HYBI vs. HYDB

Last updated Jun 4, 2026

HYBI (NEOS Enhanced Income Credit Select ETF) and HYDB (iShares High Yield Bond Factor ETF) are both exchange-traded funds - HYBI is a Nontraditional Bonds fund actively managed by Neos, while HYDB is a High Yield Bonds fund tracking the BlackRock High Yield Defensive Bond Index. HYBI is actively managed, while HYDB is passively managed. Over the past year, HYBI returned 7.35% vs 7.20% for HYDB. Their correlation of 0.89 suggests significant overlap in exposure. HYBI charges 0.68%/yr vs 0.35%/yr for HYDB.

Performance

HYBI vs. HYDB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Enhanced Income Credit Select ETF (HYBI) and iShares High Yield Bond Factor ETF (HYDB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYBI achieves a 1.56% return, which is significantly higher than HYDB's 1.32% return.

HYBI

• 1D: -0.24%
• 1M: 0.27%
• YTD: 1.56%
• 6M: 2.01%
• 1Y: 7.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYDB

• 1D: -0.21%
• 1M: 0.39%
• YTD: 1.32%
• 6M: 1.87%
• 1Y: 7.20%
• 3Y*: 9.11%
• 5Y*: 4.67%
• 10Y*: —

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

HYBI vs. HYDB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HYBI NEOS Enhanced Income Credit Select ETF	1.56%	6.97%	-0.48%
HYDB iShares High Yield Bond Factor ETF	1.32%	8.10%	0.03%

Correlation

The correlation between HYBI and HYDB is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.89

The correlation between HYBI and HYDB has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

HYBI vs. HYDB — Risk / Return Rank

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

HYBI

HYBI Risk / Return Rank: 78
HYBI Sharpe Ratio Rank: 69
HYBI Sortino Ratio Rank: 77
HYBI Omega Ratio Rank: 74
HYBI Calmar Ratio Rank: 88
HYBI Martin Ratio Rank: 83

HYDB

HYDB Risk / Return Rank: 57
HYDB Sharpe Ratio Rank: 55
HYDB Sortino Ratio Rank: 60
HYDB Omega Ratio Rank: 59
HYDB Calmar Ratio Rank: 51
HYDB Martin Ratio Rank: 62

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.

HYBI vs. HYDB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Enhanced Income Credit Select ETF (HYBI) and iShares High Yield Bond Factor ETF (HYDB). 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.

	HYBI	HYDB	Difference
Sharpe ratio Return per unit of total volatility	2.29	1.91	+0.38
Sortino ratio Return per unit of downside risk	3.51	2.88	+0.63
Omega ratio Gain probability vs. loss probability	1.45	1.37	+0.08
Calmar ratio Return relative to maximum drawdown	5.17	2.55	+2.61
Martin ratio Return relative to average drawdown	16.91	11.30	+5.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYBI vs. HYDB - Sharpe Ratio Comparison

The current HYBI Sharpe Ratio is 2.29, which is comparable to the HYDB Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of HYBI and HYDB, 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

	HYBI	HYDB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	1.91	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.71	+0.26

Drawdowns

HYBI vs. HYDB - Drawdown Comparison

The maximum HYBI drawdown since its inception was -4.68%, smaller than the maximum HYDB drawdown of -21.58%. Use the drawdown chart below to compare losses from any high point for HYBI and HYDB.

Drawdown Indicators

	HYBI	HYDB	Difference
Max Drawdown Largest peak-to-trough decline	-4.68%	-21.58%	+16.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.43%	-2.83%	+1.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.28%	—
Current Drawdown Current decline from peak	-0.24%	-0.21%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.62%	-2.39%	+1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	0.64%	-0.20%

Volatility

HYBI vs. HYDB - Volatility Comparison

The current volatility for NEOS Enhanced Income Credit Select ETF (HYBI) is 0.98%, while iShares High Yield Bond Factor ETF (HYDB) has a volatility of 1.13%. This indicates that HYBI experiences smaller price fluctuations and is considered to be less risky than HYDB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYBI	HYDB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	1.13%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	2.13%	2.93%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	3.23%	3.79%	-0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.94%	7.04%	-2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.94%	7.76%	-2.82%

HYBI vs. HYDB - Expense Ratio Comparison

HYBI has a 0.68% expense ratio, which is higher than HYDB's 0.35% expense ratio.

Dividends

HYBI vs. HYDB - Dividend Comparison

HYBI's dividend yield for the trailing twelve months is around 8.37%, more than HYDB's 7.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYBI NEOS Enhanced Income Credit Select ETF	8.37%	8.48%	2.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HYDB iShares High Yield Bond Factor ETF	7.00%	7.04%	6.95%	7.00%	6.30%	4.70%	5.81%	5.68%	6.16%	2.70%

Frequently Asked Questions

Can I hold both HYBI and HYDB in my portfolio?

With a correlation of 0.91, HYBI and HYDB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HYBI or HYDB?

HYDB has higher volatility (1.13%) compared to HYBI (0.98%). In terms of maximum drawdown, HYBI dropped -4.68% vs HYDB's -21.58%.

Which ETF is better, HYBI or HYDB?

On 1-year performance, HYBI leads with 7.35% vs 7.20% for HYDB. On fees, HYDB is cheaper at 0.35% per year. On volatility, HYBI has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYBI or HYDB?

Over the 1-year period, HYBI has performed better with a 7.35% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYBI or HYDB?

HYDB is cheaper with a 0.35% expense ratio, compared with 0.68% for HYBI.

Which ETF pays a higher dividend yield, HYBI or HYDB?

HYBI has the higher dividend yield at 8.37%, compared with 7.00% for HYDB.

What is the main difference between HYBI and HYDB?

HYBI is categorized as Nontraditional Bonds, while HYDB is High Yield Bonds. They also come from different issuers: Neos and iShares. Their fees differ too: 0.68% for HYBI and 0.35% for HYDB.

Which has better risk-adjusted returns?

HYBI currently has the higher Sharpe Ratio (2.29 vs 1.91), 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.