BKHY vs. HYZD
BKHY (BNY Mellon High Yield Beta ETF) and HYZD (WisdomTree Interest Rate Hedged High Yield Bond Fund) are both High Yield Bonds funds - BKHY tracks the Bloomberg US Corporate High Yield Index while HYZD tracks the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index. Both are passively managed. Over the past 5 years, BKHY returned 4.01%/yr vs 6.07%/yr for HYZD. A 0.56 correlation means they provide meaningful diversification when combined. BKHY charges 0.22%/yr vs 0.43%/yr for HYZD.
Performance
BKHY vs. HYZD - Performance Comparison
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Returns By Period
In the year-to-date period, BKHY achieves a 1.96% return, which is significantly lower than HYZD's 2.65% return.
BKHY
- 1D
- 0.14%
- 1M
- 0.28%
- YTD
- 1.96%
- 6M
- 1.96%
- 1Y
- 6.55%
- 3Y*
- 9.00%
- 5Y*
- 4.01%
- 10Y*
- —
HYZD
- 1D
- -0.07%
- 1M
- 0.15%
- YTD
- 2.65%
- 6M
- 2.76%
- 1Y
- 7.08%
- 3Y*
- 9.33%
- 5Y*
- 6.07%
- 10Y*
- 5.71%
BKHY vs. HYZD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BKHY BNY Mellon High Yield Beta ETF | 1.96% | 8.48% | 8.37% | 12.40% | -10.97% | 4.75% | 17.83% |
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 2.65% | 7.67% | 9.39% | 11.17% | -2.35% | 6.27% | 14.18% |
Correlation
The correlation between BKHY and HYZD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020 | 0.56 |
Over the past year, the correlation between BKHY and HYZD has dropped to 0.34 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
BKHY vs. HYZD — Risk / Return Rank
BKHY
HYZD
BKHY vs. HYZD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BNY Mellon High Yield Beta ETF (BKHY) and WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BKHY | HYZD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.47 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 3.72 | -1.12 |
| Martin ratioReturn relative to average drawdown | 11.84 | 15.88 | -4.04 |
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Drawdowns
BKHY vs. HYZD - Drawdown Comparison
The maximum BKHY drawdown since its inception was -15.89%, smaller than the maximum HYZD drawdown of -25.66%. Use the drawdown chart below to compare losses from any high point for BKHY and HYZD.
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Drawdown Indicators
| BKHY | HYZD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.89% | -25.66% | +9.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.53% | -1.91% | -0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -4.87% | -5.85% | +0.98% |
Max Drawdown (5Y)Largest decline over 5 years | -15.89% | -8.97% | -6.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.66% | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.46% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -2.95% | -2.19% | -0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.45% | +0.10% |
Volatility
BKHY vs. HYZD - Volatility Comparison
The current volatility for BNY Mellon High Yield Beta ETF (BKHY) is 0.90%, while WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) has a volatility of 1.12%. This indicates that BKHY experiences smaller price fluctuations and is considered to be less risky than HYZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BKHY | HYZD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 1.12% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 2.44% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 3.04% | +0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 6.71% | +0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.34% | 8.54% | -1.20% |
BKHY vs. HYZD - Expense Ratio Comparison
BKHY has a 0.22% expense ratio, which is lower than HYZD's 0.43% expense ratio.
Dividends
BKHY vs. HYZD - Dividend Comparison
BKHY's dividend yield for the trailing twelve months is around 7.45%, more than HYZD's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKHY BNY Mellon High Yield Beta ETF | 7.45% | 7.33% | 7.34% | 8.67% | 6.59% | 6.78% | 4.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 5.91% | 6.05% | 6.08% | 5.94% | 5.14% | 4.02% | 5.13% | 5.50% | 5.58% | 4.94% | 5.07% | 4.38% |
Frequently Asked Questions
BKHY and HYZD have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYZD has higher volatility (1.12%) compared to BKHY (0.90%). In terms of maximum drawdown, BKHY dropped -15.89% vs HYZD's -25.66%.
On 5-year performance, HYZD leads with 6.07% vs 4.01% for BKHY. On fees, BKHY is cheaper at 0.22% per year. On volatility, BKHY has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYZD has performed better with a 6.07% return vs 4.01%. 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 0.43% for HYZD.
BKHY has the higher dividend yield at 7.45%, compared with 5.91% for HYZD.
BKHY tracks Bloomberg US Corporate High Yield Index, while HYZD tracks WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index. They also come from different issuers: BNY Mellon and WisdomTree. Their fees differ too: 0.22% for BKHY and 0.43% for HYZD.
HYZD currently has the higher Sharpe Ratio (2.34 vs 1.77), 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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