ICAP vs. IBHF

Last updated Jun 4, 2026

ICAP (InfraCap Equity Income Fund ETF) and IBHF (iShares iBonds 2026 Term High Yield and Income ETF) are both exchange-traded funds - ICAP is a fund fund actively managed by InfraCap, while IBHF is a Corporate Bonds fund actively managed by iShares. Both are actively managed. Over the past 3 years, ICAP returned 18.21%/yr vs 7.23%/yr for IBHF. At a 0.48 correlation, their price movements are largely independent. ICAP charges 0.80%/yr vs 0.35%/yr for IBHF.

Performance

ICAP vs. IBHF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap Equity Income Fund ETF (ICAP) and iShares iBonds 2026 Term High Yield and Income ETF (IBHF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICAP achieves a 7.55% return, which is significantly higher than IBHF's 0.41% return.

ICAP

• 1D: -1.34%
• 1M: 1.75%
• YTD: 7.55%
• 6M: 7.96%
• 1Y: 25.61%
• 3Y*: 18.21%
• 5Y*: —
• 10Y*: —

IBHF

• 1D: -0.04%
• 1M: -0.05%
• YTD: 0.41%
• 6M: 0.86%
• 1Y: 4.76%
• 3Y*: 7.23%
• 5Y*: 4.05%
• 10Y*: —

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

ICAP vs. IBHF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ICAP InfraCap Equity Income Fund ETF	7.55%	15.77%	14.83%	8.82%	-10.10%	0.57%
IBHF iShares iBonds 2026 Term High Yield and Income ETF	0.41%	6.60%	8.55%	10.40%	-6.66%	-0.02%

Correlation

The correlation between ICAP and IBHF is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Dec 30, 2021	0.48

Over the past year, the correlation between ICAP and IBHF has dropped to 0.24 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

ICAP vs. IBHF - Sectors Allocation Comparison

Sectors	ICAP	IBHF
Financial Services	27.7%	-
Consumer Cyclical	12.7%	-
Utilities	10.7%	-
Consumer Defensive	9.6%	-
Real Estate	8.3%	-
Energy	7.1%	100.0%
Technology	6.9%	-
Industrials	5.4%	-
Communication Services	4.9%	-
Basic Materials	4.0%	-
Healthcare	2.7%	-

Return for Risk

ICAP vs. IBHF — Risk / Return Rank

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

ICAP

ICAP Risk / Return Rank: 54
ICAP Sharpe Ratio Rank: 58
ICAP Sortino Ratio Rank: 57
ICAP Omega Ratio Rank: 55
ICAP Calmar Ratio Rank: 49
ICAP Martin Ratio Rank: 54

IBHF

IBHF Risk / Return Rank: 86
IBHF Sharpe Ratio Rank: 71
IBHF Sortino Ratio Rank: 89
IBHF Omega Ratio Rank: 83
IBHF Calmar Ratio Rank: 94
IBHF Martin Ratio Rank: 92

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.

ICAP vs. IBHF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap Equity Income Fund ETF (ICAP) and iShares iBonds 2026 Term High Yield and Income ETF (IBHF). 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.

	ICAP	IBHF	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.36	-0.39
Sortino ratio: Return per unit of downside risk	2.74	4.14	-1.40
Omega ratio: Gain probability vs. loss probability	1.34	1.51	-0.17
Calmar ratio: Return relative to maximum drawdown	2.41	7.48	-5.07
Martin ratio: Return relative to average drawdown	9.27	23.36	-14.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICAP vs. IBHF - Sharpe Ratio Comparison

The current ICAP Sharpe Ratio is 1.97, which is comparable to the IBHF Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of ICAP and IBHF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ICAP	IBHF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	2.36	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.83	-0.38

Drawdowns

ICAP vs. IBHF - Drawdown Comparison

The maximum ICAP drawdown since its inception was -24.20%, which is greater than IBHF's maximum drawdown of -11.19%. Use the drawdown chart below to compare losses from any high point for ICAP and IBHF.

Drawdown Indicators

	ICAP	IBHF	Difference
Max Drawdown Largest peak-to-trough decline	-24.20%	-11.19%	-13.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-0.64%	-10.02%
Max Drawdown (3Y) Largest decline over 3 years	-20.31%	-2.53%	-17.78%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.19%	—
Current Drawdown Current decline from peak	-1.34%	-0.58%	-0.76%
Average Drawdown Average peak-to-trough decline	-7.82%	-1.80%	-6.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	0.20%	+2.57%

Volatility

ICAP vs. IBHF - Volatility Comparison

InfraCap Equity Income Fund ETF (ICAP) has a higher volatility of 3.47% compared to iShares iBonds 2026 Term High Yield and Income ETF (IBHF) at 0.76%. This indicates that ICAP's price experiences larger fluctuations and is considered to be riskier than IBHF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICAP	IBHF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	0.76%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	1.22%	+8.67%
Volatility (1Y) Calculated over the trailing 1-year period	13.07%	2.03%	+11.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	5.80%	+12.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	5.66%	+12.51%

ICAP vs. IBHF - Expense Ratio Comparison

ICAP has a 0.80% expense ratio, which is higher than IBHF's 0.35% expense ratio.

Dividends

ICAP vs. IBHF - Dividend Comparison

ICAP's dividend yield for the trailing twelve months is around 9.50%, more than IBHF's 6.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
IBHF iShares iBonds 2026 Term High Yield and Income ETF	6.54%	6.73%	7.17%	7.33%	6.01%	4.55%	0.61%
ICAP InfraCap Equity Income Fund ETF	9.50%	8.89%	8.30%	8.65%	8.95%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICAP and IBHF in my portfolio?

ICAP and IBHF have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICAP or IBHF?

ICAP has higher volatility (3.47%) compared to IBHF (0.76%). In terms of maximum drawdown, ICAP dropped -24.20% vs IBHF's -11.19%.

Which ETF is better, ICAP or IBHF?

On 3-year performance, ICAP leads with 18.21% vs 7.23% for IBHF. On fees, IBHF is cheaper at 0.35% per year. On volatility, IBHF has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICAP or IBHF?

Over the 3-year period, ICAP has performed better with a 18.21% return vs 7.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICAP or IBHF?

IBHF is cheaper with a 0.35% expense ratio, compared with 0.80% for ICAP.

Which ETF pays a higher dividend yield, ICAP or IBHF?

ICAP has the higher dividend yield at 9.50%, compared with 6.54% for IBHF.

What is the main difference between ICAP and IBHF?

They also come from different issuers: InfraCap and iShares. Their fees differ too: 0.80% for ICAP and 0.35% for IBHF.

Which has better risk-adjusted returns?

IBHF currently has the higher Sharpe Ratio (2.36 vs 1.97), 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.