IBHE vs. XISE

Last updated Jul 12, 2026

IBHE (iShares iBonds 2025 Term High Yield & Income ETF) and XISE (FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September) are both exchange-traded funds - IBHE is a High Yield Bonds fund tracking the Bloomberg 2025 Term High Yield and Income Index, while XISE is a Options Trading fund actively managed by FT Vest. IBHE is passively managed, while XISE is actively managed. At a 0.18 correlation, their price movements are largely independent. IBHE charges 0.35%/yr vs 0.85%/yr for XISE.

Performance

IBHE vs. XISE - 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 FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September (XISE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBHE

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

XISE

• 1D: 0.10%
• 1M: 0.57%
• 6M: 3.17%
• YTD: 3.60%
• 1Y: 6.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBHE vs. XISE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	4.45%	7.62%	3.16%
XISE FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September	3.60%	6.42%	5.70%	2.93%

Correlation

The correlation between IBHE and XISE is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Sep 18, 2023	0.18

The correlation between IBHE and XISE shifts across timeframes, from -0.13 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBHE vs. XISE — 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.

XISE

XISE Risk / Return Rank: 89
XISE Sharpe Ratio Rank: 86
XISE Sortino Ratio Rank: 91
XISE Omega Ratio Rank: 93
XISE Calmar Ratio Rank: 81
XISE Martin Ratio Rank: 93

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. XISE - 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 FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September (XISE). 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	XISE	Difference
Sharpe ratio: Return per unit of total volatility	—	2.20	—
Sortino ratio: Return per unit of downside risk	—	3.43	—
Omega ratio: Gain probability vs. loss probability	—	1.51	—
Calmar ratio: Return relative to maximum drawdown	—	3.42	—
Martin ratio: Return relative to average drawdown	—	19.11	—

Drawdowns

Drawdown Indicators

	IBHE	XISE	Difference
Max Drawdown Largest peak-to-trough decline	—	-6.17%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-1.88%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.24%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.34%	—

Volatility

Volatility by Period

	IBHE	XISE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.92%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	4.83%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	4.83%	—

IBHE vs. XISE - Expense Ratio Comparison

IBHE has a 0.35% expense ratio, which is lower than XISE's 0.85% expense ratio.

Dividends

IBHE vs. XISE - Dividend Comparison

IBHE has not paid dividends to shareholders, while XISE's dividend yield for the trailing twelve months is around 5.93%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
XISE FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September	5.93%	5.81%	7.04%	1.20%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBHE and XISE in my portfolio?

IBHE and XISE have a correlation of -0.13, 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 XISE?

On fees, IBHE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBHE or XISE?

IBHE is cheaper with a 0.35% expense ratio, compared with 0.85% for XISE.

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

XISE has the higher dividend yield at 5.93%, compared with 1.87% for IBHE.

What is the main difference between IBHE and XISE?

IBHE is categorized as High Yield Bonds, while XISE is Options Trading. They also come from different issuers: iShares and FT Vest. Their fees differ too: 0.35% for IBHE and 0.85% for XISE.