BKHY vs. IBHG

Last updated Jun 4, 2026

BKHY (BNY Mellon High Yield Beta ETF) and IBHG (iShares iBonds 2027 Term High Yield and Income ETF) are both High Yield Bonds funds - BKHY tracks the Bloomberg US Corporate High Yield Index while IBHG tracks the Bloomberg 2027 Term High Yield and Income Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, BKHY returned 8.83%/yr vs 7.37%/yr for IBHG. Their correlation of 0.84 suggests significant overlap in exposure. BKHY charges 0.22%/yr vs 0.35%/yr for IBHG.

Performance

BKHY vs. IBHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon High Yield Beta ETF (BKHY) and iShares iBonds 2027 Term High Yield and Income ETF (IBHG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKHY achieves a 1.73% return, which is significantly higher than IBHG's 0.96% return.

BKHY

• 1D: -0.26%
• 1M: 0.52%
• YTD: 1.73%
• 6M: 1.94%
• 1Y: 7.29%
• 3Y*: 8.83%
• 5Y*: 4.17%
• 10Y*: —

IBHG

• 1D: -0.09%
• 1M: 0.21%
• YTD: 0.96%
• 6M: 1.46%
• 1Y: 4.61%
• 3Y*: 7.37%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BKHY vs. IBHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BKHY BNY Mellon High Yield Beta ETF	1.73%	8.48%	8.37%	12.40%	-10.97%	1.00%
IBHG iShares iBonds 2027 Term High Yield and Income ETF	0.96%	6.90%	7.42%	11.27%	-8.88%	1.07%

Correlation

The correlation between BKHY and IBHG is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jul 12, 2021	0.84

The correlation between BKHY and IBHG shifts across timeframes, from 0.70 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BKHY vs. IBHG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BKHY

BKHY Risk / Return Rank: 63
BKHY Sharpe Ratio Rank: 58
BKHY Sortino Ratio Rank: 64
BKHY Omega Ratio Rank: 65
BKHY Calmar Ratio Rank: 58
BKHY Martin Ratio Rank: 71

IBHG

IBHG Risk / Return Rank: 79
IBHG Sharpe Ratio Rank: 66
IBHG Sortino Ratio Rank: 76
IBHG Omega Ratio Rank: 70
IBHG Calmar Ratio Rank: 92
IBHG Martin Ratio Rank: 92

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BKHY vs. IBHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon High Yield Beta ETF (BKHY) and iShares iBonds 2027 Term High Yield and Income ETF (IBHG). 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	IBHG	Difference
Sharpe ratio Return per unit of total volatility	1.98	2.20	-0.21
Sortino ratio Return per unit of downside risk	3.00	3.42	-0.43
Omega ratio Gain probability vs. loss probability	1.40	1.42	-0.02
Calmar ratio Return relative to maximum drawdown	2.90	6.38	-3.48
Martin ratio Return relative to average drawdown	13.31	23.30	-9.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BKHY vs. IBHG - Sharpe Ratio Comparison

The current BKHY Sharpe Ratio is 1.98, which is comparable to the IBHG Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of BKHY and IBHG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BKHY	IBHG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.20	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.56	+0.33

Drawdowns

BKHY vs. IBHG - Drawdown Comparison

The maximum BKHY drawdown since its inception was -15.89%, which is greater than IBHG's maximum drawdown of -13.85%. Use the drawdown chart below to compare losses from any high point for BKHY and IBHG.

Drawdown Indicators

	BKHY	IBHG	Difference
Max Drawdown Largest peak-to-trough decline	-15.89%	-13.85%	-2.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.53%	-0.73%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-4.87%	-3.39%	-1.48%
Max Drawdown (5Y) Largest decline over 5 years	-15.89%	—	—
Current Drawdown Current decline from peak	-0.26%	-0.22%	-0.04%
Average Drawdown Average peak-to-trough decline	-2.97%	-2.67%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.20%	+0.35%

Volatility

BKHY vs. IBHG - Volatility Comparison

BNY Mellon High Yield Beta ETF (BKHY) has a higher volatility of 1.12% compared to iShares iBonds 2027 Term High Yield and Income ETF (IBHG) at 0.58%. This indicates that BKHY's price experiences larger fluctuations and is considered to be riskier than IBHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKHY	IBHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	0.58%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	1.53%	+1.44%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	2.11%	+1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.58%	6.37%	+1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.37%	6.37%	+1.00%

BKHY vs. IBHG - Expense Ratio Comparison

BKHY has a 0.22% expense ratio, which is lower than IBHG's 0.35% expense ratio.

Dividends

BKHY vs. IBHG - Dividend Comparison

BKHY's dividend yield for the trailing twelve months is around 7.46%, more than IBHG's 6.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BKHY BNY Mellon High Yield Beta ETF	7.46%	7.33%	7.34%	8.67%	6.59%	6.78%	4.65%
IBHG iShares iBonds 2027 Term High Yield and Income ETF	6.08%	6.33%	7.02%	6.66%	5.62%	2.13%	0.00%

Frequently Asked Questions

Can I hold both BKHY and IBHG in my portfolio?

BKHY and IBHG have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKHY or IBHG?

BKHY has higher volatility (1.12%) compared to IBHG (0.58%). In terms of maximum drawdown, BKHY dropped -15.89% vs IBHG's -13.85%.

Which ETF is better, BKHY or IBHG?

On 3-year performance, BKHY leads with 8.83% vs 7.37% for IBHG. On fees, BKHY is cheaper at 0.22% per year. On volatility, IBHG has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKHY or IBHG?

Over the 3-year period, BKHY has performed better with a 8.83% return vs 7.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKHY or IBHG?

BKHY is cheaper with a 0.22% expense ratio, compared with 0.35% for IBHG.

Which ETF pays a higher dividend yield, BKHY or IBHG?

BKHY has the higher dividend yield at 7.46%, compared with 6.08% for IBHG.

What is the main difference between BKHY and IBHG?

BKHY tracks Bloomberg US Corporate High Yield Index, while IBHG tracks Bloomberg 2027 Term High Yield and Income Index - Benchmark TR Gross. They also come from different issuers: BNY Mellon and iShares. Their fees differ too: 0.22% for BKHY and 0.35% for IBHG.

Which has better risk-adjusted returns?

IBHG currently has the higher Sharpe Ratio (2.20 vs 1.98), 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.