GHYB vs. HYGH
GHYB (Goldman Sachs Access High Yield Corporate Bond ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both High Yield Bonds funds - GHYB tracks the FTSE Goldman Sachs High Yield Corporate Bond Index while HYGH tracks the Markit iBoxx USD Liquid High Yield Interest Hedged Index. Both are passively managed. Over the past 5 years, GHYB returned 3.99%/yr vs 6.94%/yr for HYGH. A 0.74 correlation means they provide meaningful diversification when combined. GHYB charges 0.34%/yr vs 0.52%/yr for HYGH.
Performance
GHYB vs. HYGH - Performance Comparison
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Returns By Period
In the year-to-date period, GHYB achieves a 1.58% return, which is significantly lower than HYGH's 3.37% return.
GHYB
- 1D
- -0.05%
- 1M
- 0.60%
- YTD
- 1.58%
- 6M
- 1.78%
- 1Y
- 6.69%
- 3Y*
- 8.97%
- 5Y*
- 3.99%
- 10Y*
- —
HYGH
- 1D
- -0.05%
- 1M
- 0.60%
- YTD
- 3.37%
- 6M
- 3.70%
- 1Y
- 7.78%
- 3Y*
- 9.89%
- 5Y*
- 6.94%
- 10Y*
- 6.48%
GHYB vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHYB Goldman Sachs Access High Yield Corporate Bond ETF | 1.58% | 9.38% | 7.76% | 12.13% | -11.02% | 3.21% | 6.38% | 14.55% | -2.01% | 0.27% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.37% | 6.94% | 11.22% | 12.17% | -0.92% | 5.82% | 0.54% | 11.09% | -0.85% | 2.13% |
Correlation
The correlation between GHYB and HYGH is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017 | 0.74 |
The correlation between GHYB and HYGH shifts across timeframes, from 0.63 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GHYB vs. HYGH — Risk / Return Rank
GHYB
HYGH
GHYB vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.
| GHYB | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.41 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 4.82 | -2.31 |
| Martin ratioReturn relative to average drawdown | 11.43 | 18.86 | -7.43 |
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Drawdowns
GHYB vs. HYGH - Drawdown Comparison
The maximum GHYB drawdown since its inception was -21.48%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for GHYB and HYGH.
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Drawdown Indicators
| GHYB | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.48% | -23.88% | +2.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.67% | -1.62% | -1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -8.06% | +3.40% |
Max Drawdown (5Y)Largest decline over 5 years | -16.08% | -8.24% | -7.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.88% | — |
Current DrawdownCurrent decline from peak | -0.07% | -0.05% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -2.56% | -2.22% | -0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 0.41% | +0.18% |
Volatility
GHYB vs. HYGH - Volatility Comparison
Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) has a higher volatility of 0.93% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.63%. This indicates that GHYB's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHYB | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.63% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 2.81% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 3.65% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.70% | 7.08% | +0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.26% | 8.33% | -0.07% |
GHYB vs. HYGH - Expense Ratio Comparison
GHYB has a 0.34% expense ratio, which is lower than HYGH's 0.52% expense ratio.
Dividends
GHYB vs. HYGH - Dividend Comparison
GHYB's dividend yield for the trailing twelve months is around 6.78%, more than HYGH's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GHYB Goldman Sachs Access High Yield Corporate Bond ETF | 6.78% | 7.00% | 6.65% | 6.20% | 5.67% | 4.46% | 4.75% | 5.57% | 5.68% | 1.45% | 0.00% | 0.00% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
Frequently Asked Questions
GHYB and HYGH have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GHYB has higher volatility (0.93%) compared to HYGH (0.63%). In terms of maximum drawdown, GHYB dropped -21.48% vs HYGH's -23.88%.
On 5-year performance, HYGH leads with 6.94% vs 3.99% for GHYB. On fees, GHYB is cheaper at 0.34% per year. On volatility, HYGH has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYGH has performed better with a 6.94% return vs 3.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GHYB is cheaper with a 0.34% expense ratio, compared with 0.52% for HYGH.
GHYB has the higher dividend yield at 6.78%, compared with 6.60% for HYGH.
GHYB tracks FTSE Goldman Sachs High Yield Corporate Bond Index, while HYGH tracks Markit iBoxx USD Liquid High Yield Interest Hedged Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.34% for GHYB and 0.52% for HYGH.
HYGH currently has the higher Sharpe Ratio (2.15 vs 1.91), 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.
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