^XNG vs. HYGW

Last updated Apr 3, 2026

Compare and contrast key facts about NYSE Arca Natural Gas Index (^XNG) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW).

HYGW is a passively managed fund by iShares that tracks the performance of the Cboe HYG BuyWrite Index. It was launched on Aug 18, 2022.

Performance

^XNG vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYSE Arca Natural Gas Index (^XNG) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). The values are adjusted to include any dividend payments, if applicable.

^XNG vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
^XNG NYSE Arca Natural Gas Index	26.61%	9.44%	16.55%	2.82%	-8.72%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	0.37%	6.19%	6.99%	7.31%	-0.12%

Returns By Period

In the year-to-date period, ^XNG achieves a 26.61% return, which is significantly higher than HYGW's 0.37% return.

^XNG

• 1D: 1.33%
• 1M: 5.25%
• YTD: 26.61%
• 6M: 24.19%
• 1Y: 25.44%
• 3Y*: 20.23%
• 5Y*: 19.71%
• 10Y*: 6.94%

HYGW

• 1D: 0.04%
• 1M: -0.16%
• YTD: 0.37%
• 6M: 2.03%
• 1Y: 5.42%
• 3Y*: 5.63%
• 5Y*: —
• 10Y*: —

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

Return for Risk

^XNG vs. HYGW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^XNG

^XNG Risk / Return Rank: 80
^XNG Sharpe Ratio Rank: 84
^XNG Sortino Ratio Rank: 81
^XNG Omega Ratio Rank: 83
^XNG Calmar Ratio Rank: 74
^XNG Martin Ratio Rank: 76

HYGW

HYGW Risk / Return Rank: 68
HYGW Sharpe Ratio Rank: 68
HYGW Sortino Ratio Rank: 66
HYGW Omega Ratio Rank: 77
HYGW Calmar Ratio Rank: 57
HYGW Martin Ratio Rank: 74

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.

^XNG vs. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYSE Arca Natural Gas Index (^XNG) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^XNG	HYGW	Difference
Sharpe ratio Return per unit of total volatility	1.36	1.28	+0.08
Sortino ratio Return per unit of downside risk	1.76	1.76	0.00
Omega ratio Gain probability vs. loss probability	1.27	1.31	-0.04
Calmar ratio Return relative to maximum drawdown	1.87	1.70	+0.17
Martin ratio Return relative to average drawdown	6.91	8.93	-2.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^XNG vs. HYGW - Sharpe Ratio Comparison

The current ^XNG Sharpe Ratio is 1.36, which is comparable to the HYGW Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of ^XNG and HYGW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^XNG	HYGW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.28	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	1.21	-0.99

Correlation

The correlation between ^XNG and HYGW is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

^XNG vs. HYGW - Drawdown Comparison

The maximum ^XNG drawdown since its inception was -84.52%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for ^XNG and HYGW.

Drawdown Indicators

	^XNG	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-84.52%	-5.49%	-79.03%
Max Drawdown (1Y) Largest decline over 1 year	-10.28%	-2.42%	-7.86%
Max Drawdown (5Y) Largest decline over 5 years	-25.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-77.64%	—	—
Current Drawdown Current decline from peak	-7.57%	-0.70%	-6.87%
Average Drawdown Average peak-to-trough decline	-27.37%	-0.63%	-26.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	0.61%	+3.21%

Volatility

^XNG vs. HYGW - Volatility Comparison

NYSE Arca Natural Gas Index (^XNG) has a higher volatility of 4.86% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 1.66%. This indicates that ^XNG's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^XNG	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	1.66%	+3.20%
Volatility (6M) Calculated over the trailing 6-month period	11.29%	2.38%	+8.91%
Volatility (1Y) Calculated over the trailing 1-year period	18.81%	4.25%	+14.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.89%	4.76%	+17.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.26%	4.76%	+24.50%