GOLY vs. HYG
GOLY (Strategy Shares Gold-Hedged Bond ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund tracking the Solactive Gold-Backed Bond Index, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 5 years, GOLY returned 5.64%/yr vs 3.68%/yr for HYG. At a 0.32 correlation, their price movements are largely independent. GOLY charges 0.79%/yr vs 0.49%/yr for HYG.
Performance
GOLY vs. HYG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GOLY achieves a -24.89% return, which is significantly lower than HYG's 1.56% return.
GOLY
- 1D
- -1.69%
- 1M
- -8.50%
- YTD
- -24.89%
- 6M
- -27.50%
- 1Y
- -9.04%
- 3Y*
- 15.20%
- 5Y*
- 5.64%
- 10Y*
- —
HYG
- 1D
- -0.09%
- 1M
- 0.46%
- YTD
- 1.56%
- 6M
- 1.74%
- 1Y
- 5.93%
- 3Y*
- 8.75%
- 5Y*
- 3.68%
- 10Y*
- 5.00%
GOLY vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | -24.89% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.56% | 8.59% | 7.97% | 11.54% | -10.98% | 2.61% |
Correlation
The correlation between GOLY and HYG is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since May 18, 2021 | 0.32 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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-Hedged Bond 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 | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -2.46 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.29 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 2.55 | -2.80 |
| Martin ratioReturn relative to average drawdown | -0.60 | 11.18 | -11.78 |
Loading charts...
Drawdowns
GOLY vs. HYG - Drawdown Comparison
The maximum GOLY drawdown since its inception was -36.08%, 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.
Loading charts...
Drawdown Indicators
| GOLY | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.08% | -34.25% | -1.83% |
Max Drawdown (1Y)Largest decline over 1 year | -36.08% | -2.34% | -33.74% |
Max Drawdown (3Y)Largest decline over 3 years | -36.08% | -4.56% | -31.52% |
Max Drawdown (5Y)Largest decline over 5 years | -36.08% | -15.79% | -20.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.03% | — |
Current DrawdownCurrent decline from peak | -35.19% | -0.21% | -34.98% |
Average DrawdownAverage peak-to-trough decline | -12.06% | -3.23% | -8.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.99% | 0.53% | +14.46% |
Volatility
GOLY vs. HYG - Volatility Comparison
Strategy Shares Gold-Hedged Bond ETF (GOLY) has a higher volatility of 9.36% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.13%. 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.
Loading charts...
Volatility by Period
| GOLY | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.36% | 1.13% | +8.23% |
Volatility (6M)Calculated over the trailing 6-month period | 30.58% | 3.11% | +27.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.78% | 3.88% | +29.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.57% | 7.54% | +15.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.42% | 8.27% | +14.15% |
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 9.80%, more than HYG's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | 9.80% | 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 | 5.91% | 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 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOLY has higher volatility (9.36%) compared to HYG (1.13%). In terms of maximum drawdown, GOLY dropped -36.08% vs HYG's -34.25%.
On 5-year performance, GOLY leads with 5.64% vs 3.68% for HYG. On fees, HYG is cheaper at 0.49% per year. On volatility, HYG has been the lower-risk option at 1.13%. 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 5.64% return vs 3.68%. 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 9.80%, compared with 5.91% for HYG.
GOLY is categorized as Nontraditional Bonds, while HYG is High Yield Bonds. GOLY tracks Solactive Gold-Backed Bond Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. 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 (1.54 vs -0.27), 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.
Find the right allocation for GOLY and HYG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer