GOLY vs. HYG
GOLY (Strategy Shares Gold Enhanced Yield ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund actively managed by Strategy Shares, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. GOLY is actively managed, while HYG is passively managed. Over the past 5 years, GOLY returned 4.37%/yr vs 3.61%/yr for HYG. Their 0.32 correlation means their historical movements had little consistent relationship. GOLY charges 0.79%/yr vs 0.49%/yr for HYG.
Performance
GOLY vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, GOLY achieves a -26.54% return, which is significantly lower than HYG's 1.54% return.
GOLY
- 1D
- -0.68%
- 1M
- -2.80%
- 6M
- -24.07%
- YTD
- -26.54%
- 1Y
- -9.02%
- 3Y*
- 14.14%
- 5Y*
- 4.37%
- 10Y*
- —
- ALL TIME*
- 4.18%
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) |
|---|---|---|---|
| $645.25K | $545.45K | $1.00M | |
| $2.79B | $2.50B | $2.68B |
GOLY vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold Enhanced Yield ETF | -26.54% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.54% | 8.59% | 7.97% | 11.54% | -10.98% | 2.61% |
Correlation
The correlation between GOLY and HYG is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.33 |
Correlation (All Time) Calculated using the full available price history since May 18, 2021 | 0.32 |
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Return for Risk
GOLY vs. HYG — Risk / Return Rank
GOLY
HYG
GOLY vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold Enhanced Yield ETF (GOLY) 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.
| GOLY | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.24 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.15 | 2.08 | -2.23 |
| Martin ratioReturn relative to average drawdown | -0.30 | 8.96 | -9.26 |
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Drawdowns
GOLY vs. HYG - Drawdown Comparison
The maximum GOLY drawdown since its inception was -37.99%, which is greater than HYG's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for GOLY and HYG.
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Drawdown Indicators
| GOLY | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.99% | -34.25% | -3.74% |
Max Drawdown (1Y)Largest decline over 1 year | -37.99% | -2.34% | -35.65% |
Max Drawdown (3Y)Largest decline over 3 years | -37.99% | -4.56% | -33.43% |
Max Drawdown (5Y)Largest decline over 5 years | -37.99% | -15.79% | -22.20% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.03% | — |
Current DrawdownCurrent decline from peak | -36.62% | -0.49% | -36.13% |
Average DrawdownAverage peak-to-trough decline | -12.56% | -3.22% | -9.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.14% | 0.54% | +18.60% |
Volatility
GOLY vs. HYG - Volatility Comparison
Strategy Shares Gold Enhanced Yield ETF (GOLY) has a higher volatility of 6.91% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 0.80%. This indicates that GOLY'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
| GOLY | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.91% | 0.80% | +6.11% |
Volatility (6M)Calculated over the trailing 6-month period | 30.03% | 3.16% | +26.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.02% | 3.85% | +30.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.76% | 7.53% | +15.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.43% | 8.21% | +14.22% |
GOLY vs. HYG - Expense Ratio Comparison
GOLY has a 0.79% expense ratio, which is higher than HYG's 0.49% expense ratio.
Dividends
GOLY vs. HYG - Dividend Comparison
GOLY's dividend yield for the trailing twelve months is around 9.40%, more than HYG's 5.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold Enhanced Yield ETF | 9.40% | 7.22% | 3.85% | 2.94% | 2.57% | 1.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
GOLY and HYG have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOLY has higher volatility (6.91%) compared to HYG (0.80%). In terms of maximum drawdown, GOLY dropped -37.99% vs HYG's -34.25%.
On 5-year performance, GOLY leads with 4.37% vs 3.61% for HYG. On fees, HYG is cheaper at 0.49% 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 5-year period, GOLY has performed better with a 4.37% return vs 3.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYG is cheaper with a 0.49% expense ratio, compared with 0.79% for GOLY.
GOLY has the higher dividend yield at 9.40%, compared with 5.41% for HYG.
GOLY is categorized as Nontraditional Bonds, while HYG is High Yield Bonds. They also come from different issuers: Strategy Shares and iShares. Their fees differ too: 0.79% for GOLY and 0.49% for HYG.
HYG currently has the higher Sharpe Ratio (1.26 vs -0.17), 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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