FALN vs. HYGI

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Fallen Angels USD Bond ETF (FALN) and iShares Inflation Hedged High Yield Bond ETF (HYGI).

FALN and HYGI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FALN is a passively managed fund by iShares that tracks the performance of the Bloomberg US High Yield Fallen Angel 3% Capped Index. It was launched on Jun 14, 2016. HYGI is a passively managed fund by iShares that tracks the performance of the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. It was launched on Jun 22, 2022. Both FALN and HYGI are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FALN vs. HYGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Fallen Angels USD Bond ETF (FALN) and iShares Inflation Hedged High Yield Bond ETF (HYGI). The values are adjusted to include any dividend payments, if applicable.

FALN vs. HYGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FALN iShares Fallen Angels USD Bond ETF	-0.49%	8.92%	7.68%	13.47%	1.01%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%

Returns By Period

FALN

• 1D: 0.57%
• 1M: -1.82%
• YTD: -0.49%
• 6M: -0.31%
• 1Y: 6.78%
• 3Y*: 8.53%
• 5Y*: 3.71%
• 10Y*: —

HYGI

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FALN vs. HYGI - Expense Ratio Comparison

FALN has a 0.25% expense ratio, which is lower than HYGI's 0.52% expense ratio.

HYGI

iShares Inflation Hedged High Yield Bond ETF

FALN

iShares Fallen Angels USD Bond ETF

Return for Risk

FALN vs. HYGI — Risk / Return Rank

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

FALN

FALN Risk / Return Rank: 52
FALN Sharpe Ratio Rank: 53
FALN Sortino Ratio Rank: 50
FALN Omega Ratio Rank: 60
FALN Calmar Ratio Rank: 46
FALN Martin Ratio Rank: 53

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.

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.

	FALN	HYGI	Difference
Sharpe ratio Return per unit of total volatility	0.98	—	—
Sortino ratio Return per unit of downside risk	1.40	—	—
Omega ratio Gain probability vs. loss probability	1.23	—	—
Calmar ratio Return relative to maximum drawdown	1.25	—	—
Martin ratio Return relative to average drawdown	5.37	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FALN	HYGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	—	—

Correlation

The correlation between FALN and HYGI is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FALN vs. HYGI - Dividend Comparison

FALN's dividend yield for the trailing twelve months is around 6.51%, more than HYGI's 2.46% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FALN iShares Fallen Angels USD Bond ETF	6.51%	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	2.46%	3.41%	6.08%	6.22%	3.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

Drawdown Indicators

	FALN	HYGI	Difference
Max Drawdown Largest peak-to-trough decline	-29.22%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-5.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.78%	—	—
Current Drawdown Current decline from peak	-2.28%	—	—
Average Drawdown Average peak-to-trough decline	-3.37%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	—	—

Volatility

Volatility by Period

	FALN	HYGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.57%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.92%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.28%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.01%	—	—