GHYG vs. SHYG

Last updated Jun 5, 2026

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 4.76%/yr vs 5.16%/yr for SHYG. A 0.67 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

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares US & Intl High Yield Corp Bond ETF (GHYG) and iShares 0-5 Year High Yield Corporate Bond ETF (SHYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GHYG achieves a 0.58% return, which is significantly lower than SHYG's 1.58% return. Over the past 10 years, GHYG has underperformed SHYG with an annualized return of 4.76%, while SHYG has yielded a comparatively higher 5.16% annualized return.

GHYG

• 1D: -0.04%
• 1M: 0.31%
• YTD: 0.58%
• 6M: 1.41%
• 1Y: 6.29%
• 3Y*: 8.95%
• 5Y*: 3.27%
• 10Y*: 4.76%

SHYG

• 1D: 0.14%
• 1M: 0.32%
• YTD: 1.58%
• 6M: 2.09%
• 1Y: 6.52%
• 3Y*: 8.16%
• 5Y*: 4.86%
• 10Y*: 5.16%

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

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	0.58%	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	1.58%	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	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 18, 2013	0.67

The correlation between GHYG and SHYG shifts across timeframes, from 0.67 (all time) to 0.83 (5 years), reflecting how their relationship changes across market environments.

GHYG vs. SHYG - Sectors Allocation Comparison

Sectors	GHYG	SHYG
Utilities	99.5%	99.3%
Real Estate	0.5%	0.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-

Return for Risk

GHYG vs. SHYG — Risk / Return Rank

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

GHYG

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

SHYG

SHYG Risk / Return Rank: 73
SHYG Sharpe Ratio Rank: 63
SHYG Sortino Ratio Rank: 71
SHYG Omega Ratio Rank: 71
SHYG Calmar Ratio Rank: 75
SHYG Martin Ratio Rank: 82

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. 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.

	GHYG	SHYG	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.07	-0.73
Sortino ratio: Return per unit of downside risk	2.04	3.18	-1.14
Omega ratio: Gain probability vs. loss probability	1.24	1.42	-0.17
Calmar ratio: Return relative to maximum drawdown	1.64	3.74	-2.10
Martin ratio: Return relative to average drawdown	6.14	16.31	-10.16
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. SHYG - Sharpe Ratio Comparison

The current GHYG Sharpe Ratio is 1.35, which is lower than the SHYG Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of GHYG and SHYG, 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	SHYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	2.07	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.85	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.81	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.73	-0.18

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.

Drawdown Indicators

	GHYG	SHYG	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.78%	-0.10%	-0.68%
Average Drawdown Average peak-to-trough decline	-3.35%	-1.44%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.40%	+0.63%

Volatility

GHYG vs. SHYG - Volatility Comparison

iShares US & Intl High Yield Corp Bond ETF (GHYG) has a higher volatility of 1.91% compared to iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) at 0.93%. 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.

Volatility by Period

	GHYG	SHYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	0.93%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	3.83%	2.51%	+1.32%
Volatility (1Y) Calculated over the trailing 1-year period	4.69%	3.16%	+1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.64%	5.73%	+1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.77%	6.42%	+2.35%

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 6.24%, 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	6.24%	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

Can I hold both GHYG and SHYG in my portfolio?

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.

Which is riskier, GHYG or SHYG?

GHYG has higher volatility (1.91%) compared to SHYG (0.93%). In terms of maximum drawdown, GHYG dropped -27.36% vs SHYG's -19.26%.

Which ETF is better, GHYG or SHYG?

On 10-year performance, SHYG leads with 5.16% vs 4.76% for GHYG. On fees, SHYG is cheaper at 0.30% per year. On volatility, SHYG has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GHYG or SHYG?

Over the 10-year period, SHYG has performed better with a 5.16% return vs 4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GHYG or SHYG?

SHYG is cheaper with a 0.30% expense ratio, compared with 0.40% for GHYG.

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

SHYG has the higher dividend yield at 7.01%, compared with 6.24% for GHYG.

What is the main difference between GHYG and SHYG?

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.

Which has better risk-adjusted returns?

SHYG currently has the higher Sharpe Ratio (2.07 vs 1.35), 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.