GHYG vs. HYG
GHYG (iShares US & Intl High Yield Corp Bond ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both High Yield Bonds funds from iShares - GHYG tracks the Markit iBoxx Global Developed Markets High Yield Index while HYG tracks the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 10 years, GHYG returned 4.63%/yr vs 4.75%/yr for HYG. Their 0.65 correlation means they have sometimes moved together and sometimes differently. GHYG charges 0.40%/yr vs 0.49%/yr for HYG.
Performance
GHYG vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, GHYG achieves a 0.94% return, which is significantly lower than HYG's 1.54% return. Both investments have delivered pretty close results over the past 10 years, with GHYG having a 4.63% annualized return and HYG not far ahead at 4.75%.
GHYG
- 1D
- 0.00%
- 1M
- 0.41%
- 6M
- 0.14%
- YTD
- 0.94%
- 1Y
- 4.30%
- 3Y*
- 8.24%
- 5Y*
- 3.34%
- 10Y*
- 4.63%
- ALL TIME*
- 4.55%
HYG
- 1D
- 0.01%
- 1M
- -0.29%
- 6M
- 0.92%
- YTD
- 1.54%
- 1Y
- 4.84%
- 3Y*
- 8.09%
- 5Y*
- 3.61%
- 10Y*
- 4.75%
- ALL TIME*
- 4.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.17M | $1.68M | $1.13M | |
| $2.79B | $2.50B | $2.68B |
GHYG vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHYG iShares US & Intl High Yield Corp Bond ETF | 0.94% | 11.28% | 5.85% | 13.29% | -12.15% | 1.62% | 6.68% | 13.47% | -3.79% | 8.97% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.54% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between GHYG and HYG is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.85 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2012 | 0.65 |
The correlation between GHYG and HYG shifts across timeframes, from 0.65 (all time) to 0.85 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GHYG vs. HYG — Risk / Return Rank
GHYG
HYG
GHYG vs. HYG - 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 iBoxx $ High Yield Corporate Bond ETF (HYG). 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.
| GHYG | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.24 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 2.08 | -0.94 |
| Martin ratioReturn relative to average drawdown | 4.10 | 8.96 | -4.86 |
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Drawdowns
GHYG vs. HYG - Drawdown Comparison
The maximum GHYG drawdown since its inception was -27.36%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for GHYG and HYG.
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Drawdown Indicators
| GHYG | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.36% | -34.25% | +6.89% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -2.34% | -1.50% |
Max Drawdown (3Y)Largest decline over 3 years | -4.15% | -4.56% | +0.41% |
Max Drawdown (5Y)Largest decline over 5 years | -20.44% | -15.79% | -4.65% |
Max Drawdown (10Y)Largest decline over 10 years | -27.36% | -22.03% | -5.33% |
Current DrawdownCurrent decline from peak | -0.42% | -0.49% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -3.32% | -3.22% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.54% | +0.52% |
Volatility
GHYG vs. HYG - Volatility Comparison
iShares US & Intl High Yield Corp Bond ETF (GHYG) has a higher volatility of 0.94% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 0.80%. This indicates that GHYG's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHYG | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 0.80% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.82% | 3.16% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.64% | 3.85% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.62% | 7.53% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.71% | 8.21% | +0.50% |
GHYG vs. HYG - Expense Ratio Comparison
GHYG has a 0.40% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
GHYG vs. HYG - Dividend Comparison
GHYG's dividend yield for the trailing twelve months is around 6.27%, more than HYG's 5.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GHYG iShares US & Intl High Yield Corp Bond ETF | 5.72% | 6.03% | 6.11% | 5.60% | 4.64% | 4.57% | 4.36% | 4.61% | 5.62% | 4.60% | 4.61% | 4.79% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.41% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
Frequently Asked Questions
GHYG and HYG have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GHYG has higher volatility (0.94%) compared to HYG (0.80%). In terms of maximum drawdown, GHYG dropped -27.36% vs HYG's -34.25%.
On 10-year performance, HYG leads with 4.75% vs 4.63% for GHYG. On fees, GHYG is cheaper at 0.40% per year. On volatility, HYG has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYG has performed better with a 4.75% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GHYG is cheaper with a 0.40% expense ratio, compared with 0.49% for HYG.
GHYG has the higher dividend yield at 5.72%, compared with 5.41% for HYG.
GHYG tracks Markit iBoxx Global Developed Markets High Yield Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. Their fees differ too: 0.40% for GHYG and 0.49% for HYG.
HYG currently has the higher Sharpe Ratio (1.26 vs 0.94), 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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