IPHYX vs. IHYAX
IPHYX (Voya High Yield Portfolio) and IHYAX (Voya High Yield Bond Fund) are both High Yield Bonds funds from Voya. Over the past 10 years, IPHYX returned 4.55%/yr vs 4.19%/yr for IHYAX. Their correlation of 0.89 suggests significant overlap in exposure. IPHYX charges 0.73%/yr vs 1.04%/yr for IHYAX.
Performance
IPHYX vs. IHYAX - Performance Comparison
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Returns By Period
In the year-to-date period, IPHYX achieves a 1.17% return, which is significantly higher than IHYAX's 1.02% return. Over the past 10 years, IPHYX has outperformed IHYAX with an annualized return of 4.55%, while IHYAX has yielded a comparatively lower 4.19% annualized return.
IPHYX
- 1D
- 0.00%
- 1M
- 0.81%
- YTD
- 1.17%
- 6M
- 1.76%
- 1Y
- 5.00%
- 3Y*
- 7.34%
- 5Y*
- 2.58%
- 10Y*
- 4.55%
IHYAX
- 1D
- 0.00%
- 1M
- 0.88%
- YTD
- 1.02%
- 6M
- 1.61%
- 1Y
- 4.55%
- 3Y*
- 7.02%
- 5Y*
- 2.27%
- 10Y*
- 4.19%
IPHYX vs. IHYAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IPHYX Voya High Yield Portfolio | 1.17% | 6.80% | 6.74% | 11.47% | -13.75% | 4.15% | 5.66% | 15.24% | -3.18% | 6.24% |
IHYAX Voya High Yield Bond Fund | 1.02% | 6.99% | 6.45% | 10.63% | -13.95% | 3.71% | 5.54% | 14.51% | -3.38% | 5.85% |
Correlation
The correlation between IPHYX and IHYAX is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since May 4, 2004 | 0.89 |
The correlation between IPHYX and IHYAX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.
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Return for Risk
IPHYX vs. IHYAX — Risk / Return Rank
IPHYX
IHYAX
IPHYX vs. IHYAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Voya High Yield Portfolio (IPHYX) and Voya High Yield Bond Fund (IHYAX). 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.
| IPHYX | IHYAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.31 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 1.97 | +0.18 |
| Martin ratioReturn relative to average drawdown | 10.09 | 9.15 | +0.94 |
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Drawdowns
IPHYX vs. IHYAX - Drawdown Comparison
The maximum IPHYX drawdown since its inception was -32.43%, smaller than the maximum IHYAX drawdown of -38.22%. Use the drawdown chart below to compare losses from any high point for IPHYX and IHYAX.
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Drawdown Indicators
| IPHYX | IHYAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.43% | -38.22% | +5.79% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -2.59% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -3.81% | -3.90% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -17.18% | -17.14% | -0.04% |
Max Drawdown (10Y)Largest decline over 10 years | -20.45% | -20.25% | -0.20% |
Current DrawdownCurrent decline from peak | -0.23% | -0.29% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -2.93% | +0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.54% | 0.00% |
Volatility
IPHYX vs. IHYAX - Volatility Comparison
Voya High Yield Portfolio (IPHYX) and Voya High Yield Bond Fund (IHYAX) have volatilities of 1.01% and 1.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IPHYX | IHYAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 1.03% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 2.81% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 3.59% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.22% | 5.16% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.51% | 5.47% | +0.04% |
IPHYX vs. IHYAX - Expense Ratio Comparison
IPHYX has a 0.73% expense ratio, which is lower than IHYAX's 1.04% expense ratio.
Dividends
IPHYX vs. IHYAX - Dividend Comparison
IPHYX's dividend yield for the trailing twelve months is around 4.77%, more than IHYAX's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IHYAX Voya High Yield Bond Fund | 4.59% | 4.98% | 5.93% | 4.91% | 5.38% | 4.01% | 5.00% | 5.17% | 5.63% | 5.21% | 5.14% | 5.54% |
IPHYX Voya High Yield Portfolio | 4.77% | 4.47% | 5.90% | 5.68% | 4.36% | 4.26% | 5.03% | 5.14% | 6.03% | 6.82% | 6.44% | 6.32% |
Frequently Asked Questions
IPHYX and IHYAX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IHYAX has higher volatility (1.03%) compared to IPHYX (1.01%). In terms of maximum drawdown, IPHYX dropped -32.43% vs IHYAX's -38.22%.
IPHYX currently has the higher Sharpe Ratio (1.61 vs 1.43), 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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