BHYIX vs. BRHYX
BHYIX (BlackRock High Yield Bond Portfolio Institutional Shares) and BRHYX (BlackRock High Yield K) are both High Yield Bonds funds from BlackRock. Over the past 10 years, BHYIX returned 5.88%/yr vs 5.99%/yr for BRHYX. Their correlation of 0.92 suggests significant overlap in exposure. BHYIX charges 0.59%/yr vs 0.48%/yr for BRHYX.
Performance
BHYIX vs. BRHYX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BHYIX having a 1.61% return and BRHYX slightly higher at 1.66%. Both investments have delivered pretty close results over the past 10 years, with BHYIX having a 5.88% annualized return and BRHYX not far ahead at 5.99%.
BHYIX
- 1D
- -0.28%
- 1M
- 0.28%
- YTD
- 1.61%
- 6M
- 2.15%
- 1Y
- 7.59%
- 3Y*
- 9.21%
- 5Y*
- 4.41%
- 10Y*
- 5.88%
BRHYX
- 1D
- -0.14%
- 1M
- 0.43%
- YTD
- 1.66%
- 6M
- 2.35%
- 1Y
- 7.85%
- 3Y*
- 9.37%
- 5Y*
- 4.49%
- 10Y*
- 5.99%
BHYIX vs. BRHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BHYIX BlackRock High Yield Bond Portfolio Institutional Shares | 1.61% | 9.18% | 8.55% | 13.19% | -11.24% | 5.53% | 5.87% | 15.35% | -2.81% | 8.23% |
BRHYX BlackRock High Yield K | 1.66% | 9.44% | 8.65% | 13.26% | -11.18% | 5.47% | 5.98% | 15.65% | -2.67% | 8.34% |
Correlation
The correlation between BHYIX and BRHYX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 1998 | 0.92 |
The correlation between BHYIX and BRHYX has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.
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Return for Risk
BHYIX vs. BRHYX — Risk / Return Rank
BHYIX
BRHYX
BHYIX vs. BRHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX) and BlackRock High Yield K (BRHYX). 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.
| BHYIX | BRHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.54 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | 3.35 | -0.12 |
| Martin ratioReturn relative to average drawdown | 16.00 | 17.00 | -1.00 |
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
| BHYIX | BRHYX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.30 | 2.33 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 0.86 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.99 | 1.01 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.22 | 1.23 | -0.01 |
Drawdowns
BHYIX vs. BRHYX - Drawdown Comparison
The maximum BHYIX drawdown since its inception was -34.82%, roughly equal to the maximum BRHYX drawdown of -34.77%. Use the drawdown chart below to compare losses from any high point for BHYIX and BRHYX.
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Drawdown Indicators
| BHYIX | BRHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.82% | -34.77% | -0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -2.40% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -4.07% | -4.07% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -15.45% | -15.29% | -0.16% |
Max Drawdown (10Y)Largest decline over 10 years | -23.23% | -23.20% | -0.03% |
Current DrawdownCurrent decline from peak | -0.28% | -0.14% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -2.75% | -2.73% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.47% | +0.01% |
Volatility
BHYIX vs. BRHYX - Volatility Comparison
BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX) and BlackRock High Yield K (BRHYX) have volatilities of 1.10% and 1.05%, 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
| BHYIX | BRHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 1.05% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 2.66% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.38% | 3.45% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.24% | 5.27% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.93% | 5.93% | 0.00% |
BHYIX vs. BRHYX - Expense Ratio Comparison
BHYIX has a 0.59% expense ratio, which is higher than BRHYX's 0.48% expense ratio.
Dividends
BHYIX vs. BRHYX - Dividend Comparison
BHYIX's dividend yield for the trailing twelve months is around 7.07%, less than BRHYX's 7.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BHYIX BlackRock High Yield Bond Portfolio Institutional Shares | 7.07% | 7.05% | 7.46% | 6.15% | 4.91% | 4.73% | 5.12% | 5.70% | 6.33% | 5.82% | 5.96% | 6.33% |
BRHYX BlackRock High Yield K | 7.17% | 7.14% | 7.56% | 6.20% | 4.98% | 4.80% | 5.22% | 5.82% | 6.48% | 5.92% | 6.03% | 6.42% |
Frequently Asked Questions
BHYIX and BRHYX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BHYIX has higher volatility (1.10%) compared to BRHYX (1.05%). In terms of maximum drawdown, BHYIX dropped -34.82% vs BRHYX's -34.77%.
BRHYX currently has the higher Sharpe Ratio (2.33 vs 2.30), 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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