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IHY vs. AOK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IHY vs. AOK

Last updated Jun 5, 2026

IHY (VanEck Vectors International High Yield Bond ETF) and AOK (iShares Core Conservative Allocation ETF) are both exchange-traded funds - IHY is a High Yield Bonds fund tracking the Bank of America Merrill Lynch Global Ex-­‐US Issuers High Yield Constrained Index, while AOK is a Diversified Portfolio fund tracking the S&P Target Risk Conservative Index. Both are passively managed. Over the past 10 years, IHY returned 4.06%/yr vs 5.14%/yr for AOK. A 0.53 correlation means they provide meaningful diversification when combined. IHY charges 0.40%/yr vs 0.25%/yr for AOK.

Performance

IHY vs. AOK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors International High Yield Bond ETF (IHY) and iShares Core Conservative Allocation ETF (AOK). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IHY achieves a 1.35% return, which is significantly lower than AOK's 4.41% return. Over the past 10 years, IHY has underperformed AOK with an annualized return of 4.06%, while AOK has yielded a comparatively higher 5.14% annualized return.

IHY

1D
0.19%
1M
0.40%
YTD
1.35%
6M
2.41%
1Y
6.67%
3Y*
9.16%
5Y*
1.76%
10Y*
4.06%

AOK

1D
0.14%
1M
1.38%
YTD
4.41%
6M
4.33%
1Y
11.77%
3Y*
9.39%
5Y*
3.74%
10Y*
5.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IHY vs. AOK - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IHY
VanEck Vectors International High Yield Bond ETF		1.35%13.39%3.55%12.11%-14.34%-2.82%8.65%12.77%-4.52%12.54%
AOK
iShares Core Conservative Allocation ETF		4.41%11.26%6.58%10.85%-14.16%4.87%9.33%13.90%-3.09%9.70%

Correlation

The correlation between IHY and AOK is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.67

Correlation (5Y)
Calculated over the trailing 5-year period

0.69

Correlation (10Y)
Calculated over the trailing 10-year period

0.60

Correlation (All Time)
Calculated using the full available price history since Apr 4, 2012

0.53

The correlation between IHY and AOK shifts across timeframes, from 0.53 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.

IHY vs. AOK - Sectors Allocation Comparison

Sectors
IHY
AOK

Financial Services

100.0%
6.0%

Basic Materials

-

1.1%

Communication Services

-

3.4%

Consumer Cyclical

-

3.2%

Consumer Defensive

-

1.7%

Energy

-

1.5%

Healthcare

-

3.0%

Industrials

-

3.6%

Real Estate

-

0.5%

Technology

-

13.0%

Utilities

-

0.9%

Financial Services

IHY
100.0%
AOK
6.0%

Basic Materials

IHY

-

AOK
1.1%

Communication Services

IHY

-

AOK
3.4%

Consumer Cyclical

IHY

-

AOK
3.2%

Consumer Defensive

IHY

-

AOK
1.7%

Energy

IHY

-

AOK
1.5%

Healthcare

IHY

-

AOK
3.0%

Industrials

IHY

-

AOK
3.6%

Real Estate

IHY

-

AOK
0.5%

Technology

IHY

-

AOK
13.0%

Utilities

IHY

-

AOK
0.9%

Compare stocks, funds, or ETFs

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VanEck Vectors International High Yield Bond ETF

iShares Core Conservative Allocation ETF

Often compared with IHY:
IHY vs. HYEMIHY vs. VHTIHY vs. YLDIHY vs. BKHYIHY vs. AVIGIHY vs. HYGIHY vs. VYM
Often compared with AOK:
AOK vs. AOMAOK vs. AOAAOK vs. SGOVAOK vs. AGGAOK vs. VTAOK vs. VOOAOK vs. EAOM

Return for Risk

IHY vs. AOK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IHY
IHY Risk / Return Rank: 3434
Overall Rank
IHY Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
IHY Sortino Ratio Rank: 3737
Sortino Ratio Rank
IHY Omega Ratio Rank: 3434
Omega Ratio Rank
IHY Calmar Ratio Rank: 2929
Calmar Ratio Rank
IHY Martin Ratio Rank: 3434
Martin Ratio Rank
AOK
AOK Risk / Return Rank: 6262
Overall Rank
AOK Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
AOK Sortino Ratio Rank: 6464
Sortino Ratio Rank
AOK Omega Ratio Rank: 6767
Omega Ratio Rank
AOK Calmar Ratio Rank: 5454
Calmar Ratio Rank
AOK Martin Ratio Rank: 6363
Martin Ratio Rank
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.

IHY vs. AOK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors International High Yield Bond ETF (IHY) and iShares Core Conservative Allocation ETF (AOK). 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.

IHYAOKDifference
Sharpe ratioReturn per unit of total volatility
1.24
2.06

-0.81

Sortino ratioReturn per unit of downside risk
1.89
2.94

-1.05

Omega ratioGain probability vs. loss probability

1.22

1.40

-0.17

Calmar ratioReturn relative to maximum drawdown

1.41

2.63

-1.22

Martin ratioReturn relative to average drawdown

5.07

11.18

-6.11

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHY vs. AOK - Sharpe Ratio Comparison

The current IHY Sharpe Ratio is 1.24, which is lower than the AOK Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of IHY and AOK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IHYAOKDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.24

2.06

-0.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.23

0.53

-0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.77

-0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.71

-0.17

Drawdowns

IHY vs. AOK - Drawdown Comparison

The maximum IHY drawdown since its inception was -27.63%, which is greater than AOK's maximum drawdown of -18.94%. Use the drawdown chart below to compare losses from any high point for IHY and AOK.

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Drawdown Indicators

IHYAOKDifference

Max Drawdown

Largest peak-to-trough decline

-27.63%

-18.94%

-8.69%

Max Drawdown (1Y)

Largest decline over 1 year

-4.75%

-4.50%

-0.25%

Max Drawdown (3Y)

Largest decline over 3 years

-4.75%

-6.37%

+1.62%

Max Drawdown (5Y)

Largest decline over 5 years

-27.63%

-18.94%

-8.69%

Max Drawdown (10Y)

Largest decline over 10 years

-27.63%

-18.94%

-8.69%

Current Drawdown

Current decline from peak

-0.72%

-0.26%

-0.46%

Average Drawdown

Average peak-to-trough decline

-5.28%

-2.37%

-2.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.32%

1.06%

+0.26%

Volatility

IHY vs. AOK - Volatility Comparison

The current volatility for VanEck Vectors International High Yield Bond ETF (IHY) is 1.32%, while iShares Core Conservative Allocation ETF (AOK) has a volatility of 1.94%. This indicates that IHY experiences smaller price fluctuations and is considered to be less risky than AOK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IHYAOKDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.32%

1.94%

-0.62%

Volatility (6M)

Calculated over the trailing 6-month period

3.93%

4.47%

-0.54%

Volatility (1Y)

Calculated over the trailing 1-year period

5.39%

5.76%

-0.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.73%

7.10%

+0.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.72%

6.71%

+1.01%

IHY vs. AOK - Expense Ratio Comparison

IHY has a 0.40% expense ratio, which is higher than AOK's 0.25% expense ratio.

Dividends

IHY vs. AOK - Dividend Comparison

IHY's dividend yield for the trailing twelve months is around 5.67%, more than AOK's 3.28% yield.

PositionTTM20252024202320222021202020192018201720162015
AOK
iShares Core Conservative Allocation ETF		3.28%3.28%3.23%2.93%2.25%1.55%2.10%2.71%2.68%2.91%2.14%2.02%
IHY
VanEck Vectors International High Yield Bond ETF		5.67%5.31%5.60%5.26%4.97%4.55%4.65%4.86%4.70%4.36%5.11%5.79%

Frequently Asked Questions

IHY and AOK have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AOK has higher volatility (1.94%) compared to IHY (1.32%). In terms of maximum drawdown, IHY dropped -27.63% vs AOK's -18.94%.

On 10-year performance, AOK leads with 5.14% vs 4.06% for IHY. On fees, AOK is cheaper at 0.25% per year. On volatility, IHY has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, AOK has performed better with a 5.14% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AOK is cheaper with a 0.25% expense ratio, compared with 0.40% for IHY.

IHY has the higher dividend yield at 5.67%, compared with 3.28% for AOK.

IHY is categorized as High Yield Bonds, while AOK is Diversified Portfolio. IHY tracks Bank of America Merrill Lynch Global Ex-­‐US Issuers High Yield Constrained Index, while AOK tracks S&P Target Risk Conservative Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.40% for IHY and 0.25% for AOK.

AOK currently has the higher Sharpe Ratio (2.06 vs 1.24), 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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