TERG vs. IBHE

Last updated Jun 3, 2026

TERG (Leverage Shares 2X Long TER Daily ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both exchange-traded funds - TERG 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. TERG is actively managed, while IBHE is passively managed. At a correlation of -0.16, they often move in opposite directions. TERG charges 0.75%/yr vs 0.35%/yr for IBHE.

Performance

TERG vs. IBHE - Performance Comparison

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

Returns By Period

TERG

• 1D: 12.62%
• 1M: 23.07%
• YTD: 203.84%
• 6M: 206.07%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBHE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.13%
• 1Y: 2.31%
• 3Y*: 6.07%
• 5Y*: 3.92%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TERG vs. IBHE - Yearly Performance Comparison

	2026 (YTD)	2025
TERG Leverage Shares 2X Long TER Daily ETF	203.84%	28.17%
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	0.25%

Correlation

The correlation between TERG and IBHE is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	-0.16

Return for Risk

TERG 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: 96
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.

TERG vs. IBHE - Risk-Adjusted Trends Comparison

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

	TERG	IBHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.51	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	8.56	0.41	+8.16

Drawdowns

TERG vs. IBHE - Drawdown Comparison

The maximum TERG drawdown since its inception was -49.52%, which is greater than IBHE's maximum drawdown of -26.91%. Use the drawdown chart below to compare losses from any high point for TERG and IBHE.

Drawdown Indicators

	TERG	IBHE	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-26.91%	-22.61%
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	-22.55%	0.00%	-22.55%
Average Drawdown Average peak-to-trough decline	-13.71%	-1.42%	-12.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.05%	—

Volatility

Volatility by Period

	TERG	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	139.43%	0.81%	+138.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	139.43%	4.87%	+134.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	139.43%	11.53%	+127.90%

TERG vs. IBHE - Expense Ratio Comparison

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

Dividends

TERG vs. IBHE - Dividend Comparison

TERG 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%
TERG Leverage Shares 2X Long TER 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 TERG and IBHE in my portfolio?

TERG and IBHE have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TERG 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, TERG or IBHE?

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

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

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

What is the main difference between TERG and IBHE?

TERG 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 TERG and 0.35% for IBHE.