhanced ETF	4.91%	3.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	IBHE	JPHY	Difference
Max Drawdown Largest peak-to-trough decline	-26.91%	-1.65%	-25.26%
Max Drawdown (1Y) Largest decline over 1 year	-0.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-8.51%	—	—
Current Drawdown Current decline from peak	0.00%	-0.43%	+0.43%
Average Drawdown Average peak-to-trough decline	-1.45%	-0.23%	-1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	—	—

Volatility

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	0.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	3.09%	-1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.90%	3.09%	+1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.67%	3.09%	+8.58%