IBHE vs. THY

Last updated Jun 4, 2026

IBHE (iShares iBonds 2025 Term High Yield & Income ETF) and THY (Agility Shares Dynamic Tactical Income ETF) are both High Yield Bonds funds. IBHE is passively managed, while THY is actively managed. Over the past 5 years, IBHE returned 3.89%/yr vs 1.71%/yr for THY. A 0.53 correlation means they provide meaningful diversification when combined. IBHE charges 0.35%/yr vs 1.36%/yr for THY.

Performance

IBHE vs. THY - 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 Agility Shares Dynamic Tactical Income ETF (THY). The values are adjusted to include any dividend payments, if applicable.

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*: —

THY

• 1D: -0.26%
• 1M: -0.43%
• YTD: 0.45%
• 6M: 0.64%
• 1Y: 4.31%
• 3Y*: 5.21%
• 5Y*: 1.71%
• 10Y*: —

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

IBHE vs. THY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	4.45%	7.62%	10.32%	-4.08%	4.40%	9.43%
THY Agility Shares Dynamic Tactical Income ETF	0.45%	4.44%	5.38%	4.97%	-5.62%	-0.46%	4.04%

Correlation

The correlation between IBHE and THY is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jun 26, 2020	0.53

Over the past year, the correlation between IBHE and THY has dropped to 0.03 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

IBHE vs. THY - Sectors Allocation Comparison

Sectors	IBHE	THY
Real Estate	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.1%
Financial Services	-	99.9%
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

IBHE vs. THY — Risk / Return Rank

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

IBHE

IBHE Risk / Return Rank: 97
IBHE Sharpe Ratio Rank: 93
IBHE Sortino Ratio Rank: 97
IBHE Omega Ratio Rank: 98
IBHE Calmar Ratio Rank: 98
IBHE Martin Ratio Rank: 98

THY

THY Risk / Return Rank: 44
THY Sharpe Ratio Rank: 41
THY Sortino Ratio Rank: 43
THY Omega Ratio Rank: 41
THY Calmar Ratio Rank: 55
THY Martin Ratio Rank: 41

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. THY - 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 Agility Shares Dynamic Tactical Income ETF (THY). 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	THY	Difference
Sharpe ratio: Return per unit of total volatility	3.51	1.46	+2.05
Sortino ratio: Return per unit of downside risk	6.33	2.18	+4.16
Omega ratio: Gain probability vs. loss probability	2.19	1.27	+0.92
Calmar ratio: Return relative to maximum drawdown	12.78	2.70	+10.09
Martin ratio: Return relative to average drawdown	63.40	6.56	+56.83
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. THY - Sharpe Ratio Comparison

The current IBHE Sharpe Ratio is 3.51, which is higher than the THY Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of IBHE and THY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IBHE	THY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.51	1.46	+2.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.38	+0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.48	-0.08

Drawdowns

IBHE vs. THY - Drawdown Comparison

The maximum IBHE drawdown since its inception was -26.91%, which is greater than THY's maximum drawdown of -8.56%. Use the drawdown chart below to compare losses from any high point for IBHE and THY.

Drawdown Indicators

	IBHE	THY	Difference
Max Drawdown Largest peak-to-trough decline	-26.91%	-8.56%	-18.35%
Max Drawdown (1Y) Largest decline over 1 year	-0.22%	-1.60%	+1.38%
Max Drawdown (3Y) Largest decline over 3 years	-0.94%	-2.74%	+1.80%
Max Drawdown (5Y) Largest decline over 5 years	-8.51%	-8.56%	+0.05%
Current Drawdown Current decline from peak	0.00%	-0.83%	+0.83%
Average Drawdown Average peak-to-trough decline	-1.42%	-2.61%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.66%	-0.61%

Volatility

IBHE vs. THY - Volatility Comparison

The current volatility for iShares iBonds 2025 Term High Yield & Income ETF (IBHE) is 0.00%, while Agility Shares Dynamic Tactical Income ETF (THY) has a volatility of 0.93%. This indicates that IBHE experiences smaller price fluctuations and is considered to be less risky than THY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBHE	THY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.93%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	0.39%	1.87%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	0.78%	2.97%	-2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.87%	4.55%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.53%	4.48%	+7.05%

IBHE vs. THY - Expense Ratio Comparison

IBHE has a 0.35% expense ratio, which is lower than THY's 1.36% expense ratio.

Dividends

IBHE vs. THY - Dividend Comparison

IBHE's dividend yield for the trailing twelve months is around 2.29%, less than THY's 5.40% yield.

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%
THY Agility Shares Dynamic Tactical Income ETF	5.40%	6.00%	5.09%	4.59%	2.56%	3.46%	2.53%	0.00%

Frequently Asked Questions

Can I hold both IBHE and THY in my portfolio?

IBHE and THY have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBHE or THY?

THY has higher volatility (0.93%) compared to IBHE (0.00%). In terms of maximum drawdown, IBHE dropped -26.91% vs THY's -8.56%.

Which ETF is better, IBHE or THY?

On 5-year performance, IBHE leads with 3.89% vs 1.71% for THY. 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.

Which ETF has performed better, IBHE or THY?

Over the 5-year period, IBHE has performed better with a 3.89% return vs 1.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBHE or THY?

IBHE is cheaper with a 0.35% expense ratio, compared with 1.36% for THY.

Which ETF pays a higher dividend yield, IBHE or THY?

THY has the higher dividend yield at 5.40%, compared with 2.29% for IBHE.

What is the main difference between IBHE and THY?

They also come from different issuers: iShares and Toews Corp.. Their fees differ too: 0.35% for IBHE and 1.36% for THY.

Which has better risk-adjusted returns?

IBHE currently has the higher Sharpe Ratio (3.51 vs 1.46), 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.