FALN vs. HYLB

Last updated Jun 3, 2026

FALN (iShares Fallen Angels USD Bond ETF) and HYLB (Xtrackers USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - FALN tracks the Bloomberg US High Yield Fallen Angel 3% Capped Index while HYLB tracks the Solactive USD High Yield Corporates Total Market Index. Both are passively managed. Over the past 5 years, FALN returned 3.89%/yr vs 4.11%/yr for HYLB. Their correlation of 0.85 suggests significant overlap in exposure. FALN charges 0.25%/yr vs 0.15%/yr for HYLB.

Performance

FALN vs. HYLB - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FALN having a 1.78% return and HYLB slightly lower at 1.72%.

FALN

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.78%
• 6M: 1.70%
• 1Y: 9.07%
• 3Y*: 9.26%
• 5Y*: 3.89%
• 10Y*: —

HYLB

• 1D: 0.12%
• 1M: 0.26%
• YTD: 1.72%
• 6M: 2.29%
• 1Y: 7.24%
• 3Y*: 8.78%
• 5Y*: 4.11%
• 10Y*: —

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

FALN vs. HYLB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FALN iShares Fallen Angels USD Bond ETF	1.78%	8.92%	7.68%	13.47%	-13.79%	5.40%	14.85%	17.42%	-4.97%	8.70%
HYLB Xtrackers USD High Yield Corporate Bond ETF	1.72%	8.74%	8.14%	12.03%	-10.80%	3.94%	5.04%	14.06%	-1.80%	6.00%

Correlation

The correlation between FALN and HYLB is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 8, 2016	0.85

The correlation between FALN and HYLB has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

Return for Risk

FALN vs. HYLB — Risk / Return Rank

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

FALN

FALN Risk / Return Rank: 57
FALN Sharpe Ratio Rank: 59
FALN Sortino Ratio Rank: 61
FALN Omega Ratio Rank: 64
FALN Calmar Ratio Rank: 45
FALN Martin Ratio Rank: 55

HYLB

HYLB Risk / Return Rank: 64
HYLB Sharpe Ratio Rank: 58
HYLB Sortino Ratio Rank: 63
HYLB Omega Ratio Rank: 64
HYLB Calmar Ratio Rank: 63
HYLB Martin Ratio Rank: 72

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. HYLB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Fallen Angels USD Bond ETF (FALN) and Xtrackers USD High Yield Corporate Bond ETF (HYLB). 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	HYLB	Difference
Sharpe ratio Return per unit of total volatility	2.01	1.97	+0.04
Sortino ratio Return per unit of downside risk	2.91	2.98	-0.07
Omega ratio Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio Return relative to maximum drawdown	2.28	3.19	-0.90
Martin ratio Return relative to average drawdown	9.55	13.74	-4.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FALN vs. HYLB - Sharpe Ratio Comparison

The current FALN Sharpe Ratio is 2.01, which is comparable to the HYLB Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of FALN and HYLB, 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

	FALN	HYLB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.97	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.55	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.58	+0.16

Drawdowns

FALN vs. HYLB - Drawdown Comparison

The maximum FALN drawdown since its inception was -29.22%, which is greater than HYLB's maximum drawdown of -22.91%. Use the drawdown chart below to compare losses from any high point for FALN and HYLB.

Drawdown Indicators

	FALN	HYLB	Difference
Max Drawdown Largest peak-to-trough decline	-29.22%	-22.91%	-6.31%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-2.27%	-1.69%
Max Drawdown (3Y) Largest decline over 3 years	-5.92%	-4.51%	-1.41%
Max Drawdown (5Y) Largest decline over 5 years	-18.78%	-15.54%	-3.24%
Current Drawdown Current decline from peak	-0.04%	-0.02%	-0.02%
Average Drawdown Average peak-to-trough decline	-3.32%	-2.43%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.53%	+0.42%

Volatility

FALN vs. HYLB - Volatility Comparison

iShares Fallen Angels USD Bond ETF (FALN) has a higher volatility of 1.40% compared to Xtrackers USD High Yield Corporate Bond ETF (HYLB) at 1.22%. This indicates that FALN's price experiences larger fluctuations and is considered to be riskier than HYLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FALN	HYLB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	1.22%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	3.63%	2.93%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	4.54%	3.70%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.31%	7.47%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.95%	8.18%	+0.77%

FALN vs. HYLB - Expense Ratio Comparison

FALN has a 0.25% expense ratio, which is higher than HYLB's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FALN vs. HYLB - Dividend Comparison

FALN's dividend yield for the trailing twelve months is around 6.45%, which matches HYLB's 6.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FALN iShares Fallen Angels USD Bond ETF	6.45%	6.31%	6.24%	5.37%	5.08%	3.40%	5.14%	5.35%	5.97%	6.98%	3.55%
HYLB Xtrackers USD High Yield Corporate Bond ETF	6.48%	6.29%	6.31%	5.84%	5.53%	4.45%	5.22%	5.71%	5.95%	5.85%	0.27%

Frequently Asked Questions

Can I hold both FALN and HYLB in my portfolio?

With a correlation of 0.92, FALN and HYLB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FALN or HYLB?

FALN has higher volatility (1.40%) compared to HYLB (1.22%). In terms of maximum drawdown, FALN dropped -29.22% vs HYLB's -22.91%.

Which ETF is better, FALN or HYLB?

On 5-year performance, HYLB leads with 4.11% vs 3.89% for FALN. On fees, HYLB is cheaper at 0.15% per year. On volatility, HYLB has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FALN or HYLB?

Over the 5-year period, HYLB has performed better with a 4.11% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FALN or HYLB?

HYLB is cheaper with a 0.15% expense ratio, compared with 0.25% for FALN.

Which ETF pays a higher dividend yield, FALN or HYLB?

HYLB has the higher dividend yield at 6.48%, compared with 6.45% for FALN.

What is the main difference between FALN and HYLB?

FALN tracks Bloomberg US High Yield Fallen Angel 3% Capped Index, while HYLB tracks Solactive USD High Yield Corporates Total Market Index. They also come from different issuers: iShares and DWS. Their fees differ too: 0.25% for FALN and 0.15% for HYLB.

Which has better risk-adjusted returns?

FALN currently has the higher Sharpe Ratio (2.01 vs 1.97), 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.