GHYB vs. USHY
GHYB (Goldman Sachs Access High Yield Corporate Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - GHYB tracks the FTSE Goldman Sachs High Yield Corporate Bond Index while USHY tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, GHYB returned 3.95%/yr vs 4.15%/yr for USHY. Their correlation of 0.90 suggests significant overlap in exposure. GHYB charges 0.34%/yr vs 0.15%/yr for USHY.
Performance
GHYB vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, GHYB achieves a 1.55% return, which is significantly lower than USHY's 1.70% return.
GHYB
- 1D
- -0.02%
- 1M
- 0.58%
- YTD
- 1.55%
- 6M
- 1.70%
- 1Y
- 6.43%
- 3Y*
- 8.96%
- 5Y*
- 3.95%
- 10Y*
- —
USHY
- 1D
- -0.08%
- 1M
- 0.48%
- YTD
- 1.70%
- 6M
- 1.87%
- 1Y
- 6.34%
- 3Y*
- 9.18%
- 5Y*
- 4.15%
- 10Y*
- —
GHYB vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHYB Goldman Sachs Access High Yield Corporate Bond ETF | 1.55% | 9.38% | 7.76% | 12.13% | -11.02% | 3.21% | 6.38% | 14.55% | -2.01% | -0.12% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.70% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between GHYB and USHY 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 | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.90 |
The correlation between GHYB and USHY has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.
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Return for Risk
GHYB vs. USHY — Risk / Return Rank
GHYB
USHY
GHYB vs. USHY - 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 Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.33 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 2.62 | -0.21 |
| Martin ratioReturn relative to average drawdown | 10.98 | 11.73 | -0.74 |
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Drawdowns
GHYB vs. USHY - Drawdown Comparison
The maximum GHYB drawdown since its inception was -21.48%, roughly equal to the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for GHYB and USHY.
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Drawdown Indicators
| GHYB | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.48% | -22.44% | +0.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.67% | -2.43% | -0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -4.66% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -16.08% | -15.56% | -0.52% |
Current DrawdownCurrent decline from peak | -0.10% | -0.19% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -2.55% | -2.65% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 0.54% | +0.05% |
Volatility
GHYB vs. USHY - Volatility Comparison
Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) and iShares Broad USD High Yield Corporate Bond ETF (USHY) have volatilities of 0.93% and 0.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHYB | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.95% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 2.96% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 3.68% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.70% | 7.35% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.26% | 8.23% | +0.03% |
GHYB vs. USHY - Expense Ratio Comparison
GHYB has a 0.34% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
GHYB vs. USHY - Dividend Comparison
GHYB's dividend yield for the trailing twelve months is around 6.79%, less than USHY's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GHYB Goldman Sachs Access High Yield Corporate Bond ETF | 6.79% | 7.00% | 6.65% | 6.20% | 5.67% | 4.46% | 4.75% | 5.57% | 5.68% | 1.45% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
With a correlation of 0.92, GHYB and USHY 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.
USHY has higher volatility (0.95%) compared to GHYB (0.93%). In terms of maximum drawdown, GHYB dropped -21.48% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.15% vs 3.95% for GHYB. On fees, USHY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USHY has performed better with a 4.15% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.34% for GHYB.
USHY has the higher dividend yield at 6.90%, compared with 6.79% for GHYB.
GHYB tracks FTSE Goldman Sachs High Yield Corporate Bond Index, while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.34% for GHYB and 0.15% for USHY.
GHYB currently has the higher Sharpe Ratio (1.84 vs 1.73), 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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