HBRD vs. HYGH
HBRD (Invesco U.S. Hybrid Bond ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both exchange-traded funds - HBRD is a Corporate Bonds fund tracking the ICE USD Developed Markets Corporate Ex-Banks Hybrid Bond 4.85% Constrained Index, while HYGH is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Interest Hedged Index. Both are passively managed. Their 0.52 correlation means they have sometimes moved together and sometimes differently. HBRD charges 0.40%/yr vs 0.52%/yr for HYGH.
Performance
HBRD vs. HYGH - Performance Comparison
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Returns By Period
HBRD
- 1D
- 0.02%
- 1M
- -0.47%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
HYGH
- 1D
- 0.10%
- 1M
- 0.47%
- 6M
- 2.46%
- YTD
- 3.40%
- 1Y
- 6.54%
- 3Y*
- 8.87%
- 5Y*
- 6.98%
- 10Y*
- 6.20%
- ALL TIME*
- 4.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $169.16 | $296.60 | $2.86K | |
| $6.00M | $5.67M | $5.15M |
HBRD vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
HBRD Invesco U.S. Hybrid Bond ETF | -0.24% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.01% |
Correlation
The correlation between HBRD and HYGH is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 25, 2026 | 0.52 |
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Return for Risk
HBRD vs. HYGH — Risk / Return Rank
HBRD
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYGH
HBRD vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco U.S. Hybrid Bond ETF (HBRD) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.
| HBRD | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.34 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 4.05 | — |
| Martin ratioReturn relative to average drawdown | — | 15.83 | — |
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Drawdowns
HBRD vs. HYGH - Drawdown Comparison
The maximum HBRD drawdown since its inception was -2.94%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for HBRD and HYGH.
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Drawdown Indicators
| HBRD | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.94% | -23.88% | +20.94% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.62% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.88% | — |
Current DrawdownCurrent decline from peak | -0.67% | -0.33% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -0.64% | -2.20% | +1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.41% | — |
Volatility
HBRD vs. HYGH - Volatility Comparison
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Volatility by Period
| HBRD | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.56% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.75% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 3.64% | -0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.25% | 7.06% | -3.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.25% | 8.21% | -4.96% |
HBRD vs. HYGH - Expense Ratio Comparison
HBRD has a 0.40% expense ratio, which is lower than HYGH's 0.52% expense ratio.
Dividends
HBRD vs. HYGH - Dividend Comparison
HBRD's dividend yield for the trailing twelve months is around 2.49%, less than HYGH's 6.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HBRD Invesco U.S. Hybrid Bond ETF | 2.49% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.58% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
Frequently Asked Questions
HBRD and HYGH have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HBRD is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HBRD is cheaper with a 0.40% expense ratio, compared with 0.52% for HYGH.
HYGH has the higher dividend yield at 6.58%, compared with 2.49% for HBRD.
HBRD is categorized as Corporate Bonds, while HYGH is High Yield Bonds. HBRD tracks ICE USD Developed Markets Corporate Ex-Banks Hybrid Bond 4.85% Constrained Index, while HYGH tracks Markit iBoxx USD Liquid High Yield Interest Hedged Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for HBRD and 0.52% for HYGH.
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