GHYG vs. SHYG
GHYG (iShares US & Intl High Yield Corp Bond ETF) and SHYG (iShares 0-5 Year 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 SHYG tracks the Markit iBoxx USD Liquid High Yield 0-5 Index. Both are passively managed. Over the past 10 years, GHYG returned 4.86%/yr vs 5.20%/yr for SHYG. A 0.68 correlation means they provide meaningful diversification when combined. GHYG charges 0.40%/yr vs 0.30%/yr for SHYG.
Performance
GHYG vs. SHYG - Performance Comparison
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Returns By Period
In the year-to-date period, GHYG achieves a 0.13% return, which is significantly lower than SHYG's 1.70% return. Over the past 10 years, GHYG has underperformed SHYG with an annualized return of 4.86%, while SHYG has yielded a comparatively higher 5.20% annualized return.
GHYG
- 1D
- -0.13%
- 1M
- 0.04%
- YTD
- 0.13%
- 6M
- 0.05%
- 1Y
- 4.04%
- 3Y*
- 8.76%
- 5Y*
- 3.26%
- 10Y*
- 4.86%
SHYG
- 1D
- -0.02%
- 1M
- 0.37%
- YTD
- 1.70%
- 6M
- 1.72%
- 1Y
- 5.70%
- 3Y*
- 8.26%
- 5Y*
- 4.77%
- 10Y*
- 5.20%
GHYG vs. SHYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHYG iShares US & Intl High Yield Corp Bond ETF | 0.13% | 11.28% | 5.85% | 13.29% | -12.15% | 1.62% | 6.68% | 13.47% | -3.79% | 8.97% |
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 1.70% | 7.94% | 8.17% | 10.38% | -4.71% | 4.60% | 3.15% | 9.93% | 0.02% | 5.11% |
Correlation
The correlation between GHYG and SHYG is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2013 | 0.68 |
The correlation between GHYG and SHYG shifts across timeframes, from 0.68 (all time) to 0.84 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GHYG vs. SHYG — Risk / Return Rank
GHYG
SHYG
GHYG vs. SHYG - 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 0-5 Year High Yield Corporate Bond ETF (SHYG). 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 | SHYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.36 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | 3.27 | -2.22 |
| Martin ratioReturn relative to average drawdown | 3.87 | 14.15 | -10.28 |
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Drawdowns
GHYG vs. SHYG - Drawdown Comparison
The maximum GHYG drawdown since its inception was -27.36%, which is greater than SHYG's maximum drawdown of -19.26%. Use the drawdown chart below to compare losses from any high point for GHYG and SHYG.
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Drawdown Indicators
| GHYG | SHYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.36% | -19.26% | -8.10% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -1.75% | -2.09% |
Max Drawdown (3Y)Largest decline over 3 years | -4.46% | -4.53% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -20.44% | -9.39% | -11.05% |
Max Drawdown (10Y)Largest decline over 10 years | -27.36% | -19.26% | -8.10% |
Current DrawdownCurrent decline from peak | -1.22% | -0.19% | -1.03% |
Average DrawdownAverage peak-to-trough decline | -3.34% | -1.44% | -1.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.40% | +0.65% |
Volatility
GHYG vs. SHYG - Volatility Comparison
iShares US & Intl High Yield Corp Bond ETF (GHYG) has a higher volatility of 1.49% compared to iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) at 0.83%. This indicates that GHYG's price experiences larger fluctuations and is considered to be riskier than SHYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHYG | SHYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 0.83% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 3.78% | 2.57% | +1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.68% | 3.20% | +1.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.64% | 5.74% | +1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.74% | 6.41% | +2.33% |
GHYG vs. SHYG - Expense Ratio Comparison
GHYG has a 0.40% expense ratio, which is higher than SHYG's 0.30% expense ratio.
Dividends
GHYG vs. SHYG - Dividend Comparison
GHYG's dividend yield for the trailing twelve months is around 6.26%, less than SHYG's 7.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GHYG iShares US & Intl High Yield Corp Bond ETF | 6.26% | 6.03% | 6.11% | 5.60% | 4.64% | 4.57% | 4.36% | 4.61% | 5.62% | 4.60% | 4.61% | 4.79% |
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 7.01% | 7.03% | 6.93% | 6.54% | 5.57% | 4.83% | 5.07% | 5.33% | 5.90% | 5.49% | 5.53% | 5.17% |
Frequently Asked Questions
GHYG and SHYG 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 (1.49%) compared to SHYG (0.83%). In terms of maximum drawdown, GHYG dropped -27.36% vs SHYG's -19.26%.
On 10-year performance, SHYG leads with 5.20% vs 4.86% for GHYG. On fees, SHYG is cheaper at 0.30% per year. On volatility, SHYG has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SHYG has performed better with a 5.20% return vs 4.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHYG is cheaper with a 0.30% expense ratio, compared with 0.40% for GHYG.
SHYG has the higher dividend yield at 7.01%, compared with 6.26% for GHYG.
GHYG tracks Markit iBoxx Global Developed Markets High Yield Index, while SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index. Their fees differ too: 0.40% for GHYG and 0.30% for SHYG.
SHYG currently has the higher Sharpe Ratio (1.79 vs 0.87), 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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