IBHE vs. USHY

Last updated Jul 17, 2026

IBHE (iShares iBonds 2025 Term High Yield & Income ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds from iShares - IBHE tracks the Bloomberg 2025 Term High Yield and Income Index while USHY tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. A 0.73 correlation means they provide meaningful diversification when combined. IBHE charges 0.35%/yr vs 0.15%/yr for USHY.

Performance

IBHE vs. USHY - 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 iShares Broad USD High Yield Corporate Bond ETF (USHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBHE

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USHY

• 1D: 0.01%
• 1M: 0.26%
• 6M: 1.60%
• YTD: 2.16%
• 1Y: 6.23%
• 3Y*: 8.60%
• 5Y*: 4.17%
• 10Y*: —

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

IBHE vs. USHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	4.45%	7.62%	10.32%	-4.08%	4.40%	4.16%	5.49%
USHY iShares Broad USD High Yield Corporate Bond ETF	2.16%	8.81%	8.45%	12.73%	-11.18%	5.02%	6.17%	5.50%

Correlation

The correlation between IBHE and USHY is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since May 9, 2019	0.73

The correlation between IBHE and USHY shifts across timeframes, from -0.02 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBHE vs. USHY — Risk / Return Rank

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

IBHE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

USHY

USHY Risk / Return Rank: 70
USHY Sharpe Ratio Rank: 65
USHY Sortino Ratio Rank: 71
USHY Omega Ratio Rank: 71
USHY Calmar Ratio Rank: 64
USHY Martin Ratio Rank: 78

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. USHY - 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 Broad USD High Yield Corporate Bond ETF (USHY). 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	USHY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.72	—
Sortino ratio: Return per unit of downside risk	—	2.59	—
Omega ratio: Gain probability vs. loss probability	—	1.33	—
Calmar ratio: Return relative to maximum drawdown	—	2.58	—
Martin ratio: Return relative to average drawdown	—	11.58	—

Drawdowns

Drawdown Indicators

	IBHE	USHY	Difference
Max Drawdown Largest peak-to-trough decline	—	-22.44%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.43%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.56%	—
Current Drawdown Current decline from peak	—	-0.11%	—
Average Drawdown Average peak-to-trough decline	—	-2.63%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.54%	—

Volatility

Volatility by Period

	IBHE	USHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.65%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.98%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	3.64%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	7.35%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	8.20%	—

IBHE vs. USHY - Expense Ratio Comparison

IBHE has a 0.35% expense ratio, which is higher than USHY's 0.15% expense ratio.

Dividends

IBHE vs. USHY - Dividend Comparison

IBHE has not paid dividends to shareholders, while USHY's dividend yield for the trailing twelve months is around 6.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IBHE iShares iBonds 2025 Term High Yield & Income ETF	1.87%	4.53%	6.92%	7.17%	5.77%	4.84%	5.74%	3.73%	0.00%	0.00%
USHY iShares Broad USD High Yield Corporate Bond ETF	6.90%	6.79%	6.89%	6.63%	6.08%	5.07%	5.30%	5.92%	6.30%	0.73%

Frequently Asked Questions

Can I hold both IBHE and USHY in my portfolio?

IBHE and USHY have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBHE or USHY?

On fees, USHY is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBHE or USHY?

USHY is cheaper with a 0.15% expense ratio, compared with 0.35% for IBHE.

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

USHY has the higher dividend yield at 6.90%, compared with 1.87% for IBHE.

What is the main difference between IBHE and USHY?

IBHE tracks Bloomberg 2025 Term High Yield and Income Index, while USHY tracks ICE BofA US High Yield Constrained Index. Their fees differ too: 0.35% for IBHE and 0.15% for USHY.