BHYAX vs. USHY
BHYAX (BlackRock High Yield Bond Fund Investor A Shares) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - BHYAX tracks the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index while USHY tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, BHYAX returned 3.77%/yr vs 4.16%/yr for USHY. A 0.66 correlation means they provide meaningful diversification when combined. BHYAX charges 0.93%/yr vs 0.15%/yr for USHY.
Performance
BHYAX vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, BHYAX achieves a 1.19% return, which is significantly lower than USHY's 1.29% return.
BHYAX
- 1D
- -0.42%
- 1M
- -0.17%
- YTD
- 1.19%
- 6M
- 1.84%
- 1Y
- 7.08%
- 3Y*
- 8.33%
- 5Y*
- 3.77%
- 10Y*
- 5.33%
USHY
- 1D
- 0.08%
- 1M
- -0.14%
- YTD
- 1.29%
- 6M
- 1.85%
- 1Y
- 6.84%
- 3Y*
- 8.79%
- 5Y*
- 4.16%
- 10Y*
- —
BHYAX vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BHYAX BlackRock High Yield Bond Fund Investor A Shares | 1.19% | 8.96% | 7.55% | 12.19% | -11.63% | 5.21% | 5.54% | 15.15% | -3.24% | 0.84% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.29% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between BHYAX and USHY is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.66 |
The correlation between BHYAX and USHY has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.
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Return for Risk
BHYAX vs. USHY — Risk / Return Rank
BHYAX
USHY
BHYAX vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock High Yield Bond Fund Investor A Shares (BHYAX) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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.
| BHYAX | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.36 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 2.83 | +0.20 |
| Martin ratioReturn relative to average drawdown | 14.86 | 12.68 | +2.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BHYAX | USHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.03 | 1.88 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.57 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.91 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.14 | 0.58 | +0.56 |
Drawdowns
BHYAX vs. USHY - Drawdown Comparison
The maximum BHYAX drawdown since its inception was -35.18%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for BHYAX and USHY.
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Drawdown Indicators
| BHYAX | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.18% | -22.44% | -12.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.30% | -2.43% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -4.10% | -4.66% | +0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -15.60% | -15.56% | -0.04% |
Max Drawdown (10Y)Largest decline over 10 years | -23.25% | — | — |
Current DrawdownCurrent decline from peak | -0.56% | -0.41% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -2.66% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.54% | -0.07% |
Volatility
BHYAX vs. USHY - Volatility Comparison
BlackRock High Yield Bond Fund Investor A Shares (BHYAX) and iShares Broad USD High Yield Corporate Bond ETF (USHY) have volatilities of 1.16% and 1.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BHYAX | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.13% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.66% | 2.95% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.44% | 3.67% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 7.34% | -2.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.90% | 8.25% | -2.35% |
BHYAX vs. USHY - Expense Ratio Comparison
BHYAX has a 0.93% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
BHYAX vs. USHY - Dividend Comparison
BHYAX's dividend yield for the trailing twelve months is around 6.75%, less than USHY's 6.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BHYAX BlackRock High Yield Bond Fund Investor A Shares | 6.75% | 6.71% | 6.56% | 5.30% | 4.60% | 4.42% | 4.83% | 5.39% | 6.02% | 5.50% | 5.65% | 6.01% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.93% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
BHYAX and USHY have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BHYAX has higher volatility (1.16%) compared to USHY (1.13%). In terms of maximum drawdown, BHYAX dropped -35.18% vs USHY's -22.44%.
BHYAX currently has the higher Sharpe Ratio (2.03 vs 1.88), 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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