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SHYG vs. IBHE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SHYG vs. IBHE

Last updated Jun 4, 2026

SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both High Yield Bonds funds from iShares - SHYG tracks the Markit iBoxx USD Liquid High Yield 0-5 Index while IBHE tracks the Bloomberg 2025 Term High Yield and Income Index. Both are passively managed. Over the past 5 years, SHYG returned 4.83%/yr vs 3.89%/yr for IBHE. A 0.73 correlation means they provide meaningful diversification when combined. SHYG charges 0.30%/yr vs 0.35%/yr for IBHE.

Performance

SHYG vs. IBHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

SHYG

1D
-0.24%
1M
0.35%
YTD
1.44%
6M
1.95%
1Y
6.50%
3Y*
8.12%
5Y*
4.83%
10Y*
5.18%

IBHE

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.09%
1Y
2.31%
3Y*
6.07%
5Y*
3.89%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SHYG vs. IBHE - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
SHYG
iShares 0-5 Year High Yield Corporate Bond ETF		1.44%7.94%8.17%10.38%-4.71%4.60%3.15%3.58%
IBHE
iShares iBonds 2025 Term High Yield & Income ETF		0.00%4.45%7.62%10.32%-4.08%4.40%4.16%5.91%

Correlation

The correlation between SHYG and IBHE is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.03

Correlation (3Y)
Calculated over the trailing 3-year period

0.50

Correlation (5Y)
Calculated over the trailing 5-year period

0.69

Correlation (All Time)
Calculated using the full available price history since May 10, 2019

0.73

Over the past year, the correlation between SHYG and IBHE has dropped to 0.03 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

SHYG vs. IBHE - Sectors Allocation Comparison

Sectors
SHYG
IBHE

Utilities

99.3%

-

Real Estate

0.7%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

SHYG
99.3%
IBHE

-

Real Estate

SHYG
0.7%
IBHE
100.0%

Basic Materials

SHYG

-

IBHE

-

Communication Services

SHYG

-

IBHE

-

Consumer Cyclical

SHYG

-

IBHE

-

Consumer Defensive

SHYG

-

IBHE

-

Energy

SHYG

-

IBHE

-

Financial Services

SHYG

-

IBHE

-

Healthcare

SHYG

-

IBHE

-

Industrials

SHYG

-

IBHE

-

Technology

SHYG

-

IBHE

-

Compare stocks, funds, or ETFs

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iShares 0-5 Year High Yield Corporate Bond ETF

iShares iBonds 2025 Term High Yield & Income ETF

Often compared with SHYG:
SHYG vs. HYGSHYG vs. SJNKSHYG vs. SPHYSHYG vs. SHYSHYG vs. SHYLSHYG vs. LQDSHYG vs. HYDB
Often compared with IBHE:
IBHE vs. IBTEIBHE vs. IBHDIBHE vs. CLOAIBHE vs. EIFAXIBHE vs. NUHYIBHE vs. DBSCXIBHE vs. ICSH

Return for Risk

SHYG vs. IBHE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SHYG
SHYG Risk / Return Rank: 7070
Overall Rank
SHYG Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
SHYG Sortino Ratio Rank: 6868
Sortino Ratio Rank
SHYG Omega Ratio Rank: 6767
Omega Ratio Rank
SHYG Calmar Ratio Rank: 7474
Calmar Ratio Rank
SHYG Martin Ratio Rank: 8080
Martin Ratio Rank
IBHE
IBHE Risk / Return Rank: 9797
Overall Rank
IBHE Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
IBHE Sortino Ratio Rank: 9797
Sortino Ratio Rank
IBHE Omega Ratio Rank: 9898
Omega Ratio Rank
IBHE Calmar Ratio Rank: 9898
Calmar Ratio Rank
IBHE Martin Ratio Rank: 9898
Martin Ratio Rank
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.

SHYG vs. IBHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). 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.

SHYGIBHEDifference
Sharpe ratioReturn per unit of total volatility
2.07
3.51

-1.45

Sortino ratioReturn per unit of downside risk
3.17
6.33

-3.17

Omega ratioGain probability vs. loss probability

1.41

2.19

-0.78

Calmar ratioReturn relative to maximum drawdown

3.73

12.78

-9.06

Martin ratioReturn relative to average drawdown

16.23

63.40

-47.16

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHYG vs. IBHE - Sharpe Ratio Comparison

The current SHYG Sharpe Ratio is 2.07, which is lower than the IBHE Sharpe Ratio of 3.51. The chart below compares the historical Sharpe Ratios of SHYG and IBHE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SHYGIBHEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.07

3.51

-1.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.85

0.83

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.81

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.73

0.41

+0.32

Drawdowns

SHYG vs. IBHE - Drawdown Comparison

The maximum SHYG drawdown since its inception was -19.26%, smaller than the maximum IBHE drawdown of -26.91%. Use the drawdown chart below to compare losses from any high point for SHYG and IBHE.

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Drawdown Indicators

SHYGIBHEDifference

Max Drawdown

Largest peak-to-trough decline

-19.26%

-26.91%

+7.65%

Max Drawdown (1Y)

Largest decline over 1 year

-1.75%

-0.22%

-1.53%

Max Drawdown (3Y)

Largest decline over 3 years

-4.53%

-0.94%

-3.59%

Max Drawdown (5Y)

Largest decline over 5 years

-9.39%

-8.51%

-0.88%

Max Drawdown (10Y)

Largest decline over 10 years

-19.26%

—

—

Current Drawdown

Current decline from peak

-0.24%

0.00%

-0.24%

Average Drawdown

Average peak-to-trough decline

-1.44%

-1.42%

-0.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.40%

0.05%

+0.35%

Volatility

SHYG vs. IBHE - Volatility Comparison

iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) has a higher volatility of 0.94% compared to iShares iBonds 2025 Term High Yield & Income ETF (IBHE) at 0.00%. This indicates that SHYG's price experiences larger fluctuations and is considered to be riskier than IBHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SHYGIBHEDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.94%

0.00%

+0.94%

Volatility (6M)

Calculated over the trailing 6-month period

2.51%

0.39%

+2.12%

Volatility (1Y)

Calculated over the trailing 1-year period

3.16%

0.78%

+2.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.73%

4.87%

+0.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.42%

11.53%

-5.11%

SHYG vs. IBHE - Expense Ratio Comparison

SHYG has a 0.30% expense ratio, which is lower than IBHE's 0.35% expense ratio.

Dividends

SHYG vs. IBHE - Dividend Comparison

SHYG's dividend yield for the trailing twelve months is around 7.02%, more than IBHE's 2.29% yield.

PositionTTM20252024202320222021202020192018201720162015
IBHE
iShares iBonds 2025 Term High Yield & Income ETF		2.29%4.53%6.92%7.17%5.77%4.84%5.74%3.73%0.00%0.00%0.00%0.00%
SHYG
iShares 0-5 Year High Yield Corporate Bond ETF		7.02%7.03%6.93%6.54%5.57%4.83%5.07%5.33%5.90%5.49%5.53%5.17%

Frequently Asked Questions

SHYG and IBHE have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SHYG has higher volatility (0.94%) compared to IBHE (0.00%). In terms of maximum drawdown, SHYG dropped -19.26% vs IBHE's -26.91%.

On 5-year performance, SHYG leads with 4.83% vs 3.89% for IBHE. On fees, SHYG is cheaper at 0.30% per year. On volatility, IBHE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SHYG has performed better with a 4.83% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SHYG is cheaper with a 0.30% expense ratio, compared with 0.35% for IBHE.

SHYG has the higher dividend yield at 7.02%, compared with 2.29% for IBHE.

SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index, while IBHE tracks Bloomberg 2025 Term High Yield and Income Index. Their fees differ too: 0.30% for SHYG and 0.35% for IBHE.

IBHE currently has the higher Sharpe Ratio (3.51 vs 2.07), 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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