IPIIX vs. IIBAX
IPIIX (Voya Intermediate Bond Portfolio) and IIBAX (Voya Intermediate Bond Fund) are both Intermediate Core-Plus Bond funds from Voya. Over the past 10 years, IPIIX returned 1.68%/yr vs 1.51%/yr for IIBAX. Their correlation of 0.92 means they have usually moved in the same direction. IPIIX charges 0.55%/yr vs 0.69%/yr for IIBAX.
Performance
IPIIX vs. IIBAX - Performance Comparison
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Returns By Period
In the year-to-date period, IPIIX achieves a -0.22% return, which is significantly higher than IIBAX's -0.71% return. Over the past 10 years, IPIIX has outperformed IIBAX with an annualized return of 1.68%, while IIBAX has yielded a comparatively lower 1.51% annualized return.
IPIIX
- 1D
- 0.09%
- 1M
- -1.37%
- 6M
- -0.62%
- YTD
- -0.22%
- 1Y
- 2.26%
- 3Y*
- 4.09%
- 5Y*
- -0.46%
- 10Y*
- 1.68%
- ALL TIME*
- 1.73%
IIBAX
- 1D
- 0.00%
- 1M
- -1.49%
- 6M
- -0.96%
- YTD
- -0.71%
- 1Y
- 1.73%
- 3Y*
- 4.01%
- 5Y*
- -0.51%
- 10Y*
- 1.51%
- ALL TIME*
- 4.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
IPIIX vs. IIBAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IPIIX Voya Intermediate Bond Portfolio | -0.22% | 6.87% | 2.44% | 6.47% | -15.06% | -1.42% | 7.84% | 9.87% | -0.52% | 5.05% |
IIBAX Voya Intermediate Bond Fund | -0.71% | 6.42% | 2.65% | 7.04% | -15.11% | -1.79% | 7.75% | 9.57% | -0.59% | 4.48% |
Correlation
The correlation between IPIIX and IIBAX is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 1998 | 0.92 |
The correlation between IPIIX and IIBAX has been stable across timeframes, ranging from 0.92 to 0.98 - a consistent structural relationship.
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Return for Risk
IPIIX vs. IIBAX — Risk / Return Rank
IPIIX
IIBAX
IPIIX vs. IIBAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Voya Intermediate Bond Portfolio (IPIIX) 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.
| IPIIX | IIBAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.10 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | 0.74 | +0.25 |
| Martin ratioReturn relative to average drawdown | 2.55 | 1.83 | +0.72 |
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Drawdowns
IPIIX vs. IIBAX - Drawdown Comparison
The maximum IPIIX drawdown since its inception was -35.19%, which is greater than IIBAX's maximum drawdown of -20.34%. Use the drawdown chart below to compare losses from any high point for IPIIX and IIBAX.
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Drawdown Indicators
| IPIIX | IIBAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.19% | -20.34% | -14.85% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -3.10% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -5.54% | -5.20% | -0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -20.16% | -20.01% | -0.15% |
Max Drawdown (10Y)Largest decline over 10 years | -20.28% | -20.34% | +0.06% |
Current DrawdownCurrent decline from peak | -2.70% | -3.21% | +0.51% |
Average DrawdownAverage peak-to-trough decline | -7.97% | -2.88% | -5.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.21% | -0.07% |
Volatility
IPIIX vs. IIBAX - Volatility Comparison
Voya Intermediate Bond Portfolio (IPIIX) has a higher volatility of 1.16% compared to Voya Intermediate Bond Fund (IIBAX) at 1.02%. This indicates that IPIIX'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
| IPIIX | IIBAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.02% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.75% | 3.31% | +0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.62% | 4.26% | +0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 6.01% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.01% | 5.04% | -0.03% |
IPIIX vs. IIBAX - Expense Ratio Comparison
IPIIX has a 0.55% expense ratio, which is lower than IIBAX's 0.69% expense ratio.
Dividends
IPIIX vs. IIBAX - Dividend Comparison
IPIIX's dividend yield for the trailing twelve months is around 3.60%, more than IIBAX's 3.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IIBAX Voya Intermediate Bond Fund | 3.30% | 3.43% | 4.50% | 4.05% | 1.98% | 2.03% | 4.69% | 3.23% | 2.93% | 2.88% | 2.96% | 2.45% |
IPIIX Voya Intermediate Bond Portfolio | 3.60% | 3.85% | 4.29% | 3.32% | 2.54% | 2.48% | 5.67% | 3.46% | 3.71% | 3.35% | 3.20% | 3.65% |
Frequently Asked Questions
With a correlation of 0.97, IPIIX 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.
IPIIX has higher volatility (1.16%) compared to IIBAX (1.02%). In terms of maximum drawdown, IPIIX dropped -35.19% vs IIBAX's -20.34%.
IPIIX currently has the higher Sharpe Ratio (0.65 vs 0.54), 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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