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AOHY vs. HYGH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AOHY vs. HYGH

Last updated Jun 6, 2026

AOHY (Angel Oak High Yield Opportunities ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both High Yield Bonds funds. Both are actively managed. Over the past year, AOHY returned 6.64% vs 7.56% for HYGH. At a 0.47 correlation, their price movements are largely independent. AOHY charges 0.55%/yr vs 0.53%/yr for HYGH.

Performance

AOHY vs. HYGH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak High Yield Opportunities ETF (AOHY) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, AOHY achieves a 1.82% return, which is significantly lower than HYGH's 2.76% return.

AOHY

1D
-0.38%
1M
-0.20%
YTD
1.82%
6M
2.37%
1Y
6.64%
3Y*
—
5Y*
—
10Y*
—

HYGH

1D
-0.17%
1M
0.61%
YTD
2.76%
6M
3.17%
1Y
7.56%
3Y*
9.72%
5Y*
6.93%
10Y*
6.25%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AOHY vs. HYGH - Yearly Performance Comparison

2026 (YTD)20252024
AOHY
Angel Oak High Yield Opportunities ETF		1.82%7.62%7.50%
HYGH
iShares Interest Rate Hedged High Yield Bond ETF		2.76%6.94%9.22%

Correlation

The correlation between AOHY and HYGH is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.59

Correlation (All Time)
Calculated using the full available price history since Feb 21, 2024

0.47

The correlation between AOHY and HYGH shifts across timeframes, from 0.47 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.

AOHY vs. HYGH - Sectors Allocation Comparison

Sectors
AOHY
HYGH

Basic Materials

100.0%

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

0.4%

Technology

-

-

Utilities

-

99.6%

Basic Materials

AOHY
100.0%
HYGH

-

Communication Services

AOHY

-

HYGH

-

Consumer Cyclical

AOHY

-

HYGH

-

Consumer Defensive

AOHY

-

HYGH

-

Energy

AOHY

-

HYGH

-

Financial Services

AOHY

-

HYGH

-

Healthcare

AOHY

-

HYGH

-

Industrials

AOHY

-

HYGH

-

Real Estate

AOHY

-

HYGH
0.4%

Technology

AOHY

-

HYGH

-

Utilities

AOHY

-

HYGH
99.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Angel Oak High Yield Opportunities ETF

iShares Interest Rate Hedged High Yield Bond ETF

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Often compared with HYGH:
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Return for Risk

AOHY vs. HYGH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AOHY
AOHY Risk / Return Rank: 7171
Overall Rank
AOHY Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
AOHY Sortino Ratio Rank: 7575
Sortino Ratio Rank
AOHY Omega Ratio Rank: 7575
Omega Ratio Rank
AOHY Calmar Ratio Rank: 6060
Calmar Ratio Rank
AOHY Martin Ratio Rank: 7777
Martin Ratio Rank
HYGH
HYGH Risk / Return Rank: 7575
Overall Rank
HYGH Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
HYGH Sortino Ratio Rank: 7272
Sortino Ratio Rank
HYGH Omega Ratio Rank: 6767
Omega Ratio Rank
HYGH Calmar Ratio Rank: 8686
Calmar Ratio Rank
HYGH Martin Ratio Rank: 8787
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.

AOHY vs. HYGH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak High Yield Opportunities ETF (AOHY) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.

AOHYHYGHDifference
Sharpe ratioReturn per unit of total volatility
2.08
2.08

+0.01

Sortino ratioReturn per unit of downside risk
3.17
3.16

+0.01

Omega ratioGain probability vs. loss probability

1.42

1.39

+0.03

Calmar ratioReturn relative to maximum drawdown

2.82

4.69

-1.87

Martin ratioReturn relative to average drawdown

14.18

18.31

-4.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOHY vs. HYGH - Sharpe Ratio Comparison

The current AOHY Sharpe Ratio is 2.08, which is comparable to the HYGH Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of AOHY and HYGH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

AOHYHYGHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

2.08

+0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.98

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.75

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.96

0.56

+1.41

Drawdowns

AOHY vs. HYGH - Drawdown Comparison

The maximum AOHY drawdown since its inception was -4.17%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for AOHY and HYGH.

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Drawdown Indicators

AOHYHYGHDifference

Max Drawdown

Largest peak-to-trough decline

-4.17%

-23.88%

+19.71%

Max Drawdown (1Y)

Largest decline over 1 year

-2.37%

-1.62%

-0.75%

Max Drawdown (3Y)

Largest decline over 3 years

—

-8.06%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-8.24%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-23.88%

—

Current Drawdown

Current decline from peak

-0.59%

-0.31%

-0.28%

Average Drawdown

Average peak-to-trough decline

-0.35%

-2.23%

+1.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.47%

0.41%

+0.06%

Volatility

AOHY vs. HYGH - Volatility Comparison

Angel Oak High Yield Opportunities ETF (AOHY) has a higher volatility of 1.03% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.62%. This indicates that AOHY's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AOHYHYGHDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.03%

0.62%

+0.41%

Volatility (6M)

Calculated over the trailing 6-month period

2.53%

2.84%

-0.31%

Volatility (1Y)

Calculated over the trailing 1-year period

3.20%

3.66%

-0.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.79%

7.07%

-3.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.79%

8.35%

-4.56%

AOHY vs. HYGH - Expense Ratio Comparison

AOHY has a 0.55% expense ratio, which is higher than HYGH's 0.53% expense ratio.

Dividends

AOHY vs. HYGH - Dividend Comparison

AOHY's dividend yield for the trailing twelve months is around 6.54%, less than HYGH's 6.63% yield.

PositionTTM20252024202320222021202020192018201720162015
AOHY
Angel Oak High Yield Opportunities ETF		6.54%6.53%6.04%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
HYGH
iShares Interest Rate Hedged High Yield Bond ETF		6.63%6.86%7.85%8.95%6.21%3.74%4.06%4.89%6.45%4.79%4.60%5.75%

Frequently Asked Questions

AOHY and HYGH have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AOHY has higher volatility (1.03%) compared to HYGH (0.62%). In terms of maximum drawdown, AOHY dropped -4.17% vs HYGH's -23.88%.

On 1-year performance, HYGH leads with 7.56% vs 6.64% for AOHY. On fees, HYGH is cheaper at 0.53% per year. On volatility, HYGH has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, HYGH has performed better with a 7.56% return vs 6.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HYGH is cheaper with a 0.53% expense ratio, compared with 0.55% for AOHY.

HYGH has the higher dividend yield at 6.63%, compared with 6.54% for AOHY.

They also come from different issuers: Angel Oak and iShares. Their fees differ too: 0.55% for AOHY and 0.53% for HYGH.

AOHY currently has the higher Sharpe Ratio (2.08 vs 2.08), 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.

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