LQD vs. IIBAX
LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF) and IIBAX (Voya Intermediate Bond Fund) are both funds - LQD is a Corporate Bonds fund tracking the iBoxx $ Liquid Investment Grade Index, while IIBAX is a Intermediate Core-Plus Bond fund managed by Voya. Over the past 10 years, LQD returned 2.53%/yr vs 1.74%/yr for IIBAX. A 0.75 correlation means they provide meaningful diversification when combined. LQD charges 0.15%/yr vs 0.69%/yr for IIBAX.
Performance
LQD vs. IIBAX - Performance Comparison
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Returns By Period
In the year-to-date period, LQD achieves a 0.88% return, which is significantly higher than IIBAX's -0.05% return. Over the past 10 years, LQD has outperformed IIBAX with an annualized return of 2.53%, while IIBAX has yielded a comparatively lower 1.74% annualized return.
LQD
- 1D
- 0.85%
- 1M
- 0.86%
- YTD
- 0.88%
- 6M
- 0.69%
- 1Y
- 5.82%
- 3Y*
- 5.17%
- 5Y*
- -0.20%
- 10Y*
- 2.53%
IIBAX
- 1D
- -0.11%
- 1M
- 0.02%
- YTD
- -0.05%
- 6M
- 0.21%
- 1Y
- 3.74%
- 3Y*
- 4.37%
- 5Y*
- -0.17%
- 10Y*
- 1.74%
LQD vs. IIBAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.88% | 7.90% | 0.86% | 9.40% | -17.92% | -1.84% | 10.97% | 17.37% | -3.79% | 7.06% |
IIBAX Voya Intermediate Bond Fund | -0.05% | 6.42% | 2.65% | 7.04% | -15.11% | -1.79% | 7.75% | 9.57% | -0.59% | 4.48% |
Correlation
The correlation between LQD and IIBAX is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | 0.75 |
The correlation between LQD and IIBAX shifts across timeframes, from 0.75 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
LQD vs. IIBAX — Risk / Return Rank
LQD
IIBAX
LQD vs. IIBAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) 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.
| LQD | IIBAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 1.44 | +0.31 |
| Martin ratioReturn relative to average drawdown | 4.92 | 4.12 | +0.80 |
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Drawdowns
LQD vs. IIBAX - Drawdown Comparison
The maximum LQD drawdown since its inception was -24.95%, which is greater than IIBAX's maximum drawdown of -20.34%. Use the drawdown chart below to compare losses from any high point for LQD and IIBAX.
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Drawdown Indicators
| LQD | IIBAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.95% | -20.34% | -4.61% |
Max Drawdown (1Y)Largest decline over 1 year | -3.34% | -3.10% | -0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -8.43% | -6.12% | -2.31% |
Max Drawdown (5Y)Largest decline over 5 years | -24.95% | -20.01% | -4.94% |
Max Drawdown (10Y)Largest decline over 10 years | -24.95% | -20.34% | -4.61% |
Current DrawdownCurrent decline from peak | -3.31% | -2.56% | -0.75% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -2.88% | -1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 1.05% | +0.14% |
Volatility
LQD vs. IIBAX - Volatility Comparison
iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) has a higher volatility of 1.77% compared to Voya Intermediate Bond Fund (IIBAX) at 1.53%. This indicates that LQD'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
| LQD | IIBAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.77% | 1.53% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 4.04% | 3.14% | +0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.38% | 4.30% | +1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.65% | 6.00% | +2.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.69% | 5.03% | +3.66% |
LQD vs. IIBAX - Expense Ratio Comparison
LQD has a 0.15% expense ratio, which is lower than IIBAX's 0.69% expense ratio.
Dividends
LQD vs. IIBAX - Dividend Comparison
LQD's dividend yield for the trailing twelve months is around 4.55%, more than IIBAX's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IIBAX Voya Intermediate Bond Fund | 3.60% | 3.43% | 4.50% | 4.05% | 1.98% | 2.03% | 4.69% | 3.23% | 2.93% | 2.88% | 2.96% | 2.45% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.55% | 4.48% | 4.45% | 3.99% | 3.30% | 2.30% | 2.66% | 3.29% | 3.67% | 3.10% | 3.34% | 3.47% |
Frequently Asked Questions
LQD and IIBAX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LQD has higher volatility (1.77%) compared to IIBAX (1.53%). In terms of maximum drawdown, LQD dropped -24.95% vs IIBAX's -20.34%.
LQD currently has the higher Sharpe Ratio (1.09 vs 1.04), 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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