TOBAX vs. SHY
TOBAX (Touchstone Active Bond Fund) and SHY (iShares 1-3 Year Treasury Bond ETF) are both funds - TOBAX is a Intermediate Core-Plus Bond fund managed by Touchstone, while SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Over the past 10 years, TOBAX returned 2.01%/yr vs 1.63%/yr for SHY. A 0.68 correlation means they provide meaningful diversification when combined. TOBAX charges 0.83%/yr vs 0.15%/yr for SHY.
Performance
TOBAX vs. SHY - Performance Comparison
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Returns By Period
In the year-to-date period, TOBAX achieves a -0.19% return, which is significantly lower than SHY's 0.34% return. Over the past 10 years, TOBAX has outperformed SHY with an annualized return of 2.01%, while SHY has yielded a comparatively lower 1.63% annualized return.
TOBAX
- 1D
- -0.32%
- 1M
- -0.59%
- YTD
- -0.19%
- 6M
- 0.46%
- 1Y
- 5.40%
- 3Y*
- 4.49%
- 5Y*
- 0.11%
- 10Y*
- 2.01%
SHY
- 1D
- 0.05%
- 1M
- -0.19%
- YTD
- 0.34%
- 6M
- 0.74%
- 1Y
- 3.33%
- 3Y*
- 4.04%
- 5Y*
- 1.70%
- 10Y*
- 1.63%
TOBAX vs. SHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TOBAX Touchstone Active Bond Fund | -0.19% | 7.66% | 2.22% | 6.38% | -14.20% | -1.34% | 9.93% | 10.11% | -1.94% | 3.51% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.34% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
Correlation
The correlation between TOBAX and SHY is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | 0.68 |
The correlation between TOBAX and SHY has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.
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Return for Risk
TOBAX vs. SHY — Risk / Return Rank
TOBAX
SHY
TOBAX vs. SHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Touchstone Active Bond Fund (TOBAX) and iShares 1-3 Year Treasury Bond ETF (SHY). 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.
| TOBAX | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.51 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 3.76 | -2.11 |
| Martin ratioReturn relative to average drawdown | 4.91 | 15.12 | -10.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TOBAX | SHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.26 | 2.51 | -1.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 0.86 | -0.84 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 1.04 | -0.62 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | 1.28 | -0.39 |
Drawdowns
TOBAX vs. SHY - Drawdown Comparison
The maximum TOBAX drawdown since its inception was -19.73%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for TOBAX and SHY.
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Drawdown Indicators
| TOBAX | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.73% | -5.71% | -14.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -0.89% | -1.99% |
Max Drawdown (3Y)Largest decline over 3 years | -6.12% | -0.97% | -5.15% |
Max Drawdown (5Y)Largest decline over 5 years | -19.73% | -5.71% | -14.02% |
Max Drawdown (10Y)Largest decline over 10 years | -19.73% | -5.71% | -14.02% |
Current DrawdownCurrent decline from peak | -1.88% | -0.39% | -1.49% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -0.52% | -1.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.22% | +0.75% |
Volatility
TOBAX vs. SHY - Volatility Comparison
Touchstone Active Bond Fund (TOBAX) has a higher volatility of 1.32% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.38%. This indicates that TOBAX's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TOBAX | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 0.38% | +0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 2.73% | 0.95% | +1.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.78% | 1.33% | +2.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.79% | 1.99% | +3.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.81% | 1.57% | +3.24% |
TOBAX vs. SHY - Expense Ratio Comparison
TOBAX has a 0.83% expense ratio, which is higher than SHY's 0.15% expense ratio.
Dividends
TOBAX vs. SHY - Dividend Comparison
TOBAX's dividend yield for the trailing twelve months is around 4.04%, more than SHY's 3.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 3.69% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
TOBAX Touchstone Active Bond Fund | 4.04% | 3.52% | 3.72% | 3.63% | 3.10% | 2.24% | 2.58% | 2.59% | 2.79% | 2.29% | 2.65% | 2.99% |
Frequently Asked Questions
TOBAX and SHY have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TOBAX has higher volatility (1.32%) compared to SHY (0.38%). In terms of maximum drawdown, TOBAX dropped -19.73% vs SHY's -5.71%.
SHY currently has the higher Sharpe Ratio (2.51 vs 1.26), 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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