- Issuer
- iShares
- Inception Date
- Aug 18, 2022
- Region
- North America (U.S.)
- Category
- High Yield Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- Cboe HYG BuyWrite Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $108M
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
HYGW Performance Chart
iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is up 2.3% since the beginning of the year. HYGW is currently trading at $29 per share.
Loading charts...
Returns By Period
iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) has returned 2.25% so far this year and 6.62% over the past 12 months.
iShares High Yield Corporate Bond Buywrite Strategy ETF
- 1D
- 0.13%
- 1M
- 0.82%
- YTD
- 2.25%
- 6M
- 2.65%
- 1Y
- 6.62%
- 3Y*
- 5.93%
- 5Y*
- —
- 10Y*
- —
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%
HYGW Monthly Returns History
Based on dividend-adjusted daily data since Aug 22, 2022, HYGW's average daily return is +0.02%, while the average monthly return is +0.47%. At this rate, an investment would double in approximately 12.3 years.
Historically, 70% of months were positive and 30% were negative. The best month was Jan 2023 with a return of +3.7%, while the worst month was Sep 2022 at -2.3%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.
On a daily basis, HYGW closed higher 56% of trading days. The best single day was Apr 9, 2025 with a return of +1.8%, while the worst single day was Sep 13, 2022 at -2.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.54% | 0.22% | -0.61% | 0.77% | 0.93% | 0.38% | 2.25% | ||||||
| 2025 | 0.79% | 0.51% | -0.60% | -0.07% | 0.52% | 1.04% | 0.42% | 0.90% | 0.80% | 0.47% | 0.52% | 0.73% | 6.19% |
| 2024 | 0.90% | 0.95% | 1.03% | -0.62% | 0.71% | 0.71% | 1.02% | 1.12% | 0.75% | -0.39% | 1.17% | -0.55% | 6.99% |
| 2023 | 3.70% | -1.04% | 1.10% | 0.97% | -0.05% | 1.25% | 1.32% | -0.67% | -0.89% | -1.25% | 1.70% | 1.06% | 7.31% |
| 2022 | -1.98% | -2.32% | 2.47% | 1.84% | -0.32% | -0.39% |
Benchmark Metrics
iShares High Yield Corporate Bond Buywrite Strategy ETF has an annualized alpha of 2.61%, beta of 0.20, and R2 of 0.47 versus S&P 500 Index. Calculated based on daily prices since August 22, 2022.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (22.83%) than losses (19.45%) - typical of diversified or defensive assets.
- Beta of 0.20 may look defensive, but with R2 of 0.47 this ETF 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 ETF's risk.
- R2 of 0.47 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 2.61%
- Beta
- 0.20
- R²
- 0.47
- Upside Capture
- 22.83%
- Downside Capture
- 19.45%
Expense Ratio
HYGW has an expense ratio of 0.69%, placing it in the medium range.
Return for Risk
Risk / Return Rank
HYGW ranks 80 for risk / return — in the top 80% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) 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.
| HYGW | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.37 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 2.78 | +0.87 |
| Martin ratioReturn relative to average drawdown | 16.67 | 12.44 | +4.23 |
Dividends
Dividend History
iShares High Yield Corporate Bond Buywrite Strategy ETF provided a 11.50% dividend yield over the last twelve months, with an annual payout of $3.34 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $3.34 | $3.74 | $3.91 | $5.34 | $3.16 |
Dividend yield | 11.50% | 12.53% | 12.30% | 15.98% | 8.71% |
Monthly Dividends
The table displays the monthly dividend distributions for iShares High Yield Corporate Bond Buywrite Strategy ETF. 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 | $0.00 | $0.22 | $0.19 | $0.47 | $0.33 | $0.23 | $1.44 | ||||||
| 2025 | $0.00 | $0.33 | $0.21 | $0.35 | $0.56 | $0.39 | $0.42 | $0.30 | $0.16 | $0.27 | $0.28 | $0.48 | $3.74 |
| 2024 | $0.00 | $0.40 | $0.42 | $0.40 | $0.32 | $0.38 | $0.36 | $0.28 | $0.22 | $0.31 | $0.21 | $0.60 | $3.91 |
| 2023 | $0.00 | $0.58 | $0.38 | $0.86 | $0.40 | $0.45 | $0.49 | $0.24 | $0.39 | $0.36 | $0.41 | $0.78 | $5.34 |
| 2022 | $0.59 | $0.79 | $0.70 | $1.09 | $3.16 |
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.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the iShares High Yield Corporate Bond Buywrite Strategy ETF. 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 iShares High Yield Corporate Bond Buywrite Strategy ETF was 5.49%, occurring on Sep 27, 2022. Recovery took 70 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -5.49%Sep 2022 | 1mo 2d | 3mo 11d | 4mo 13dAug 2022 - Jan 2023 |
2023 pullback2023 | -3.66%Oct 2023 | 2mo 19d | 2mo 21d | 5mo 10dAug 2023 - Jan 2024 |
2025 selloff2025 | -3.41%Apr 2025 | 1mo 5d | 1mo 26d | 3mo 1dMar 2025 - Jun 2025 |
2023 pullback2023 | -2.90%Feb 2023 | 18d | 1mo 29d | 2mo 17dFeb 2023 - Apr 2023 |
2026 pullback2026 | -1.82%Mar 2026 | 1mo 5d | 1mo 5d | 2mo 10dFeb 2026 - May 2026 |
Drawdown Indicators
| HYGW | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -56.78% | +51.29% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -9.10% | +7.28% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -18.90% | +15.24% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -10.71% | +10.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 2.03% | -1.63% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with HYGW
Add iShares High Yield Corporate Bond Buywrite Strategy ETF to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with HYGW