IICIX vs. IIBAX
IICIX (Voya Intermediate Bond Fund Class I) and IIBAX (Voya Intermediate Bond Fund) are both Intermediate Core-Plus Bond funds from Voya. Over the past 10 years, IICIX returned 1.94%/yr vs 1.64%/yr for IIBAX. With a 0.96 correlation, they move nearly in lockstep. IICIX charges 0.36%/yr vs 0.69%/yr for IIBAX.
Performance
IICIX vs. IIBAX - Performance Comparison
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Returns By Period
In the year-to-date period, IICIX achieves a 0.28% return, which is significantly higher than IIBAX's 0.10% return. Over the past 10 years, IICIX has outperformed IIBAX with an annualized return of 1.94%, while IIBAX has yielded a comparatively lower 1.64% annualized return.
IICIX
- 1D
- 0.00%
- 1M
- -0.29%
- 6M
- 0.39%
- YTD
- 0.28%
- 1Y
- 3.84%
- 3Y*
- 4.42%
- 5Y*
- 0.00%
- 10Y*
- 1.94%
IIBAX
- 1D
- -0.12%
- 1M
- -0.32%
- 6M
- 0.21%
- YTD
- 0.10%
- 1Y
- 3.29%
- 3Y*
- 4.27%
- 5Y*
- -0.26%
- 10Y*
- 1.64%
IICIX vs. IIBAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IICIX Voya Intermediate Bond Fund Class I | 0.28% | 6.31% | 2.92% | 7.62% | -14.88% | -1.52% | 8.11% | 10.12% | -0.24% | 4.84% |
IIBAX Voya Intermediate Bond Fund | 0.10% | 6.42% | 2.65% | 7.04% | -15.11% | -1.79% | 7.75% | 9.57% | -0.59% | 4.48% |
Correlation
The correlation between IICIX and IIBAX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2002 | 0.96 |
The correlation between IICIX and IIBAX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
IICIX vs. IIBAX — Risk / Return Rank
IICIX
IIBAX
IICIX vs. IIBAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Voya Intermediate Bond Fund Class I (IICIX) and Voya Intermediate Bond Fund (IIBAX). 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.
| IICIX | IIBAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.16 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 1.24 | +0.14 |
| Martin ratioReturn relative to average drawdown | 3.72 | 3.33 | +0.39 |
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Drawdowns
IICIX vs. IIBAX - Drawdown Comparison
The maximum IICIX drawdown since its inception was -19.96%, roughly equal to the maximum IIBAX drawdown of -20.34%. Use the drawdown chart below to compare losses from any high point for IICIX and IIBAX.
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Drawdown Indicators
| IICIX | IIBAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.96% | -20.34% | +0.38% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -3.10% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -5.58% | -5.69% | +0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -19.75% | -20.01% | +0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -19.96% | -20.34% | +0.38% |
Current DrawdownCurrent decline from peak | -1.58% | -2.42% | +0.84% |
Average DrawdownAverage peak-to-trough decline | -2.91% | -2.88% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 1.13% | -0.03% |
Volatility
IICIX vs. IIBAX - Volatility Comparison
Voya Intermediate Bond Fund Class I (IICIX) has a higher volatility of 1.18% compared to Voya Intermediate Bond Fund (IIBAX) at 1.10%. This indicates that IICIX's price experiences larger fluctuations and is considered to be riskier than IIBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IICIX | IIBAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.10% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.33% | 3.27% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.33% | 4.26% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.00% | 6.01% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.04% | 5.04% | 0.00% |
IICIX vs. IIBAX - Expense Ratio Comparison
IICIX has a 0.36% expense ratio, which is lower than IIBAX's 0.69% expense ratio.
Dividends
IICIX vs. IIBAX - Dividend Comparison
IICIX's dividend yield for the trailing twelve months is around 3.94%, more than IIBAX's 3.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IIBAX Voya Intermediate Bond Fund | 3.64% | 3.43% | 4.50% | 4.05% | 1.98% | 2.03% | 4.69% | 3.23% | 2.93% | 2.88% | 2.96% | 2.45% |
IICIX Voya Intermediate Bond Fund Class I | 3.94% | 3.34% | 4.88% | 4.46% | 2.27% | 2.31% | 5.02% | 3.62% | 3.29% | 3.22% | 3.31% | 2.77% |
Frequently Asked Questions
With a correlation of 0.98, IICIX and IIBAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IICIX has higher volatility (1.18%) compared to IIBAX (1.10%). In terms of maximum drawdown, IICIX dropped -19.96% vs IIBAX's -20.34%.
IICIX currently has the higher Sharpe Ratio (0.97 vs 0.90), 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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