BSJW vs. HYGW

Last updated Jul 18, 2026

BSJW (Invesco BulletShares 2032 High Yield Corporate Bond ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both High Yield Bonds funds - BSJW tracks the Nasdaq BulletShares USD High Yield Corporate Bond 2032 Index while HYGW tracks the Cboe HYG BuyWrite Index. Both are passively managed. Over the past year, BSJW returned 6.21% vs 6.08% for HYGW. A 0.65 correlation means they provide meaningful diversification when combined. BSJW charges 0.42%/yr vs 0.69%/yr for HYGW.

Performance

BSJW vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSJW achieves a 1.54% return, which is significantly lower than HYGW's 2.32% return.

BSJW

• 1D: 0.08%
• 1M: 0.81%
• 6M: 0.96%
• YTD: 1.54%
• 1Y: 6.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYGW

• 1D: -0.17%
• 1M: 0.44%
• 6M: 2.15%
• YTD: 2.32%
• 1Y: 6.08%
• 3Y*: 5.34%
• 5Y*: —
• 10Y*: —

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

BSJW vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BSJW Invesco BulletShares 2032 High Yield Corporate Bond ETF	1.54%	9.85%	3.62%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.32%	6.19%	3.58%

Correlation

The correlation between BSJW and HYGW is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024	0.65

The correlation between BSJW and HYGW has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

Return for Risk

BSJW vs. HYGW — Risk / Return Rank

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

BSJW

BSJW Risk / Return Rank: 61
BSJW Sharpe Ratio Rank: 59
BSJW Sortino Ratio Rank: 65
BSJW Omega Ratio Rank: 64
BSJW Calmar Ratio Rank: 50
BSJW Martin Ratio Rank: 67

HYGW

HYGW Risk / Return Rank: 85
HYGW Sharpe Ratio Rank: 83
HYGW Sortino Ratio Rank: 85
HYGW Omega Ratio Rank: 88
HYGW Calmar Ratio Rank: 80
HYGW Martin Ratio Rank: 89

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.

BSJW vs. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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.

	BSJW	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	1.50	2.11	-0.60
Sortino ratio: Return per unit of downside risk	2.30	3.07	-0.77
Omega ratio: Gain probability vs. loss probability	1.29	1.44	-0.14
Calmar ratio: Return relative to maximum drawdown	1.93	3.36	-1.42
Martin ratio: Return relative to average drawdown	8.88	15.25	-6.38

BSJW vs. HYGW - Sharpe Ratio Comparison

The current BSJW Sharpe Ratio is 1.50, which is comparable to the HYGW Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of BSJW and HYGW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BSJW vs. HYGW - Drawdown Comparison

The maximum BSJW drawdown since its inception was -4.52%, smaller than the maximum HYGW drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for BSJW and HYGW.

Drawdown Indicators

	BSJW	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-4.52%	-5.49%	+0.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.22%	-1.82%	-1.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.66%	—
Current Drawdown Current decline from peak	0.00%	-0.24%	+0.24%
Average Drawdown Average peak-to-trough decline	-0.53%	-0.59%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.40%	+0.30%

Volatility

BSJW vs. HYGW - Volatility Comparison

Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW) has a higher volatility of 0.88% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.73%. This indicates that BSJW's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSJW	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	0.73%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	3.36%	2.30%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	2.90%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.03%	4.63%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.03%	4.63%	+0.40%

BSJW vs. HYGW - Expense Ratio Comparison

BSJW has a 0.42% expense ratio, which is lower than HYGW's 0.69% expense ratio.

Dividends

BSJW vs. HYGW - Dividend Comparison

BSJW's dividend yield for the trailing twelve months is around 6.59%, less than HYGW's 10.71% yield.

Position	TTM	2025	2024	2023	2022
BSJW Invesco BulletShares 2032 High Yield Corporate Bond ETF	6.59%	6.36%	4.15%	0.00%	0.00%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	10.71%	12.53%	12.30%	15.98%	8.71%

Frequently Asked Questions

Can I hold both BSJW and HYGW in my portfolio?

BSJW and HYGW have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSJW or HYGW?

BSJW has higher volatility (0.88%) compared to HYGW (0.73%). In terms of maximum drawdown, BSJW dropped -4.52% vs HYGW's -5.49%.

Which ETF is better, BSJW or HYGW?

On 1-year performance, BSJW leads with 6.21% vs 6.08% for HYGW. On fees, BSJW is cheaper at 0.42% per year. On volatility, HYGW has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSJW or HYGW?

Over the 1-year period, BSJW has performed better with a 6.21% return vs 6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSJW or HYGW?

BSJW is cheaper with a 0.42% expense ratio, compared with 0.69% for HYGW.

Which ETF pays a higher dividend yield, BSJW or HYGW?

HYGW has the higher dividend yield at 10.71%, compared with 6.59% for BSJW.

What is the main difference between BSJW and HYGW?

BSJW tracks Nasdaq BulletShares USD High Yield Corporate Bond 2032 Index, while HYGW tracks Cboe HYG BuyWrite Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.42% for BSJW and 0.69% for HYGW.

Which has better risk-adjusted returns?

HYGW currently has the higher Sharpe Ratio (2.11 vs 1.50), 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.