HWHIX vs. HYG
HWHIX (Hotchkis & Wiley High Yield Fund) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both High Yield Bonds funds. Over the past 10 years, HWHIX returned 4.27%/yr vs 5.00%/yr for HYG. A 0.56 correlation means they provide meaningful diversification when combined. HWHIX charges 0.70%/yr vs 0.49%/yr for HYG.
Performance
HWHIX vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, HWHIX achieves a 0.92% return, which is significantly lower than HYG's 1.56% return. Over the past 10 years, HWHIX has underperformed HYG with an annualized return of 4.27%, while HYG has yielded a comparatively higher 5.00% annualized return.
HWHIX
- 1D
- -0.10%
- 1M
- 0.45%
- YTD
- 0.92%
- 6M
- 1.58%
- 1Y
- 5.01%
- 3Y*
- 7.67%
- 5Y*
- 3.38%
- 10Y*
- 4.27%
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%
HWHIX vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HWHIX Hotchkis & Wiley High Yield Fund | 0.92% | 7.28% | 7.23% | 12.00% | -11.08% | 6.25% | 3.85% | 9.61% | -3.37% | 6.62% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.56% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between HWHIX and HYG is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2009 | 0.56 |
The correlation between HWHIX and HYG shifts across timeframes, from 0.56 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HWHIX vs. HYG — Risk / Return Rank
HWHIX
HYG
HWHIX vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley High Yield Fund (HWHIX) 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.
| HWHIX | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.29 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.55 | -0.57 |
| Martin ratioReturn relative to average drawdown | 8.62 | 11.18 | -2.56 |
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Drawdowns
HWHIX vs. HYG - Drawdown Comparison
The maximum HWHIX drawdown since its inception was -23.03%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for HWHIX and HYG.
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Drawdown Indicators
| HWHIX | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.03% | -34.25% | +11.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.64% | -2.34% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -4.08% | -4.56% | +0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -15.02% | -15.79% | +0.77% |
Max Drawdown (10Y)Largest decline over 10 years | -23.03% | -22.03% | -1.00% |
Current DrawdownCurrent decline from peak | -0.38% | -0.21% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -3.80% | -3.23% | -0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 0.53% | +0.08% |
Volatility
HWHIX vs. HYG - Volatility Comparison
The current volatility for Hotchkis & Wiley High Yield Fund (HWHIX) is 1.06%, while iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a volatility of 1.13%. This indicates that HWHIX experiences smaller price fluctuations and is considered to be less risky 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
| HWHIX | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.13% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.71% | 3.11% | -0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.48% | 3.88% | -0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.71% | 7.54% | -2.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.11% | 8.27% | -3.16% |
HWHIX vs. HYG - Expense Ratio Comparison
HWHIX has a 0.70% expense ratio, which is higher than HYG's 0.49% expense ratio.
Dividends
HWHIX vs. HYG - Dividend Comparison
HWHIX's dividend yield for the trailing twelve months is around 6.38%, more than HYG's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HWHIX Hotchkis & Wiley High Yield Fund | 6.38% | 6.24% | 6.27% | 4.77% | 4.03% | 4.02% | 5.47% | 5.92% | 6.24% | 4.42% | 0.00% | 0.86% |
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
HWHIX and HYG have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYG has higher volatility (1.13%) compared to HWHIX (1.06%). In terms of maximum drawdown, HWHIX dropped -23.03% vs HYG's -34.25%.
HYG currently has the higher Sharpe Ratio (1.54 vs 1.51), 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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