IBHL vs. SCYB

Last updated Apr 1, 2026

Compare and contrast key facts about iShares iBonds 2032 Term High Yield and Income ETF (IBHL) and Schwab High Yield Bond ETF (SCYB).

IBHL and SCYB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IBHL is a passively managed fund by iShares that tracks the performance of the Bloomberg 2032 Term High Yield and Income Index. It was launched on Mar 25, 2025. SCYB is a passively managed fund by Charles Schwab that tracks the performance of the ICE BofA US Cash Pay High Yield Constrained Index. It was launched on Jul 10, 2023. Both IBHL and SCYB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IBHL vs. SCYB - 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 Schwab High Yield Bond ETF (SCYB). The values are adjusted to include any dividend payments, if applicable.

IBHL vs. SCYB - Yearly Performance Comparison

	2026 (YTD)	2025
IBHL iShares iBonds 2032 Term High Yield and Income ETF	-0.88%	8.46%
SCYB Schwab High Yield Bond ETF	-0.47%	6.97%

Returns By Period

In the year-to-date period, IBHL achieves a -0.88% return, which is significantly lower than SCYB's -0.47% return.

IBHL

• 1D: 1.09%
• 1M: -1.60%
• YTD: -0.88%
• 6M: 0.91%
• 1Y: 7.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SCYB

• 1D: 0.89%
• 1M: -1.23%
• YTD: -0.47%
• 6M: 0.62%
• 1Y: 6.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBHL vs. SCYB - Expense Ratio Comparison

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

IBHL

iShares iBonds 2032 Term High Yield and Income ETF

SCYB

Schwab High Yield Bond ETF

Return for Risk

IBHL vs. SCYB — Risk / Return Rank

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

IBHL

IBHL Risk / Return Rank: 77
IBHL Sharpe Ratio Rank: 74
IBHL Sortino Ratio Rank: 77
IBHL Omega Ratio Rank: 77
IBHL Calmar Ratio Rank: 76
IBHL Martin Ratio Rank: 80

SCYB

SCYB Risk / Return Rank: 74
SCYB Sharpe Ratio Rank: 70
SCYB Sortino Ratio Rank: 72
SCYB Omega Ratio Rank: 77
SCYB Calmar Ratio Rank: 67
SCYB Martin Ratio Rank: 81

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. SCYB - 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 Schwab High Yield Bond ETF (SCYB). 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.

	IBHL	SCYB	Difference
Sharpe ratio Return per unit of total volatility	1.38	1.19	+0.19
Sortino ratio Return per unit of downside risk	2.02	1.75	+0.28
Omega ratio Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio Return relative to maximum drawdown	2.10	1.60	+0.50
Martin ratio Return relative to average drawdown	9.10	8.44	+0.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBHL vs. SCYB - Sharpe Ratio Comparison

The current IBHL Sharpe Ratio is 1.38, which is comparable to the SCYB Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of IBHL and SCYB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IBHL	SCYB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.19	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	1.62	-0.28

Correlation

The correlation between IBHL and SCYB is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IBHL vs. SCYB - Dividend Comparison

IBHL's dividend yield for the trailing twelve months is around 6.00%, less than SCYB's 7.01% yield.

	TTM	2025	2024	2023
IBHL iShares iBonds 2032 Term High Yield and Income ETF	6.00%	4.90%	0.00%	0.00%
SCYB Schwab High Yield Bond ETF	7.01%	6.99%	7.06%	3.36%

Drawdowns

IBHL vs. SCYB - Drawdown Comparison

The maximum IBHL drawdown since its inception was -3.70%, smaller than the maximum SCYB drawdown of -4.92%. Use the drawdown chart below to compare losses from any high point for IBHL and SCYB.

Drawdown Indicators

	IBHL	SCYB	Difference
Max Drawdown Largest peak-to-trough decline	-3.70%	-4.92%	+1.22%
Max Drawdown (1Y) Largest decline over 1 year	-3.70%	-4.22%	+0.52%
Current Drawdown Current decline from peak	-1.83%	-1.50%	-0.33%
Average Drawdown Average peak-to-trough decline	-0.45%	-0.53%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.80%	+0.05%

Volatility

IBHL vs. SCYB - Volatility Comparison

iShares iBonds 2032 Term High Yield and Income ETF (IBHL) has a higher volatility of 2.41% compared to Schwab High Yield Bond ETF (SCYB) at 2.25%. This indicates that IBHL's price experiences larger fluctuations and is considered to be riskier than SCYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBHL	SCYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	2.25%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	3.06%	2.91%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	5.56%	5.67%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.56%	5.20%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.56%	5.20%	+0.36%