IBHF vs. HYBL
IBHF (iShares iBonds 2026 Term High Yield and Income ETF) and HYBL (SPDR Blackstone High Income ETF) are both exchange-traded funds - IBHF is a Corporate Bonds fund actively managed by iShares, while HYBL is a High Yield Bonds fund actively managed by State Street. Both are actively managed. Over the past 3 years, IBHF returned 7.23%/yr vs 8.58%/yr for HYBL. A 0.66 correlation means they provide meaningful diversification when combined. IBHF charges 0.35%/yr vs 0.70%/yr for HYBL.
Performance
IBHF vs. HYBL - Performance Comparison
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Returns By Period
In the year-to-date period, IBHF achieves a 0.41% return, which is significantly lower than HYBL's 1.11% return.
IBHF
- 1D
- -0.04%
- 1M
- -0.05%
- YTD
- 0.41%
- 6M
- 0.86%
- 1Y
- 4.76%
- 3Y*
- 7.23%
- 5Y*
- 4.05%
- 10Y*
- —
HYBL
- 1D
- -0.20%
- 1M
- 0.16%
- YTD
- 1.11%
- 6M
- 1.71%
- 1Y
- 6.35%
- 3Y*
- 8.58%
- 5Y*
- —
- 10Y*
- —
IBHF vs. HYBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBHF iShares iBonds 2026 Term High Yield and Income ETF | 0.41% | 6.60% | 8.55% | 10.40% | -3.65% |
HYBL SPDR Blackstone High Income ETF | 1.11% | 7.78% | 9.12% | 11.86% | -4.72% |
Correlation
The correlation between IBHF and HYBL is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022 | 0.66 |
Over the past year, the correlation between IBHF and HYBL has dropped to 0.40 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.
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Return for Risk
IBHF vs. HYBL — Risk / Return Rank
IBHF
HYBL
IBHF vs. HYBL - 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 SPDR Blackstone High Income ETF (HYBL). 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.
| IBHF | HYBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.48 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 7.48 | 2.64 | +4.84 |
| Martin ratioReturn relative to average drawdown | 23.36 | 9.71 | +13.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBHF | HYBL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.36 | 2.40 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | 1.25 | -0.42 |
Drawdowns
IBHF vs. HYBL - Drawdown Comparison
The maximum IBHF drawdown since its inception was -11.19%, which is greater than HYBL's maximum drawdown of -8.46%. Use the drawdown chart below to compare losses from any high point for IBHF and HYBL.
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Drawdown Indicators
| IBHF | HYBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.19% | -8.46% | -2.73% |
Max Drawdown (1Y)Largest decline over 1 year | -0.64% | -2.41% | +1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -2.53% | -4.32% | +1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -11.19% | — | — |
Current DrawdownCurrent decline from peak | -0.58% | -0.20% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -1.35% | -0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 0.66% | -0.46% |
Volatility
IBHF vs. HYBL - Volatility Comparison
iShares iBonds 2026 Term High Yield and Income ETF (IBHF) has a higher volatility of 0.76% compared to SPDR Blackstone High Income ETF (HYBL) at 0.68%. This indicates that IBHF's price experiences larger fluctuations and is considered to be riskier than HYBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBHF | HYBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.68% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.22% | 2.14% | -0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.03% | 2.66% | -0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.80% | 4.57% | +1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.66% | 4.57% | +1.09% |
IBHF vs. HYBL - Expense Ratio Comparison
IBHF has a 0.35% expense ratio, which is lower than HYBL's 0.70% expense ratio.
Dividends
IBHF vs. HYBL - Dividend Comparison
IBHF's dividend yield for the trailing twelve months is around 6.54%, less than HYBL's 7.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
HYBL SPDR Blackstone High Income ETF | 7.12% | 7.22% | 7.88% | 7.93% | 5.10% | 0.00% | 0.00% |
IBHF iShares iBonds 2026 Term High Yield and Income ETF | 6.54% | 6.73% | 7.17% | 7.33% | 6.01% | 4.55% | 0.61% |
Frequently Asked Questions
IBHF and HYBL have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBHF has higher volatility (0.76%) compared to HYBL (0.68%). In terms of maximum drawdown, IBHF dropped -11.19% vs HYBL's -8.46%.
On 3-year performance, HYBL leads with 8.58% vs 7.23% for IBHF. On fees, IBHF is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYBL has performed better with a 8.58% return vs 7.23%. 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 0.70% for HYBL.
HYBL has the higher dividend yield at 7.12%, compared with 6.54% for IBHF.
IBHF is categorized as Corporate Bonds, while HYBL is High Yield Bonds. They also come from different issuers: iShares and State Street. Their fees differ too: 0.35% for IBHF and 0.70% for HYBL.
HYBL currently has the higher Sharpe Ratio (2.40 vs 2.36), 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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