- Issuer
- iShares
- Inception Date
- Aug 18, 2022
- Region
- North America (U.S.)
- Category
- Derivative Income, High Yield Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- Cboe HYG BuyWrite Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $112M
Highlights
- Avg. Volume (1M)
- 22K
- Avg. Volume Value (1M)
- $636.40K
Share Price Chart
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Performance
HYGW Performance Chart
iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is up 2.4% since the beginning of the year. HYGW is currently trading at $29 per share.
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Returns By Period
iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) has returned 2.36% so far this year and 5.90% over the past 12 months.
iShares High Yield Corporate Bond Buywrite Strategy ETF
- 1D
- 0.14%
- 1M
- 0.03%
- 6M
- 1.81%
- YTD
- 2.36%
- 1Y
- 5.90%
- 3Y*
- 5.30%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.68%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
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 +0.46%. At this rate, an investment would double in approximately 12.6 years.
Historically, 71% of months were positive and 29% 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% | 0.48% | 0.01% | 2.36% | |||||
| 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 2.57%, 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 (19.13%) - 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
- 2.57%
- Beta
- 0.20
- R²
- 0.47
- Upside Capture
- 22.83%
- Downside Capture
- 19.13%
Expense Ratio
HYGW has an expense ratio of 0.69%, placing it in the medium range.
Return for Risk
Risk / Return Rank
HYGW ranks 87 for risk / return — above 87% of ETFs peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return 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 | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.25 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 2.00 | +1.26 |
| Martin ratioReturn relative to average drawdown | 14.57 | 8.49 | +6.07 |
Dividends
Dividend History
iShares High Yield Corporate Bond Buywrite Strategy ETF provided a 10.71% dividend yield over the last twelve months, with an annual payout of $3.10 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $3.10 | $3.74 | $3.91 | $5.34 | $3.16 |
Dividend yield | 10.71% | 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 | $0.17 | $1.61 | |||||
| 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.
The current iShares High Yield Corporate Bond Buywrite Strategy ETF drawdown is 0.21%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-5.49%Sep 2022 | 1mo 2d | 3mo 11d | 4mo 13dAug 2022 - Jan 2023 | Bear market2022 |
-3.66%Oct 2023 | 2mo 19d | 2mo 21d | 5mo 10dAug 2023 - Jan 2024 | — |
-3.41%Apr 2025 | 1mo 5d | 1mo 26d | 3mo 1dMar 2025 - Jun 2025 | 2025 selloff2025 |
-2.90%Feb 2023 | 18d | 1mo 29d | 2mo 17dFeb 2023 - Apr 2023 | — |
-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 | -3.42% | -18.90% | +15.48% |
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 | -0.21% | -1.58% | +1.37% |
Average DrawdownAverage peak-to-trough decline | -0.59% | -10.70% | +10.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 2.14% | -1.73% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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