EUHY vs. JPHY

Last updated Jul 15, 2026

EUHY (iShares Euro High Yield Corporate Bond USD Hedged ETF) and JPHY (JPMorgan High Yield Research Enhanced ETF) are both High Yield Bonds funds. EUHY is passively managed, while JPHY is actively managed. Over the past year, EUHY returned 3.68% vs 6.10% for JPHY. A 0.60 correlation means they provide meaningful diversification when combined. EUHY charges 0.35%/yr vs 0.24%/yr for JPHY.

Performance

EUHY vs. JPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) and JPMorgan High Yield Research Enhanced ETF (JPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EUHY achieves a 2.60% return, which is significantly higher than JPHY's 2.36% return.

EUHY

• 1D: -0.06%
• 1M: 0.32%
• 6M: 1.92%
• YTD: 2.60%
• 1Y: 3.68%
• 3Y*: 8.22%
• 5Y*: 2.63%
• 10Y*: 3.99%

JPHY

• 1D: 0.13%
• 1M: 0.13%
• 6M: 1.87%
• YTD: 2.36%
• 1Y: 6.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EUHY vs. JPHY - Yearly Performance Comparison

	2026 (YTD)	2025
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF	2.60%	1.91%
JPHY JPMorgan High Yield Research Enhanced ETF	2.36%	4.06%

Correlation

The correlation between EUHY and JPHY is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.60

The correlation between EUHY and JPHY has been stable across timeframes, ranging from 0.59 to 0.60 - a consistent structural relationship.

Return for Risk

EUHY vs. JPHY — Risk / Return Rank

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

EUHY

EUHY Risk / Return Rank: 24
EUHY Sharpe Ratio Rank: 24
EUHY Sortino Ratio Rank: 22
EUHY Omega Ratio Rank: 23
EUHY Calmar Ratio Rank: 27
EUHY Martin Ratio Rank: 25

JPHY

JPHY Risk / Return Rank: 87
JPHY Sharpe Ratio Rank: 81
JPHY Sortino Ratio Rank: 88
JPHY Omega Ratio Rank: 87
JPHY Calmar Ratio Rank: 85
JPHY Martin Ratio Rank: 91

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.

EUHY vs. JPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) and JPMorgan High Yield Research Enhanced ETF (JPHY). 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.

	EUHY	JPHY	Difference
Sharpe ratio: Return per unit of total volatility	0.70	2.05	-1.34
Sortino ratio: Return per unit of downside risk	1.03	3.21	-2.19
Omega ratio: Gain probability vs. loss probability	1.13	1.42	-0.28
Calmar ratio: Return relative to maximum drawdown	1.06	3.71	-2.66
Martin ratio: Return relative to average drawdown	2.55	17.14	-14.59

EUHY vs. JPHY - Sharpe Ratio Comparison

The current EUHY Sharpe Ratio is 0.70, which is lower than the JPHY Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of EUHY and JPHY, 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

EUHY vs. JPHY - Drawdown Comparison

The maximum EUHY drawdown since its inception was -32.45%, which is greater than JPHY's maximum drawdown of -1.65%. Use the drawdown chart below to compare losses from any high point for EUHY and JPHY.

Drawdown Indicators

	EUHY	JPHY	Difference
Max Drawdown Largest peak-to-trough decline	-32.45%	-1.65%	-30.80%
Max Drawdown (1Y) Largest decline over 1 year	-3.50%	-1.65%	-1.85%
Max Drawdown (3Y) Largest decline over 3 years	-8.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.09%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.45%	—	—
Current Drawdown Current decline from peak	-0.51%	-0.36%	-0.15%
Average Drawdown Average peak-to-trough decline	-8.52%	-0.21%	-8.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	0.36%	+1.09%

Volatility

EUHY vs. JPHY - Volatility Comparison

iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) has a higher volatility of 0.78% compared to JPMorgan High Yield Research Enhanced ETF (JPHY) at 0.51%. This indicates that EUHY's price experiences larger fluctuations and is considered to be riskier than JPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUHY	JPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	0.51%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	2.34%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	5.25%	2.99%	+2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.97%	2.96%	+7.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.13%	2.96%	+7.17%

EUHY vs. JPHY - Expense Ratio Comparison

EUHY has a 0.35% expense ratio, which is higher than JPHY's 0.24% expense ratio.

Dividends

EUHY vs. JPHY - Dividend Comparison

EUHY's dividend yield for the trailing twelve months is around 5.72%, less than JPHY's 6.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF	5.72%	3.56%	5.11%	3.38%	0.61%	3.07%	1.45%	1.19%	4.01%	0.69%	1.70%	3.24%
JPHY JPMorgan High Yield Research Enhanced ETF	6.47%	3.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EUHY and JPHY in my portfolio?

EUHY and JPHY have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUHY or JPHY?

EUHY has higher volatility (0.78%) compared to JPHY (0.51%). In terms of maximum drawdown, EUHY dropped -32.45% vs JPHY's -1.65%.

Which ETF is better, EUHY or JPHY?

On 1-year performance, JPHY leads with 6.10% vs 3.68% for EUHY. On fees, JPHY is cheaper at 0.24% per year. On volatility, JPHY has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUHY or JPHY?

Over the 1-year period, JPHY has performed better with a 6.10% return vs 3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUHY or JPHY?

JPHY is cheaper with a 0.24% expense ratio, compared with 0.35% for EUHY.

Which ETF pays a higher dividend yield, EUHY or JPHY?

JPHY has the higher dividend yield at 6.47%, compared with 5.72% for EUHY.

What is the main difference between EUHY and JPHY?

They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.35% for EUHY and 0.24% for JPHY.

Which has better risk-adjusted returns?

JPHY currently has the higher Sharpe Ratio (2.05 vs 0.70), 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.