IBHF vs. CARY
IBHF (iShares iBonds 2026 Term High Yield and Income ETF) and CARY (Angel Oak Income ETF) are both exchange-traded funds - IBHF is a Corporate Bonds fund actively managed by iShares, while CARY is a Multisector Bonds fund actively managed by Angel Oak. Both are actively managed. Over the past 3 years, IBHF returned 7.36%/yr vs 7.33%/yr for CARY. At a 0.20 correlation, their price movements are largely independent. IBHF charges 0.35%/yr vs 0.80%/yr for CARY.
Performance
IBHF vs. CARY - Performance Comparison
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Returns By Period
In the year-to-date period, IBHF achieves a 0.54% return, which is significantly lower than CARY's 2.01% return.
IBHF
- 1D
- -0.09%
- 1M
- -0.14%
- YTD
- 0.54%
- 6M
- 0.71%
- 1Y
- 4.22%
- 3Y*
- 7.36%
- 5Y*
- 3.98%
- 10Y*
- —
CARY
- 1D
- -0.10%
- 1M
- 0.49%
- YTD
- 2.01%
- 6M
- 2.08%
- 1Y
- 6.45%
- 3Y*
- 7.33%
- 5Y*
- —
- 10Y*
- —
IBHF vs. CARY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBHF iShares iBonds 2026 Term High Yield and Income ETF | 0.54% | 6.60% | 8.55% | 10.40% | 2.07% |
CARY Angel Oak Income ETF | 2.01% | 7.54% | 6.93% | 8.70% | 0.58% |
Correlation
The correlation between IBHF and CARY is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2022 | 0.20 |
The correlation between IBHF and CARY shifts across timeframes, from 0.20 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IBHF vs. CARY — Risk / Return Rank
IBHF
CARY
IBHF vs. CARY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2026 Term High Yield and Income ETF (IBHF) and Angel Oak Income ETF (CARY). 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.
| IBHF | CARY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.79 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 5.62 | 5.07 | +0.55 |
| Martin ratioReturn relative to average drawdown | 18.04 | 21.83 | -3.79 |
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Drawdowns
IBHF vs. CARY - Drawdown Comparison
The maximum IBHF drawdown since its inception was -11.19%, which is greater than CARY's maximum drawdown of -1.96%. Use the drawdown chart below to compare losses from any high point for IBHF and CARY.
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Drawdown Indicators
| IBHF | CARY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.19% | -1.96% | -9.23% |
Max Drawdown (1Y)Largest decline over 1 year | -0.75% | -1.28% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -2.53% | -1.96% | -0.57% |
Max Drawdown (5Y)Largest decline over 5 years | -11.19% | — | — |
Current DrawdownCurrent decline from peak | -0.45% | -0.19% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -1.79% | -0.32% | -1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.30% | -0.07% |
Volatility
IBHF vs. CARY - Volatility Comparison
The current volatility for iShares iBonds 2026 Term High Yield and Income ETF (IBHF) is 0.47%, while Angel Oak Income ETF (CARY) has a volatility of 0.62%. This indicates that IBHF experiences smaller price fluctuations and is considered to be less risky than CARY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBHF | CARY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | 0.62% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 1.22% | 1.40% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.91% | 1.81% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.79% | 2.73% | +3.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.64% | 2.73% | +2.91% |
IBHF vs. CARY - Expense Ratio Comparison
IBHF has a 0.35% expense ratio, which is lower than CARY's 0.80% expense ratio.
Dividends
IBHF vs. CARY - Dividend Comparison
IBHF's dividend yield for the trailing twelve months is around 6.53%, more than CARY's 5.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CARY Angel Oak Income ETF | 5.92% | 6.13% | 6.10% | 6.38% | 0.48% | 0.00% | 0.00% |
IBHF iShares iBonds 2026 Term High Yield and Income ETF | 6.53% | 6.73% | 7.17% | 7.33% | 6.01% | 4.55% | 0.61% |
Frequently Asked Questions
IBHF and CARY have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARY has higher volatility (0.62%) compared to IBHF (0.47%). In terms of maximum drawdown, IBHF dropped -11.19% vs CARY's -1.96%.
On 3-year performance, IBHF leads with 7.36% vs 7.33% for CARY. On fees, IBHF is cheaper at 0.35% per year. On volatility, IBHF has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IBHF has performed better with a 7.36% return vs 7.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBHF is cheaper with a 0.35% expense ratio, compared with 0.80% for CARY.
IBHF has the higher dividend yield at 6.53%, compared with 5.92% for CARY.
IBHF is categorized as Corporate Bonds, while CARY is Multisector Bonds. They also come from different issuers: iShares and Angel Oak. Their fees differ too: 0.35% for IBHF and 0.80% for CARY.
CARY currently has the higher Sharpe Ratio (3.59 vs 2.22), 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.
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