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BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jul 17, 2026

The BlackRock High Yield Bond Portfolio (BHYIX) focuses primarily on short-term (less than ten years) non-investment grade bonds, with a minimum investment of 80% of assets in high-yield bonds. It can allocate up to 30% of assets towards non-US bonds in foreign currencies, either with or without currency hedging. Additionally, the fund may also invest in convertible and preferred securities.

Looking to diversify beyond BHYIX? The mutual funds below have the lowest correlation with BHYIX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from BHYIX.

Best Diversifiers for BHYIX

6 mutual funds have low correlation with BHYIX (below 0.3), 0 of which are negatively correlated. The least correlated is Cliffwater Corporate Lending Fund (CCLFX) (High Yield Bonds) with a 1Y correlation of 0.04, roughly unchanged from 0.08 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
CCLFX
Cliffwater Corporate Lending Fund0.040.060.08
100
High Yield BondsBHYIX vs CCLFX
XILSX
Pioneer ILS Interval Fund0.050.090.06
100
High Yield BondsBHYIX vs XILSX
RPHIX
RiverPark Short Term High Yield Fund0.150.170.25
100
High Yield BondsBHYIX vs RPHIX
ASFYX
AlphaSimplex Managed Futures Strategy Fund Class Y0.160.02-0.11
55
Systematic TrendBHYIX vs ASFYX
BDMIX
BlackRock Global Equity Market Neutral Fund Class ...0.170.100.04
96
Equity Market NeutralBHYIX vs BDMIX
See all 54 diversifiers for BHYIX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from BHYIX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to BHYIX and solid risk/return profiles. The least correlated is Berkshire Hathaway Inc. (BRK-B) (Financial Services) with a 1Y correlation of 0.17, down from 0.33 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
BRK-B
Berkshire Hathaway Inc.0.170.250.33
53
Financial Services

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Diversification Analysis

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