IBTO vs. BNDY

Last updated Jun 4, 2026

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. Their correlation of 0.84 suggests significant overlap in exposure. IBTO charges 0.07%/yr vs 0.66%/yr for BNDY.

Performance

IBTO vs. BNDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2033 Term Treasury ETF (IBTO) and Horizon Core Bond ETF (BNDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBTO achieves a -0.58% return, which is significantly lower than BNDY's 0.87% return.

IBTO

• 1D: -0.21%
• 1M: -0.17%
• YTD: -0.58%
• 6M: -1.02%
• 1Y: 4.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDY

• 1D: -0.21%
• 1M: 0.53%
• YTD: 0.87%
• 6M: 1.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBTO vs. BNDY - Yearly Performance Comparison

	2026 (YTD)	2025
IBTO iShares iBonds Dec 2033 Term Treasury ETF	-0.58%	3.38%
BNDY Horizon Core Bond ETF	0.87%	5.34%

Correlation

The correlation between IBTO and BNDY is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 7, 2025	0.84

Return for Risk

IBTO vs. BNDY — Risk / Return Rank

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

IBTO

IBTO Risk / Return Rank: 25
IBTO Sharpe Ratio Rank: 26
IBTO Sortino Ratio Rank: 26
IBTO Omega Ratio Rank: 24
IBTO Calmar Ratio Rank: 24
IBTO Martin Ratio Rank: 25

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.

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.

	IBTO	BNDY	Difference
Sharpe ratio: Return per unit of total volatility	0.91	—	—
Sortino ratio: Return per unit of downside risk	1.38	—	—
Omega ratio: Gain probability vs. loss probability	1.16	—	—
Calmar ratio: Return relative to maximum drawdown	1.11	—	—
Martin ratio: Return relative to average drawdown	3.21	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IBTO	BNDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.37	-0.95

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.

Drawdown Indicators

	IBTO	BNDY	Difference
Max Drawdown Largest peak-to-trough decline	-8.36%	-3.93%	-4.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.66%	—	—
Current Drawdown Current decline from peak	-2.63%	-1.16%	-1.47%
Average Drawdown Average peak-to-trough decline	-2.37%	-0.62%	-1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	—	—

Volatility

Volatility by Period

	IBTO	BNDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.02%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.46%	5.01%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.61%	5.01%	+1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.61%	5.01%	+1.60%

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 4.83% yield.

Position	TTM	2025	2024	2023
BNDY Horizon Core Bond ETF	4.83%	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

Can I hold both IBTO and BNDY in my portfolio?

IBTO and BNDY have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBTO or BNDY?

On fees, IBTO is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBTO or BNDY?

IBTO is cheaper with a 0.07% expense ratio, compared with 0.66% for BNDY.

Which ETF pays a higher dividend yield, IBTO or BNDY?

BNDY has the higher dividend yield at 4.83%, compared with 4.15% for IBTO.

What is the main difference between IBTO and BNDY?

They also come from different issuers: iShares and Horizon. Their fees differ too: 0.07% for IBTO and 0.66% for BNDY.