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Issuer
iShares
Inception Date
Aug 18, 2022
Region
North America (U.S.)
Leveraged
1x (No leverage)
Index Tracked
Cboe HYG BuyWrite Index
Distribution Policy
Distributing
Asset Class
Bond
Assets Under Management
$108M

Share Price Chart


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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.


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S&P 500 Index

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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%.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
20260.54%0.22%-0.61%0.77%0.93%0.38%2.25%
20250.79%0.51%-0.60%-0.07%0.52%1.04%0.42%0.90%0.80%0.47%0.52%0.73%6.19%
20240.90%0.95%1.03%-0.62%0.71%0.71%1.02%1.12%0.75%-0.39%1.17%-0.55%6.99%
20233.70%-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
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.


HYGW Risk / Return Rank: 8080
Overall Rank
HYGW Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
HYGW Sortino Ratio Rank: 8181
Sortino Ratio Rank
HYGW Omega Ratio Rank: 8585
Omega Ratio Rank
HYGW Calmar Ratio Rank: 7474
Calmar Ratio Rank
HYGW Martin Ratio Rank: 8484
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.


HYGWBenchmarkDifference
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.


8.00%10.00%12.00%14.00%16.00%$0.00$1.00$2.00$3.00$4.00$5.002022202320242025
Dividends
Dividend Yield
PeriodTTM2025202420232022
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.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
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.


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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 2d3mo 11d
4mo 13dAug 2022 - Jan 2023
2023 pullback2023
-3.66%Oct 2023
2mo 19d2mo 21d
5mo 10dAug 2023 - Jan 2024
2025 selloff2025
-3.41%Apr 2025
1mo 5d1mo 26d
3mo 1dMar 2025 - Jun 2025
2023 pullback2023
-2.90%Feb 2023
18d1mo 29d
2mo 17dFeb 2023 - Apr 2023
2026 pullback2026
-1.82%Mar 2026
1mo 5d1mo 5d
2mo 10dFeb 2026 - May 2026

Drawdown Indicators


HYGWBenchmarkDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

0.00%

-1.80%

+1.80%

Average Drawdown

Average peak-to-trough decline

-0.60%

-10.71%

+10.11%

Ulcer Index

Depth 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.


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Portfolio Analyzer

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