IBTO vs. BNDY
IBTO (iShares iBonds Dec 2033 Term Treasury ETF) and BNDY (Horizon Core Bond ETF) are both Intermediate Core Bond funds. IBTO is passively managed, while BNDY is actively managed. Over the past year, IBTO returned 3.50% vs 6.85% for BNDY. Their correlation of 0.83 suggests significant overlap in exposure. IBTO charges 0.07%/yr vs 0.66%/yr for BNDY.
Performance
IBTO vs. BNDY - Performance Comparison
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Returns By Period
In the year-to-date period, IBTO achieves a -0.45% return, which is significantly lower than BNDY's 0.70% return.
IBTO
- 1D
- -0.04%
- 1M
- -0.37%
- 6M
- -0.55%
- YTD
- -0.45%
- 1Y
- 3.50%
- 3Y*
- 2.63%
- 5Y*
- —
- 10Y*
- —
BNDY
- 1D
- -0.22%
- 1M
- -0.77%
- 6M
- 0.18%
- YTD
- 0.70%
- 1Y
- 6.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBTO vs. BNDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBTO iShares iBonds Dec 2033 Term Treasury ETF | -0.45% | 3.06% |
BNDY Horizon Core Bond ETF | 0.70% | 5.21% |
Correlation
The correlation between IBTO and BNDY is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jul 3, 2025 | 0.83 |
The correlation between IBTO and BNDY has been stable across timeframes, ranging from 0.83 to 0.83 - a consistent structural relationship.
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Return for Risk
IBTO vs. BNDY — Risk / Return Rank
IBTO
BNDY
IBTO vs. BNDY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2033 Term Treasury ETF (IBTO) and Horizon Core Bond ETF (BNDY). 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.
| IBTO | BNDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.25 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 1.75 | -0.79 |
| Martin ratioReturn relative to average drawdown | 2.36 | 7.13 | -4.77 |
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Drawdowns
IBTO vs. BNDY - Drawdown Comparison
The maximum IBTO drawdown since its inception was -8.36%, which is greater than BNDY's maximum drawdown of -3.93%. Use the drawdown chart below to compare losses from any high point for IBTO and BNDY.
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Drawdown Indicators
| IBTO | BNDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.36% | -3.93% | -4.43% |
Max Drawdown (1Y)Largest decline over 1 year | -3.66% | -3.93% | +0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -8.36% | — | — |
Current DrawdownCurrent decline from peak | -2.51% | -1.32% | -1.19% |
Average DrawdownAverage peak-to-trough decline | -2.37% | -0.67% | -1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.49% | 0.96% | +0.53% |
Volatility
IBTO vs. BNDY - Volatility Comparison
The current volatility for iShares iBonds Dec 2033 Term Treasury ETF (IBTO) is 1.34%, while Horizon Core Bond ETF (BNDY) has a volatility of 1.48%. This indicates that IBTO experiences smaller price fluctuations and is considered to be less risky than BNDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTO | BNDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.48% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 4.29% | -1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.36% | 5.06% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.55% | 5.10% | +1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.55% | 5.10% | +1.45% |
IBTO vs. BNDY - Expense Ratio Comparison
IBTO has a 0.07% expense ratio, which is lower than BNDY's 0.66% expense ratio.
Dividends
IBTO vs. BNDY - Dividend Comparison
IBTO's dividend yield for the trailing twelve months is around 4.15%, less than BNDY's 5.88% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BNDY Horizon Core Bond ETF | 5.88% | 1.89% | 0.00% | 0.00% |
IBTO iShares iBonds Dec 2033 Term Treasury ETF | 4.15% | 4.05% | 4.23% | 1.66% |
Frequently Asked Questions
IBTO and BNDY have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNDY has higher volatility (1.48%) compared to IBTO (1.34%). In terms of maximum drawdown, IBTO dropped -8.36% vs BNDY's -3.93%.
On 1-year performance, BNDY leads with 6.85% vs 3.50% for IBTO. On fees, IBTO is cheaper at 0.07% per year. On volatility, IBTO has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNDY has performed better with a 6.85% return vs 3.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTO is cheaper with a 0.07% expense ratio, compared with 0.66% for BNDY.
BNDY has the higher dividend yield at 5.88%, compared with 4.15% for IBTO.
They also come from different issuers: iShares and Horizon. Their fees differ too: 0.07% for IBTO and 0.66% for BNDY.
BNDY currently has the higher Sharpe Ratio (1.36 vs 0.81), 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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