SPOG vs. IBHE

Last updated Jun 4, 2026

SPOG (Leverage Shares 2X Long SPOT Daily ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both exchange-traded funds - SPOG is a Leveraged Equities fund actively managed by Leverage Shares, while IBHE is a High Yield Bonds fund tracking the Bloomberg 2025 Term High Yield and Income Index. SPOG is actively managed, while IBHE is passively managed. At a correlation of -0.07, they often move in opposite directions. SPOG charges 0.75%/yr vs 0.35%/yr for IBHE.

Performance

SPOG vs. IBHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long SPOT Daily ETF (SPOG) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPOG

• 1D: -5.23%
• 1M: 19.81%
• YTD: -41.52%
• 6M: -37.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

SPOG vs. IBHE - Yearly Performance Comparison

	2026 (YTD)	2025
SPOG Leverage Shares 2X Long SPOT Daily ETF	-41.52%	-19.53%
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	0.25%

Correlation

The correlation between SPOG and IBHE is -0.07, 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 (All Time) Calculated using the full available price history since Nov 18, 2025	-0.07

Return for Risk

SPOG vs. IBHE — Risk / Return Rank

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

IBHE

IBHE Risk / Return Rank: 97
IBHE Sharpe Ratio Rank: 93
IBHE Sortino Ratio Rank: 97
IBHE Omega Ratio Rank: 98
IBHE Calmar Ratio Rank: 98
IBHE Martin Ratio Rank: 98

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.

SPOG vs. IBHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long SPOT Daily ETF (SPOG) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPOG	IBHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.51	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.73	0.41	-1.14

Drawdowns

SPOG vs. IBHE - Drawdown Comparison

The maximum SPOG drawdown since its inception was -64.41%, which is greater than IBHE's maximum drawdown of -26.91%. Use the drawdown chart below to compare losses from any high point for SPOG and IBHE.

Drawdown Indicators

	SPOG	IBHE	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-26.91%	-37.50%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.22%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-8.51%	—
Current Drawdown Current decline from peak	-52.94%	0.00%	-52.94%
Average Drawdown Average peak-to-trough decline	-40.43%	-1.42%	-39.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.05%	—

Volatility

Volatility by Period

	SPOG	IBHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.39%	—
Volatility (1Y) Calculated over the trailing 1-year period	103.84%	0.78%	+103.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.84%	4.87%	+98.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	103.84%	11.53%	+92.31%

SPOG vs. IBHE - Expense Ratio Comparison

SPOG has a 0.75% expense ratio, which is higher than IBHE's 0.35% expense ratio.

Dividends

SPOG vs. IBHE - Dividend Comparison

SPOG has not paid dividends to shareholders, while IBHE's dividend yield for the trailing twelve months is around 2.29%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
SPOG Leverage Shares 2X Long SPOT Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPOG and IBHE in my portfolio?

SPOG and IBHE have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPOG or IBHE?

On fees, IBHE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPOG or IBHE?

IBHE is cheaper with a 0.35% expense ratio, compared with 0.75% for SPOG.

Which ETF pays a higher dividend yield, SPOG or IBHE?

IBHE has the higher dividend yield at 2.29%, compared with 0.00% for SPOG.

What is the main difference between SPOG and IBHE?

SPOG is categorized as Leveraged Equities, while IBHE is High Yield Bonds. They also come from different issuers: Leverage Shares and iShares. Their fees differ too: 0.75% for SPOG and 0.35% for IBHE.