ILBAX vs. IIBAX

Last updated Jun 4, 2026

ILBAX (Voya U.S. Bond Index Portfolio) and IIBAX (Voya Intermediate Bond Fund) are both mutual funds - ILBAX is a Intermediate Core Bond fund managed by Voya, while IIBAX is a Intermediate Core-Plus Bond fund managed by Voya. Over the past 10 years, ILBAX returned 1.00%/yr vs 1.83%/yr for IIBAX. Their correlation of 0.91 suggests significant overlap in exposure. ILBAX charges 0.36%/yr vs 0.69%/yr for IIBAX.

Performance

ILBAX vs. IIBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya U.S. Bond Index Portfolio (ILBAX) and Voya Intermediate Bond Fund (IIBAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ILBAX achieves a 0.29% return, which is significantly lower than IIBAX's 0.53% return. Over the past 10 years, ILBAX has underperformed IIBAX with an annualized return of 1.00%, while IIBAX has yielded a comparatively higher 1.83% annualized return.

ILBAX

• 1D: 0.11%
• 1M: 0.56%
• YTD: 0.29%
• 6M: 0.19%
• 1Y: 4.24%
• 3Y*: 3.13%
• 5Y*: -0.60%
• 10Y*: 1.00%

IIBAX

• 1D: 0.11%
• 1M: 0.60%
• YTD: 0.53%
• 6M: 0.33%
• 1Y: 4.70%
• 3Y*: 4.53%
• 5Y*: 0.08%
• 10Y*: 1.83%

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

ILBAX vs. IIBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILBAX Voya U.S. Bond Index Portfolio	0.29%	5.62%	0.82%	4.40%	-13.59%	-2.28%	7.24%	8.32%	-0.30%	3.00%
IIBAX Voya Intermediate Bond Fund	0.53%	6.42%	2.65%	7.04%	-15.11%	-1.79%	7.75%	9.57%	-0.59%	4.48%

Correlation

The correlation between ILBAX and IIBAX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Mar 12, 2008	0.91

The correlation between ILBAX and IIBAX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

ILBAX vs. IIBAX — Risk / Return Rank

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

ILBAX

ILBAX Risk / Return Rank: 16
ILBAX Sharpe Ratio Rank: 16
ILBAX Sortino Ratio Rank: 16
ILBAX Omega Ratio Rank: 15
ILBAX Calmar Ratio Rank: 17
ILBAX Martin Ratio Rank: 15

IIBAX

IIBAX Risk / Return Rank: 19
IIBAX Sharpe Ratio Rank: 18
IIBAX Sortino Ratio Rank: 18
IIBAX Omega Ratio Rank: 18
IIBAX Calmar Ratio Rank: 21
IIBAX Martin Ratio Rank: 18

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.

ILBAX vs. IIBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya U.S. Bond Index Portfolio (ILBAX) 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.

	ILBAX	IIBAX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.21	-0.09
Sortino ratio: Return per unit of downside risk	1.67	1.80	-0.13
Omega ratio: Gain probability vs. loss probability	1.20	1.22	-0.02
Calmar ratio: Return relative to maximum drawdown	1.51	1.69	-0.19
Martin ratio: Return relative to average drawdown	4.25	5.00	-0.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ILBAX vs. IIBAX - Sharpe Ratio Comparison

The current ILBAX Sharpe Ratio is 1.12, which is comparable to the IIBAX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of ILBAX and IIBAX, 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

	ILBAX	IIBAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	1.21	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	0.01	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.37	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.90	-0.36

Drawdowns

ILBAX vs. IIBAX - Drawdown Comparison

The maximum ILBAX drawdown since its inception was -19.84%, roughly equal to the maximum IIBAX drawdown of -20.34%. Use the drawdown chart below to compare losses from any high point for ILBAX and IIBAX.

Drawdown Indicators

	ILBAX	IIBAX	Difference
Max Drawdown Largest peak-to-trough decline	-19.84%	-20.34%	+0.50%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-3.10%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-6.59%	-6.12%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-18.79%	-20.01%	+1.22%
Max Drawdown (10Y) Largest decline over 10 years	-19.84%	-20.34%	+0.50%
Current Drawdown Current decline from peak	-6.35%	-2.00%	-4.35%
Average Drawdown Average peak-to-trough decline	-3.72%	-2.88%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	1.04%	+0.12%

Volatility

ILBAX vs. IIBAX - Volatility Comparison

The current volatility for Voya U.S. Bond Index Portfolio (ILBAX) is 1.54%, while Voya Intermediate Bond Fund (IIBAX) has a volatility of 1.64%. This indicates that ILBAX experiences smaller price fluctuations and is considered to be less risky than IIBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILBAX	IIBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	1.64%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	3.12%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.22%	4.35%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.15%	5.99%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.01%	5.03%	-0.02%

ILBAX vs. IIBAX - Expense Ratio Comparison

ILBAX has a 0.36% expense ratio, which is lower than IIBAX's 0.69% expense ratio.

Dividends

ILBAX vs. IIBAX - Dividend Comparison

ILBAX's dividend yield for the trailing twelve months is around 3.29%, less than IIBAX's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IIBAX Voya Intermediate Bond Fund	3.58%	3.43%	4.50%	4.05%	1.98%	2.03%	4.69%	3.23%	2.93%	2.88%	2.96%	2.45%
ILBAX Voya U.S. Bond Index Portfolio	3.29%	2.90%	4.06%	3.15%	1.81%	2.90%	3.20%	2.39%	2.36%	2.39%	2.27%	2.53%

Frequently Asked Questions

Can I hold both ILBAX and IIBAX in my portfolio?

With a correlation of 0.93, ILBAX 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.

Which is riskier, ILBAX or IIBAX?

IIBAX has higher volatility (1.64%) compared to ILBAX (1.54%). In terms of maximum drawdown, ILBAX dropped -19.84% vs IIBAX's -20.34%.

Which has better risk-adjusted returns?

IIBAX currently has the higher Sharpe Ratio (1.21 vs 1.12), 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.