BKHY vs. HYG
BKHY (BNY Mellon High Yield Beta ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both High Yield Bonds funds - BKHY tracks the Bloomberg US Corporate High Yield Index while HYG tracks the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 5 years, BKHY returned 4.19%/yr vs 3.81%/yr for HYG. With a 0.95 correlation, they move nearly in lockstep. BKHY charges 0.22%/yr vs 0.49%/yr for HYG.
Performance
BKHY vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, BKHY achieves a 1.83% return, which is significantly higher than HYG's 1.51% return.
BKHY
- 1D
- 0.10%
- 1M
- 0.54%
- YTD
- 1.83%
- 6M
- 2.02%
- 1Y
- 7.19%
- 3Y*
- 8.93%
- 5Y*
- 4.19%
- 10Y*
- —
HYG
- 1D
- 0.19%
- 1M
- 0.40%
- YTD
- 1.51%
- 6M
- 1.84%
- 1Y
- 6.51%
- 3Y*
- 8.57%
- 5Y*
- 3.81%
- 10Y*
- 4.91%
BKHY vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BKHY BNY Mellon High Yield Beta ETF | 1.83% | 8.48% | 8.37% | 12.40% | -10.97% | 4.75% | 17.83% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.51% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 15.71% |
Correlation
The correlation between BKHY and HYG is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020 | 0.95 |
The correlation between BKHY and HYG has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
BKHY vs. HYG — Risk / Return Rank
BKHY
HYG
BKHY vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BNY Mellon High Yield Beta ETF (BKHY) 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.
| BKHY | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.33 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 2.79 | +0.06 |
| Martin ratioReturn relative to average drawdown | 13.14 | 12.34 | +0.80 |
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
| BKHY | HYG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.96 | 1.72 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.55 | 0.51 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.59 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 0.46 | +0.44 |
Drawdowns
BKHY vs. HYG - Drawdown Comparison
The maximum BKHY drawdown since its inception was -15.89%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for BKHY and HYG.
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Drawdown Indicators
| BKHY | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.89% | -34.25% | +18.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.53% | -2.34% | -0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -4.87% | -4.56% | -0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -15.89% | -15.79% | -0.10% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.03% | — |
Current DrawdownCurrent decline from peak | -0.17% | -0.09% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -3.24% | +0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.53% | +0.02% |
Volatility
BKHY vs. HYG - Volatility Comparison
The current volatility for BNY Mellon High Yield Beta ETF (BKHY) is 1.12%, while iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a volatility of 1.21%. This indicates that BKHY 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.
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Volatility by Period
| BKHY | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 1.21% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 3.01% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 3.81% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.58% | 7.53% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.36% | 8.29% | -0.93% |
BKHY vs. HYG - Expense Ratio Comparison
BKHY has a 0.22% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
BKHY vs. HYG - Dividend Comparison
BKHY's dividend yield for the trailing twelve months is around 7.46%, more than HYG's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKHY BNY Mellon High Yield Beta ETF | 7.46% | 7.33% | 7.34% | 8.67% | 6.59% | 6.78% | 4.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 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
With a correlation of 0.93, BKHY and HYG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
HYG has higher volatility (1.21%) compared to BKHY (1.12%). In terms of maximum drawdown, BKHY dropped -15.89% vs HYG's -34.25%.
On 5-year performance, BKHY leads with 4.19% vs 3.81% for HYG. On fees, BKHY is cheaper at 0.22% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BKHY has performed better with a 4.19% return vs 3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKHY is cheaper with a 0.22% expense ratio, compared with 0.49% for HYG.
BKHY has the higher dividend yield at 7.46%, compared with 5.91% for HYG.
BKHY tracks Bloomberg US Corporate High Yield Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: BNY Mellon and iShares. Their fees differ too: 0.22% for BKHY and 0.49% for HYG.
BKHY currently has the higher Sharpe Ratio (1.96 vs 1.72), 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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