IBHG vs IBHH

IBHGAiShares iBonds 2027 Term High Yield and Income ETF

IBHHAiShares iBonds 2028 Term High Yield and Income ETF

In short

IBHG Most target-maturity bond ETFs stick to Treasuries and investment grade. IBHG runs the same ladder-rung playbook in high yield: a basket of dollar-denominated junk and other income bonds all maturing in 2027.

IBHH Bond ladders usually get built from investment-grade rungs. This is the high yield rung: junk and BBB corporates all maturing in 2028, with the fund itself winding up on or about December 15, 2028 and paying out what is left.

Stated mandate

IBHG The fund seeks to track an index of U.S.-dollar-denominated, high-yield and other income-generating corporate bonds maturing in 2027.

IBHH The fund seeks to track an index of high-yield and income-generating corporate bonds maturing in 2028. It is designed to provide income, support bond-ladder construction, and manage interest-rate risk through a defined maturity.

Why people hold it

• IBHG A rare rung: it tracks the Bloomberg 2027 Term High Yield and Income Index, so you get a dated high yield slice instead of a bond fund that rolls its maturities forever.
• The 2027 end date sits in the mandate itself, which is what makes ladder-building possible: stack terms, know when each rung comes due.
• Income lands monthly, and credit risk is spread across roughly 90 bonds rather than a handful of names.

• IBHH Behaves like a bond more than a bond fund: it terminates on or about December 15, 2028 and distributes its remaining net assets, so the rung has a real end date.sec.gov
• Credit risk is spread over a couple hundred corporate bonds, and the index pulls from BBB-rated issuers as well as high yield, so it is not all deep junk.sec.gov
• Pays monthly, and every iBonds fund terminates in the year in its name, so stacking or rolling ladder rungs comes down to picking dates.ishares.com

Worth knowing

• IBHG It charges 0.35% a year against a target-maturity cohort that typically runs near 0.10%. High yield credit work costs more than buying Treasuries.
• High yield means issuer default and downgrade risk, a different animal from the Treasury and investment-grade rungs of the same shelf (IBTJ, IBDU).
• The clock cuts both ways. As 2027 approaches the portfolio shortens and the fund is built to wind down, not to keep running.

• IBHH Charges 0.35% a year against roughly 0.10% for the typical target-maturity bond ETF. Credit work costs more to run, but it is a standing drag.
• High yield carries genuine downgrade and default risk. The fund targets no predetermined amount at maturity, and losses are possible including near the termination date.sec.govishares.com
• In its final months the bonds mature into cash and cash-like instruments, and the fund's yield tends to move toward prevailing money market rates.ishares.com

Full IBHG profile⁠

Full IBHH profile⁠