AMZA vs. HYG

Last updated Jun 4, 2026

AMZA (InfraCap MLP ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - AMZA is a MLPs fund actively managed by Virtus Investment Partners, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. AMZA is actively managed, while HYG is passively managed. Over the past 10 years, AMZA returned 4.86%/yr vs 4.94%/yr for HYG. At a 0.42 correlation, their price movements are largely independent. AMZA charges 2.01%/yr vs 0.49%/yr for HYG.

Performance

AMZA vs. HYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap MLP ETF (AMZA) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMZA achieves a 22.22% return, which is significantly higher than HYG's 1.32% return. Both investments have delivered pretty close results over the past 10 years, with AMZA having a 4.86% annualized return and HYG not far ahead at 4.94%.

AMZA

• 1D: 0.39%
• 1M: -0.92%
• YTD: 22.22%
• 6M: 20.41%
• 1Y: 17.55%
• 3Y*: 22.02%
• 5Y*: 19.41%
• 10Y*: 4.86%

HYG

• 1D: -0.28%
• 1M: 0.36%
• YTD: 1.32%
• 6M: 1.73%
• 1Y: 6.51%
• 3Y*: 8.48%
• 5Y*: 3.77%
• 10Y*: 4.94%

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

AMZA vs. HYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMZA InfraCap MLP ETF	22.22%	0.17%	30.90%	23.35%	33.20%	51.22%	-49.25%	6.27%	-26.78%	-6.90%
HYG iShares iBoxx $ High Yield Corporate Bond ETF	1.32%	8.59%	7.97%	11.54%	-10.98%	3.76%	4.47%	14.09%	-2.02%	6.07%

Correlation

The correlation between AMZA and HYG is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Oct 3, 2014	0.42

Over the past year, the correlation between AMZA and HYG has dropped to 0.02 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

AMZA vs. HYG - Sectors Allocation Comparison

Sectors	AMZA	HYG
Energy	99.8%	-
Utilities	0.2%	99.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	0.4%
Technology	-	-

Return for Risk

AMZA vs. HYG — Risk / Return Rank

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

AMZA

AMZA Risk / Return Rank: 27
AMZA Sharpe Ratio Rank: 27
AMZA Sortino Ratio Rank: 27
AMZA Omega Ratio Rank: 25
AMZA Calmar Ratio Rank: 29
AMZA Martin Ratio Rank: 26

HYG

HYG Risk / Return Rank: 55
HYG Sharpe Ratio Rank: 49
HYG Sortino Ratio Rank: 52
HYG Omega Ratio Rank: 52
HYG Calmar Ratio Rank: 55
HYG Martin Ratio Rank: 66

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.

AMZA vs. HYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap MLP ETF (AMZA) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.

	AMZA	HYG	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.72	-0.72
Sortino ratio: Return per unit of downside risk	1.48	2.59	-1.12
Omega ratio: Gain probability vs. loss probability	1.17	1.33	-0.16
Calmar ratio: Return relative to maximum drawdown	1.45	2.79	-1.34
Martin ratio: Return relative to average drawdown	3.65	12.34	-8.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMZA vs. HYG - Sharpe Ratio Comparison

The current AMZA Sharpe Ratio is 1.00, which is lower than the HYG Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of AMZA and HYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AMZA	HYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	1.72	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.50	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.60	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.46	-0.48

Drawdowns

AMZA vs. HYG - Drawdown Comparison

The maximum AMZA drawdown since its inception was -91.46%, which is greater than HYG's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for AMZA and HYG.

Drawdown Indicators

	AMZA	HYG	Difference
Max Drawdown Largest peak-to-trough decline	-91.46%	-34.25%	-57.21%
Max Drawdown (1Y) Largest decline over 1 year	-12.16%	-2.34%	-9.82%
Max Drawdown (3Y) Largest decline over 3 years	-18.56%	-4.56%	-14.00%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-15.79%	-9.36%
Max Drawdown (10Y) Largest decline over 10 years	-86.84%	-22.03%	-64.81%
Current Drawdown Current decline from peak	-10.19%	-0.28%	-9.91%
Average Drawdown Average peak-to-trough decline	-45.02%	-3.24%	-41.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.82%	0.53%	+4.29%

Volatility

AMZA vs. HYG - Volatility Comparison

InfraCap MLP ETF (AMZA) has a higher volatility of 5.80% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.21%. This indicates that AMZA's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZA	HYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	1.21%	+4.59%
Volatility (6M) Calculated over the trailing 6-month period	13.40%	3.01%	+10.39%
Volatility (1Y) Calculated over the trailing 1-year period	17.72%	3.81%	+13.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.84%	7.53%	+18.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.25%	8.29%	+28.96%

AMZA vs. HYG - Expense Ratio Comparison

AMZA has a 2.01% expense ratio, which is higher than HYG's 0.49% expense ratio.

Dividends

AMZA vs. HYG - Dividend Comparison

AMZA's dividend yield for the trailing twelve months is around 8.02%, more than HYG's 5.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMZA InfraCap MLP ETF	8.02%	8.81%	7.29%	9.40%	7.65%	10.24%	22.13%	19.47%	34.46%	24.16%	18.36%	18.21%
HYG iShares iBoxx $ High Yield Corporate Bond ETF	5.92%	5.71%	6.01%	5.74%	5.30%	4.02%	4.88%	4.99%	5.54%	5.12%	5.27%	5.90%

Frequently Asked Questions

Can I hold both AMZA and HYG in my portfolio?

AMZA and HYG have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMZA or HYG?

AMZA has higher volatility (5.80%) compared to HYG (1.21%). In terms of maximum drawdown, AMZA dropped -91.46% vs HYG's -34.25%.

Which ETF is better, AMZA or HYG?

On 10-year performance, HYG leads with 4.94% vs 4.86% for AMZA. On fees, HYG is cheaper at 0.49% per year. On volatility, HYG has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZA or HYG?

Over the 10-year period, HYG has performed better with a 4.94% return vs 4.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZA or HYG?

HYG is cheaper with a 0.49% expense ratio, compared with 2.01% for AMZA.

Which ETF pays a higher dividend yield, AMZA or HYG?

AMZA has the higher dividend yield at 8.02%, compared with 5.92% for HYG.

What is the main difference between AMZA and HYG?

AMZA is categorized as MLPs, while HYG is High Yield Bonds. They also come from different issuers: Virtus Investment Partners and iShares. Their fees differ too: 2.01% for AMZA and 0.49% for HYG.

Which has better risk-adjusted returns?

HYG currently has the higher Sharpe Ratio (1.72 vs 1.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.