BGRN vs. HYG
BGRN (iShares USD Green Bond ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - BGRN is a Global Bonds fund tracking the Bloomberg MSCI USD Green Bond Select Index, while HYG is a High Yield Bonds fund tracking the iBoxx $ Liquid High Yield Index. Both are passively managed. Over the past 5 years, BGRN returned 0.63%/yr vs 3.87%/yr for HYG. At a 0.40 correlation, their price movements are largely independent. BGRN charges 0.20%/yr vs 0.49%/yr for HYG.
Performance
BGRN vs. HYG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BGRN achieves a 0.64% return, which is significantly lower than HYG's 1.60% return.
BGRN
- 1D
- 0.11%
- 1M
- 0.30%
- YTD
- 0.64%
- 6M
- 0.83%
- 1Y
- 5.42%
- 3Y*
- 4.82%
- 5Y*
- 0.63%
- 10Y*
- —
HYG
- 1D
- 0.08%
- 1M
- 0.31%
- YTD
- 1.60%
- 6M
- 2.09%
- 1Y
- 7.00%
- 3Y*
- 8.58%
- 5Y*
- 3.87%
- 10Y*
- 4.97%
BGRN vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 0.64% | 7.27% | 2.77% | 6.50% | -13.06% | -2.80% | 6.86% | 9.70% | 1.14% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.60% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -1.45% |
Correlation
The correlation between BGRN and HYG is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2018 | 0.40 |
Over the past year, BGRN and HYG have become more correlated (0.64) than their long-term average of 0.40, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BGRN vs. HYG — Risk / Return Rank
BGRN
HYG
BGRN vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Green Bond ETF (BGRN) 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.
| BGRN | HYG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.84 | 1.85 | -0.01 |
Sortino ratioReturn per unit of downside risk | 2.82 | 2.80 | +0.02 |
Omega ratioGain probability vs. loss probability | 1.34 | 1.36 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 2.33 | 2.99 | -0.66 |
Martin ratioReturn relative to average drawdown | 7.86 | 13.22 | -5.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BGRN | HYG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.84 | 1.85 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.52 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.60 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.46 | 0.00 |
Drawdowns
BGRN vs. HYG - Drawdown Comparison
The maximum BGRN drawdown since its inception was -19.16%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for BGRN and HYG.
Loading charts...
Drawdown Indicators
| BGRN | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.16% | -34.25% | +15.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -2.34% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -4.55% | -4.56% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -18.73% | -15.79% | -2.94% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.03% | — |
Current DrawdownCurrent decline from peak | -0.63% | -0.00% | -0.63% |
Average DrawdownAverage peak-to-trough decline | -5.79% | -3.24% | -2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.53% | +0.13% |
Volatility
BGRN vs. HYG - Volatility Comparison
The current volatility for iShares USD Green Bond ETF (BGRN) is 1.06%, while iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a volatility of 1.22%. This indicates that BGRN experiences smaller price fluctuations and is considered to be less risky than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BGRN | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.22% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.26% | 3.00% | -0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.97% | 3.79% | -0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | 7.52% | -2.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 8.29% | -3.29% |
BGRN vs. HYG - Expense Ratio Comparison
BGRN has a 0.20% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
BGRN vs. HYG - Dividend Comparison
BGRN's dividend yield for the trailing twelve months is around 4.28%, less than HYG's 5.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 4.28% | 4.21% | 4.07% | 3.52% | 2.66% | 0.78% | 1.82% | 3.66% | 0.21% | 0.00% | 0.00% | 0.00% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.90% | 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
BGRN and HYG have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYG has higher volatility (1.22%) compared to BGRN (1.06%). In terms of maximum drawdown, BGRN dropped -19.16% vs HYG's -34.25%.
On 5-year performance, HYG leads with 3.87% vs 0.63% for BGRN. On fees, BGRN is cheaper at 0.20% per year. On volatility, BGRN has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYG has performed better with a 3.87% return vs 0.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BGRN is cheaper with a 0.20% expense ratio, compared with 0.49% for HYG.
HYG has the higher dividend yield at 5.90%, compared with 4.28% for BGRN.
BGRN is categorized as Global Bonds, while HYG is High Yield Bonds. BGRN tracks Bloomberg MSCI USD Green Bond Select Index, while HYG tracks iBoxx $ Liquid High Yield Index. Their fees differ too: 0.20% for BGRN and 0.49% for HYG.
HYG currently has the higher Sharpe Ratio (1.85 vs 1.84), 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.
Find the right allocation for BGRN and HYG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer