FALN vs. HYGI
FALN (iShares Fallen Angels USD Bond ETF) and HYGI (iShares Inflation Hedged High Yield Bond ETF) are both exchange-traded funds - FALN is a High Yield Bonds fund tracking the Bloomberg US High Yield Fallen Angel 3% Capped Index, while HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. Both are passively managed. A 0.78 correlation means they provide meaningful diversification when combined. FALN charges 0.25%/yr vs 0.52%/yr for HYGI.
Performance
FALN vs. HYGI - Performance Comparison
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Returns By Period
FALN
- 1D
- -0.30%
- 1M
- 0.19%
- 6M
- 1.29%
- YTD
- 2.18%
- 1Y
- 6.90%
- 3Y*
- 8.69%
- 5Y*
- 3.46%
- 10Y*
- 6.20%
HYGI
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FALN vs. HYGI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FALN iShares Fallen Angels USD Bond ETF | 2.18% | 8.92% | 7.68% | 13.47% | 1.50% |
HYGI iShares Inflation Hedged High Yield Bond ETF | 0.00% | 6.20% | 9.16% | 11.71% | 0.65% |
Correlation
The correlation between FALN and HYGI is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022 | 0.78 |
Over the past year, the correlation between FALN and HYGI has dropped to 0.16 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.
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Return for Risk
FALN vs. HYGI — Risk / Return Rank
FALN
HYGI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FALN vs. HYGI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Fallen Angels USD Bond ETF (FALN) and iShares Inflation Hedged High Yield Bond ETF (HYGI). 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.
| FALN | HYGI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.29 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | — | — |
| Martin ratioReturn relative to average drawdown | 7.30 | — | — |
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Drawdowns
FALN vs. HYGI - Drawdown Comparison
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Drawdown Indicators
| FALN | HYGI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.22% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.78% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -29.22% | — | — |
Current DrawdownCurrent decline from peak | -0.75% | — | — |
Average DrawdownAverage peak-to-trough decline | -3.29% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | — | — |
Volatility
FALN vs. HYGI - Volatility Comparison
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Volatility by Period
| FALN | HYGI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.74% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.57% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.33% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.86% | — | — |
FALN vs. HYGI - Expense Ratio Comparison
FALN has a 0.25% expense ratio, which is lower than HYGI's 0.52% expense ratio.
Dividends
FALN vs. HYGI - Dividend Comparison
FALN's dividend yield for the trailing twelve months is around 6.49%, while HYGI has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FALN iShares Fallen Angels USD Bond ETF | 6.49% | 6.31% | 6.24% | 5.37% | 5.08% | 3.40% | 5.14% | 5.35% | 5.97% | 6.98% | 3.55% |
HYGI iShares Inflation Hedged High Yield Bond ETF | 0.50% | 3.41% | 6.08% | 6.22% | 3.19% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FALN and HYGI have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FALN is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FALN is cheaper with a 0.25% expense ratio, compared with 0.52% for HYGI.
FALN has the higher dividend yield at 6.49%, compared with 0.50% for HYGI.
FALN is categorized as High Yield Bonds, while HYGI is Inflation-Protected Bonds. FALN tracks Bloomberg US High Yield Fallen Angel 3% Capped Index, while HYGI tracks BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. Their fees differ too: 0.25% for FALN and 0.52% for HYGI.
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