FLXN vs. HYGW

Last updated Jul 8, 2026

FLXN (Horizon Flexible Income ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both High Yield Bonds funds. FLXN is actively managed, while HYGW is passively managed. Over the past year, FLXN returned 8.51% vs 6.25% for HYGW. A 0.71 correlation means they provide meaningful diversification when combined. FLXN charges 0.82%/yr vs 0.69%/yr for HYGW.

Performance

FLXN vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Flexible Income ETF (FLXN) 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, FLXN achieves a 3.25% return, which is significantly higher than HYGW's 2.29% return.

FLXN

• 1D: -0.14%
• 1M: 1.35%
• 6M: 2.73%
• YTD: 3.25%
• 1Y: 8.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYGW

• 1D: -0.07%
• 1M: 0.72%
• 6M: 2.13%
• YTD: 2.29%
• 1Y: 6.25%
• 3Y*: 5.82%
• 5Y*: —
• 10Y*: —

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

FLXN vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025
FLXN Horizon Flexible Income ETF	3.25%	4.71%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.29%	3.80%

Correlation

The correlation between FLXN and HYGW is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Jul 3, 2025	0.71

The correlation between FLXN and HYGW has been stable across timeframes, ranging from 0.71 to 0.71 - a consistent structural relationship.

Return for Risk

FLXN vs. HYGW — Risk / Return Rank

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

FLXN

FLXN Risk / Return Rank: 69
FLXN Sharpe Ratio Rank: 64
FLXN Sortino Ratio Rank: 69
FLXN Omega Ratio Rank: 72
FLXN Calmar Ratio Rank: 62
FLXN Martin Ratio Rank: 79

HYGW

HYGW Risk / Return Rank: 86
HYGW Sharpe Ratio Rank: 85
HYGW Sortino Ratio Rank: 87
HYGW Omega Ratio Rank: 90
HYGW Calmar Ratio Rank: 81
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.

FLXN vs. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Flexible Income ETF (FLXN) 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.

	FLXN	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.21	-0.49
Sortino ratio: Return per unit of downside risk	2.60	3.23	-0.64
Omega ratio: Gain probability vs. loss probability	1.35	1.47	-0.12
Calmar ratio: Return relative to maximum drawdown	2.52	3.45	-0.93
Martin ratio: Return relative to average drawdown	12.39	15.73	-3.34

FLXN vs. HYGW - Sharpe Ratio Comparison

The current FLXN Sharpe Ratio is 1.71, which is comparable to the HYGW Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of FLXN 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

FLXN vs. HYGW - Drawdown Comparison

The maximum FLXN drawdown since its inception was -3.39%, smaller than the maximum HYGW drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for FLXN and HYGW.

Drawdown Indicators

	FLXN	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-5.49%	+2.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-1.82%	-1.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.66%	—
Current Drawdown Current decline from peak	-0.14%	-0.17%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.60%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	0.40%	+0.29%

Volatility

FLXN vs. HYGW - Volatility Comparison

Horizon Flexible Income ETF (FLXN) has a higher volatility of 1.35% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.61%. This indicates that FLXN'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

	FLXN	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	0.61%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	3.96%	2.23%	+1.73%
Volatility (1Y) Calculated over the trailing 1-year period	5.00%	2.84%	+2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.99%	4.64%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	4.64%	+0.35%

FLXN vs. HYGW - Expense Ratio Comparison

FLXN has a 0.82% expense ratio, which is higher than HYGW's 0.69% expense ratio.

Dividends

FLXN vs. HYGW - Dividend Comparison

FLXN's dividend yield for the trailing twelve months is around 8.40%, less than HYGW's 10.71% yield.

Position	TTM	2025	2024	2023	2022
FLXN Horizon Flexible Income ETF	8.40%	3.49%	0.00%	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 FLXN and HYGW in my portfolio?

FLXN and HYGW have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLXN or HYGW?

FLXN has higher volatility (1.35%) compared to HYGW (0.61%). In terms of maximum drawdown, FLXN dropped -3.39% vs HYGW's -5.49%.

Which ETF is better, FLXN or HYGW?

On 1-year performance, FLXN leads with 8.51% vs 6.25% for HYGW. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLXN or HYGW?

Over the 1-year period, FLXN has performed better with a 8.51% return vs 6.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLXN or HYGW?

HYGW is cheaper with a 0.69% expense ratio, compared with 0.82% for FLXN.

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

HYGW has the higher dividend yield at 10.71%, compared with 8.40% for FLXN.

What is the main difference between FLXN and HYGW?

They also come from different issuers: Horizon and iShares. Their fees differ too: 0.82% for FLXN and 0.69% for HYGW.

Which has better risk-adjusted returns?

HYGW currently has the higher Sharpe Ratio (2.21 vs 1.71), 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.