GHYG vs. BYLD

Last updated Jun 4, 2026

GHYG (iShares US & Intl High Yield Corp Bond ETF) and BYLD (iShares Yield Optimized Bond ETF) are both exchange-traded funds - GHYG is a High Yield Bonds fund tracking the Markit iBoxx Global Developed Markets High Yield Index, while BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index. Both are passively managed. Over the past 10 years, GHYG returned 4.82%/yr vs 3.01%/yr for BYLD. At a 0.43 correlation, their price movements are largely independent. GHYG charges 0.40%/yr vs 0.17%/yr for BYLD.

Performance

GHYG vs. BYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares US & Intl High Yield Corp Bond ETF (GHYG) and iShares Yield Optimized Bond ETF (BYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GHYG achieves a 0.62% return, which is significantly lower than BYLD's 1.23% return. Over the past 10 years, GHYG has outperformed BYLD with an annualized return of 4.82%, while BYLD has yielded a comparatively lower 3.01% annualized return.

GHYG

• 1D: -0.15%
• 1M: 0.20%
• YTD: 0.62%
• 6M: 0.87%
• 1Y: 6.33%
• 3Y*: 8.91%
• 5Y*: 3.28%
• 10Y*: 4.82%

BYLD

• 1D: -0.18%
• 1M: 0.61%
• YTD: 1.23%
• 6M: 1.35%
• 1Y: 7.01%
• 3Y*: 6.49%
• 5Y*: 2.21%
• 10Y*: 3.01%

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

GHYG vs. BYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GHYG iShares US & Intl High Yield Corp Bond ETF	0.62%	11.28%	5.85%	13.29%	-12.15%	1.62%	6.68%	13.47%	-3.79%	8.97%
BYLD iShares Yield Optimized Bond ETF	1.23%	8.41%	4.17%	8.30%	-10.33%	-1.25%	4.25%	12.79%	-1.50%	4.75%

Correlation

The correlation between GHYG and BYLD is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 25, 2014	0.43

The correlation between GHYG and BYLD shifts across timeframes, from 0.43 (all time) to 0.68 (3 years), reflecting how their relationship changes across market environments.

GHYG vs. BYLD - Sectors Allocation Comparison

Sectors	GHYG	BYLD
Utilities	99.5%	-
Real Estate	0.5%	0.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	99.2%
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-

Return for Risk

GHYG vs. BYLD — Risk / Return Rank

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

GHYG

GHYG Risk / Return Rank: 37
GHYG Sharpe Ratio Rank: 38
GHYG Sortino Ratio Rank: 40
GHYG Omega Ratio Rank: 37
GHYG Calmar Ratio Rank: 34
GHYG Martin Ratio Rank: 39

BYLD

BYLD Risk / Return Rank: 55
BYLD Sharpe Ratio Rank: 53
BYLD Sortino Ratio Rank: 57
BYLD Omega Ratio Rank: 56
BYLD Calmar Ratio Rank: 52
BYLD Martin Ratio Rank: 59

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.

GHYG vs. BYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares US & Intl High Yield Corp Bond ETF (GHYG) and iShares Yield Optimized Bond ETF (BYLD). 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.

	GHYG	BYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.85	-0.49
Sortino ratio: Return per unit of downside risk	2.06	2.76	-0.70
Omega ratio: Gain probability vs. loss probability	1.25	1.35	-0.10
Calmar ratio: Return relative to maximum drawdown	1.66	2.60	-0.94
Martin ratio: Return relative to average drawdown	6.19	10.54	-4.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GHYG vs. BYLD - Sharpe Ratio Comparison

The current GHYG Sharpe Ratio is 1.36, which is comparable to the BYLD Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of GHYG and BYLD, 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

	GHYG	BYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.85	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.43	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.56	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.57	-0.02

Drawdowns

GHYG vs. BYLD - Drawdown Comparison

The maximum GHYG drawdown since its inception was -27.36%, which is greater than BYLD's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for GHYG and BYLD.

Drawdown Indicators

	GHYG	BYLD	Difference
Max Drawdown Largest peak-to-trough decline	-27.36%	-14.75%	-12.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.84%	-2.71%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-4.46%	-3.94%	-0.52%
Max Drawdown (5Y) Largest decline over 5 years	-20.44%	-14.65%	-5.79%
Max Drawdown (10Y) Largest decline over 10 years	-27.36%	-14.75%	-12.61%
Current Drawdown Current decline from peak	-0.73%	-0.34%	-0.39%
Average Drawdown Average peak-to-trough decline	-3.35%	-2.51%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	0.67%	+0.35%

Volatility

GHYG vs. BYLD - Volatility Comparison

iShares US & Intl High Yield Corp Bond ETF (GHYG) has a higher volatility of 1.91% compared to iShares Yield Optimized Bond ETF (BYLD) at 1.42%. This indicates that GHYG's price experiences larger fluctuations and is considered to be riskier than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GHYG	BYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	1.42%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	3.84%	2.94%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	4.69%	3.82%	+0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.64%	5.20%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.77%	5.43%	+3.34%

GHYG vs. BYLD - Expense Ratio Comparison

GHYG has a 0.40% expense ratio, which is higher than BYLD's 0.17% expense ratio.

Dividends

GHYG vs. BYLD - Dividend Comparison

GHYG's dividend yield for the trailing twelve months is around 6.23%, more than BYLD's 5.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BYLD iShares Yield Optimized Bond ETF	5.36%	5.32%	5.31%	4.45%	3.39%	2.18%	3.41%	3.67%	4.22%	3.22%	3.14%	3.37%
GHYG iShares US & Intl High Yield Corp Bond ETF	6.23%	6.03%	6.11%	5.60%	4.64%	4.57%	4.36%	4.61%	5.62%	4.60%	4.61%	4.79%

Frequently Asked Questions

Can I hold both GHYG and BYLD in my portfolio?

GHYG and BYLD have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GHYG or BYLD?

GHYG has higher volatility (1.91%) compared to BYLD (1.42%). In terms of maximum drawdown, GHYG dropped -27.36% vs BYLD's -14.75%.

Which ETF is better, GHYG or BYLD?

On 10-year performance, GHYG leads with 4.82% vs 3.01% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GHYG or BYLD?

Over the 10-year period, GHYG has performed better with a 4.82% return vs 3.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GHYG or BYLD?

BYLD is cheaper with a 0.17% expense ratio, compared with 0.40% for GHYG.

Which ETF pays a higher dividend yield, GHYG or BYLD?

GHYG has the higher dividend yield at 6.23%, compared with 5.36% for BYLD.

What is the main difference between GHYG and BYLD?

GHYG is categorized as High Yield Bonds, while BYLD is Intermediate Core-Plus Bond. GHYG tracks Markit iBoxx Global Developed Markets High Yield Index, while BYLD tracks Morningstar U.S. Bond Market Yield-Optimized Index. Their fees differ too: 0.40% for GHYG and 0.17% for BYLD.

Which has better risk-adjusted returns?

BYLD currently has the higher Sharpe Ratio (1.85 vs 1.36), 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.