IBHF vs. ICAP
IBHF (iShares iBonds 2026 Term High Yield and Income ETF) and ICAP (InfraCap Equity Income Fund ETF) are both exchange-traded funds - IBHF is a Corporate Bonds fund actively managed by iShares, while ICAP is a fund fund actively managed by InfraCap. Both are actively managed. Over the past 3 years, IBHF returned 7.25%/yr vs 17.14%/yr for ICAP. At a 0.48 correlation, their price movements are largely independent. IBHF charges 0.35%/yr vs 0.80%/yr for ICAP.
Performance
IBHF vs. ICAP - Performance Comparison
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Returns By Period
In the year-to-date period, IBHF achieves a 0.58% return, which is significantly lower than ICAP's 6.49% return.
IBHF
- 1D
- -0.04%
- 1M
- -0.10%
- YTD
- 0.58%
- 6M
- 0.45%
- 1Y
- 4.13%
- 3Y*
- 7.25%
- 5Y*
- 3.94%
- 10Y*
- —
ICAP
- 1D
- 0.06%
- 1M
- -0.48%
- YTD
- 6.49%
- 6M
- 5.31%
- 1Y
- 20.95%
- 3Y*
- 17.14%
- 5Y*
- —
- 10Y*
- —
IBHF vs. ICAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IBHF iShares iBonds 2026 Term High Yield and Income ETF | 0.58% | 6.60% | 8.55% | 10.40% | -6.66% | -0.17% |
ICAP InfraCap Equity Income Fund ETF | 6.49% | 15.77% | 14.83% | 8.82% | -10.10% | 1.08% |
Correlation
The correlation between IBHF and ICAP is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 2021 | 0.48 |
Over the past year, the correlation between IBHF and ICAP has dropped to 0.23 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
IBHF vs. ICAP — Risk / Return Rank
IBHF
ICAP
IBHF vs. ICAP - 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 InfraCap Equity Income Fund ETF (ICAP). 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 | ICAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.27 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 5.50 | 1.97 | +3.52 |
| Martin ratioReturn relative to average drawdown | 17.38 | 7.47 | +9.91 |
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Drawdowns
IBHF vs. ICAP - Drawdown Comparison
The maximum IBHF drawdown since its inception was -11.19%, smaller than the maximum ICAP drawdown of -24.20%. Use the drawdown chart below to compare losses from any high point for IBHF and ICAP.
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Drawdown Indicators
| IBHF | ICAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.19% | -24.20% | +13.01% |
Max Drawdown (1Y)Largest decline over 1 year | -0.75% | -10.66% | +9.91% |
Max Drawdown (3Y)Largest decline over 3 years | -2.53% | -20.31% | +17.78% |
Max Drawdown (5Y)Largest decline over 5 years | -11.19% | — | — |
Current DrawdownCurrent decline from peak | -0.40% | -2.32% | +1.92% |
Average DrawdownAverage peak-to-trough decline | -1.78% | -7.73% | +5.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.24% | 2.81% | -2.57% |
Volatility
IBHF vs. ICAP - Volatility Comparison
The current volatility for iShares iBonds 2026 Term High Yield and Income ETF (IBHF) is 0.47%, while InfraCap Equity Income Fund ETF (ICAP) has a volatility of 4.92%. This indicates that IBHF experiences smaller price fluctuations and is considered to be less risky than ICAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBHF | ICAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | 4.92% | -4.45% |
Volatility (6M)Calculated over the trailing 6-month period | 1.22% | 10.45% | -9.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.91% | 13.45% | -11.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.79% | 18.16% | -12.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.63% | 18.16% | -12.53% |
IBHF vs. ICAP - Expense Ratio Comparison
IBHF has a 0.35% expense ratio, which is lower than ICAP's 0.80% expense ratio.
Dividends
IBHF vs. ICAP - Dividend Comparison
IBHF's dividend yield for the trailing twelve months is around 6.53%, less than ICAP's 9.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
IBHF iShares iBonds 2026 Term High Yield and Income ETF | 6.53% | 6.73% | 7.17% | 7.33% | 6.01% | 4.55% | 0.61% |
ICAP InfraCap Equity Income Fund ETF | 9.60% | 8.89% | 8.30% | 8.65% | 8.95% | 0.00% | 0.00% |
Frequently Asked Questions
IBHF and ICAP have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICAP has higher volatility (4.92%) compared to IBHF (0.47%). In terms of maximum drawdown, IBHF dropped -11.19% vs ICAP's -24.20%.
On 3-year performance, ICAP leads with 17.14% vs 7.25% for IBHF. 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, ICAP has performed better with a 17.14% return vs 7.25%. 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 ICAP.
ICAP has the higher dividend yield at 9.60%, compared with 6.53% for IBHF.
They also come from different issuers: iShares and InfraCap. Their fees differ too: 0.35% for IBHF and 0.80% for ICAP.
IBHF currently has the higher Sharpe Ratio (2.18 vs 1.57), 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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