IBHL vs. IVV

Last updated Jun 25, 2026

IBHL (iShares iBonds 2032 Term High Yield and Income ETF) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - IBHL is a High Yield Bonds fund tracking the Bloomberg 2032 Term High Yield and Income Index, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, IBHL returned 6.07% vs 22.31% for IVV. A 0.75 correlation means they provide meaningful diversification when combined. IBHL charges 0.35%/yr vs 0.03%/yr for IVV.

Performance

IBHL vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds 2032 Term High Yield and Income ETF (IBHL) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBHL achieves a 1.17% return, which is significantly lower than IVV's 8.13% return.

IBHL

• 1D: 0.08%
• 1M: 0.68%
• YTD: 1.17%
• 6M: 1.25%
• 1Y: 6.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVV

• 1D: -0.07%
• 1M: -1.40%
• YTD: 8.13%
• 6M: 6.81%
• 1Y: 22.31%
• 3Y*: 20.76%
• 5Y*: 13.03%
• 10Y*: 15.57%

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

IBHL vs. IVV - Yearly Performance Comparison

	2026 (YTD)	2025
IBHL iShares iBonds 2032 Term High Yield and Income ETF	1.17%	8.46%
IVV iShares Core S&P 500 ETF	8.13%	19.66%

Correlation

The correlation between IBHL and IVV is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	0.75

The correlation between IBHL and IVV has been stable across timeframes, ranging from 0.74 to 0.75 - a consistent structural relationship.

Return for Risk

IBHL vs. IVV — Risk / Return Rank

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

IBHL

IBHL Risk / Return Rank: 51
IBHL Sharpe Ratio Rank: 49
IBHL Sortino Ratio Rank: 53
IBHL Omega Ratio Rank: 50
IBHL Calmar Ratio Rank: 46
IBHL Martin Ratio Rank: 57

IVV

IVV Risk / Return Rank: 60
IVV Sharpe Ratio Rank: 60
IVV Sortino Ratio Rank: 58
IVV Omega Ratio Rank: 59
IVV Calmar Ratio Rank: 57
IVV Martin Ratio Rank: 68

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.

IBHL vs. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2032 Term High Yield and Income ETF (IBHL) and iShares Core S&P 500 ETF (IVV). 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.

	IBHL	IVV	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.81	-0.33
Sortino ratio: Return per unit of downside risk	2.24	2.46	-0.22
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	2.01	2.52	-0.51
Martin ratio: Return relative to average drawdown	8.81	11.21	-2.40

IBHL vs. IVV - Sharpe Ratio Comparison

The current IBHL Sharpe Ratio is 1.48, which is comparable to the IVV Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of IBHL and IVV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IBHL vs. IVV - Drawdown Comparison

The maximum IBHL drawdown since its inception was -3.70%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for IBHL and IVV.

Drawdown Indicators

	IBHL	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-3.70%	-55.25%	+51.55%
Max Drawdown (1Y) Largest decline over 1 year	-3.03%	-8.89%	+5.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.90%	—
Current Drawdown Current decline from peak	-0.15%	-3.20%	+3.05%
Average Drawdown Average peak-to-trough decline	-0.45%	-10.76%	+10.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	2.00%	-1.31%

Volatility

IBHL vs. IVV - Volatility Comparison

The current volatility for iShares iBonds 2032 Term High Yield and Income ETF (IBHL) is 1.15%, while iShares Core S&P 500 ETF (IVV) has a volatility of 4.86%. This indicates that IBHL experiences smaller price fluctuations and is considered to be less risky than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBHL	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	4.86%	-3.71%
Volatility (6M) Calculated over the trailing 6-month period	3.31%	9.81%	-6.50%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	12.44%	-8.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.36%	16.98%	-11.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.36%	18.06%	-12.70%

IBHL vs. IVV - Expense Ratio Comparison

IBHL has a 0.35% expense ratio, which is higher than IVV's 0.03% expense ratio.

Dividends

IBHL vs. IVV - Dividend Comparison

IBHL's dividend yield for the trailing twelve months is around 6.28%, more than IVV's 1.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBHL iShares iBonds 2032 Term High Yield and Income ETF	6.28%	4.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IVV iShares Core S&P 500 ETF	1.11%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%

Frequently Asked Questions

Can I hold both IBHL and IVV in my portfolio?

IBHL and IVV have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBHL or IVV?

IVV has higher volatility (4.86%) compared to IBHL (1.15%). In terms of maximum drawdown, IBHL dropped -3.70% vs IVV's -55.25%.

Which ETF is better, IBHL or IVV?

On 1-year performance, IVV leads with 22.31% vs 6.07% for IBHL. On fees, IVV is cheaper at 0.03% per year. On volatility, IBHL has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBHL or IVV?

Over the 1-year period, IVV has performed better with a 22.31% return vs 6.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBHL or IVV?

IVV is cheaper with a 0.03% expense ratio, compared with 0.35% for IBHL.

Which ETF pays a higher dividend yield, IBHL or IVV?

IBHL has the higher dividend yield at 6.28%, compared with 1.11% for IVV.

What is the main difference between IBHL and IVV?

IBHL is categorized as High Yield Bonds, while IVV is S&P 500. IBHL tracks Bloomberg 2032 Term High Yield and Income Index, while IVV tracks S&P 500 Index. Their fees differ too: 0.35% for IBHL and 0.03% for IVV.

Which has better risk-adjusted returns?

IVV currently has the higher Sharpe Ratio (1.81 vs 1.48), 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.