- Issuer
- BlackRock
- Inception Date
- Nov 19, 1998
- Category
- High Yield Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
BHYAX Performance Chart
BlackRock High Yield Bond Fund Investor A Shares (BHYAX) is up 1.5% since the beginning of the year. BHYAX is currently trading at $7 per share. Investors who bought $1,000 worth of BHYAX shares 5 years ago would now be looking at an investment worth $1,205.
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Returns By Period
BlackRock High Yield Bond Fund Investor A Shares (BHYAX) has returned 1.47% so far this year and 7.08% over the past 12 months. Over the last ten years, BHYAX has returned 5.42% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
BlackRock High Yield Bond Fund Investor A Shares
- 1D
- 0.00%
- 1M
- 0.68%
- YTD
- 1.47%
- 6M
- 2.16%
- 1Y
- 7.08%
- 3Y*
- 8.27%
- 5Y*
- 3.80%
- 10Y*
- 5.42%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
BHYAX Monthly Returns History
Based on dividend-adjusted daily data since Nov 18, 1998, BHYAX's average daily return is +0.02%, while the average monthly return is +0.54%. At this rate, an investment would double in approximately 10.7 years.
Historically, 69% of months were positive and 31% were negative. The best month was Apr 2009 with a return of +8.5%, while the worst month was Oct 2008 at -15.5%. The longest winning streak lasted 18 consecutive months, and the longest losing streak was 6 months.
On a daily basis, BHYAX closed higher 40% of trading days. The best single day was Mar 26, 2020 with a return of +3.9%, while the worst single day was Mar 16, 2020 at -4.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.39% | 0.07% | -1.00% | 1.78% | 0.53% | -0.28% | 1.47% | ||||||
| 2025 | 1.39% | 0.64% | -1.15% | 0.10% | 1.70% | 1.95% | 0.55% | 1.11% | 0.81% | 0.40% | 0.52% | 0.64% | 8.96% |
| 2024 | 0.26% | 0.40% | 0.71% | -0.83% | 1.21% | 0.85% | 1.86% | 1.55% | 1.20% | -0.56% | 1.25% | -0.54% | 7.55% |
| 2023 | 4.14% | -1.42% | 1.30% | 0.96% | -1.05% | 1.07% | 1.46% | 0.13% | -0.90% | -1.79% | 4.37% | 3.53% | 12.19% |
| 2022 | -2.72% | -0.84% | -0.53% | -3.51% | -0.28% | -7.18% | 5.77% | -2.28% | -4.08% | 2.80% | 2.01% | -0.82% | -11.63% |
| 2021 | -0.02% | 0.61% | 0.26% | 1.13% | 0.38% | 1.52% | 0.13% | 0.50% | -0.02% | -0.38% | -1.17% | 2.20% | 5.21% |
Benchmark Metrics
BlackRock High Yield Bond Fund Investor A Shares has an annualized alpha of 5.47%, beta of 0.10, and R2 of 0.13 versus S&P 500 Index. Calculated based on daily prices since November 18, 1998.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (41.55%) than losses (34.33%) - typical of diversified or defensive assets.
- Beta of 0.10 may look defensive, but with R2 of 0.13 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.13 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 5.47%
- Beta
- 0.10
- R²
- 0.13
- Upside Capture
- 41.55%
- Downside Capture
- 34.33%
Expense Ratio
BHYAX has a high expense ratio of 0.93%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
BHYAX ranks 78 for risk / return — better than 78% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for BlackRock High Yield Bond Fund Investor A Shares (BHYAX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BHYAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.37 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.16 | 2.78 | +0.38 |
| Martin ratioReturn relative to average drawdown | 15.33 | 12.44 | +2.90 |
Dividends
Dividend History
BlackRock High Yield Bond Fund Investor A Shares provided a 6.73% dividend yield over the last twelve months, with an annual payout of $0.48 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.48 | $0.48 | $0.46 | $0.37 | $0.31 | $0.35 | $0.38 | $0.42 | $0.43 | $0.43 | $0.43 | $0.43 |
Dividend yield | 6.73% | 6.71% | 6.56% | 5.30% | 4.60% | 4.42% | 4.83% | 5.39% | 6.02% | 5.50% | 5.65% | 6.01% |
Monthly Dividends
The table displays the monthly dividend distributions for BlackRock High Yield Bond Fund Investor A Shares. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.00 | $0.18 | ||||||
| 2025 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.07 | $0.48 |
| 2024 | $0.04 | $0.04 | $0.00 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.07 | $0.46 |
| 2023 | $0.03 | $0.03 | $0.04 | $0.04 | $0.04 | $0.00 | $0.04 | $0.04 | $0.04 | $0.00 | $0.04 | $0.04 | $0.37 |
| 2022 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.31 |
| 2021 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.06 | $0.35 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the BlackRock High Yield Bond Fund Investor A Shares. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the BlackRock High Yield Bond Fund Investor A Shares was 35.18%, occurring on Dec 16, 2008. Recovery took 220 trading sessions.
The current BlackRock High Yield Bond Fund Investor A Shares drawdown is 0.28%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -35.18%Dec 2008 | 1y 6mo | 10mo 18d | 2y 4moJun 2007 - Oct 2009 |
COVID crash2020 | -23.25%Mar 2020 | 1mo 4d | 7mo 16d | 8mo 20dFeb 2020 - Nov 2020 |
Bear market2022 | -15.60%Sep 2022 | 8mo 29d | 1y 5mo | 2y 2moJan 2022 - Mar 2024 |
Dot-com crash2000–2002 | -12.09%Dec 2000 | 2mo 28d | 1y 3mo | 1y 6moSep 2000 - Apr 2002 |
2016 correction2016 | -12.07%Feb 2016 | 8mo 13d | 5mo 2d | 1y 1moJun 2015 - Jul 2016 |
Drawdown Indicators
| BHYAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.18% | -56.78% | +21.60% |
Max Drawdown (1Y)Largest decline over 1 year | -2.30% | -9.10% | +6.80% |
Max Drawdown (3Y)Largest decline over 3 years | -4.10% | -18.90% | +14.80% |
Max Drawdown (5Y)Largest decline over 5 years | -15.60% | -25.43% | +9.83% |
Max Drawdown (10Y)Largest decline over 10 years | -23.25% | -33.92% | +10.67% |
Current DrawdownCurrent decline from peak | -0.28% | -1.80% | +1.52% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -10.71% | +7.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 2.03% | -1.56% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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