HYBL vs. HYGH
HYBL (SPDR Blackstone High Income ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both High Yield Bonds funds. HYBL is actively managed, while HYGH is passively managed. Over the past 3 years, HYBL returned 8.64%/yr vs 9.87%/yr for HYGH. A 0.66 correlation means they provide meaningful diversification when combined. HYBL charges 0.70%/yr vs 0.52%/yr for HYGH.
Performance
HYBL vs. HYGH - Performance Comparison
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Returns By Period
In the year-to-date period, HYBL achieves a 1.29% return, which is significantly lower than HYGH's 3.33% return.
HYBL
- 1D
- -0.02%
- 1M
- 0.32%
- YTD
- 1.29%
- 6M
- 1.58%
- 1Y
- 5.82%
- 3Y*
- 8.64%
- 5Y*
- —
- 10Y*
- —
HYGH
- 1D
- -0.03%
- 1M
- 0.56%
- YTD
- 3.33%
- 6M
- 3.56%
- 1Y
- 7.74%
- 3Y*
- 9.87%
- 5Y*
- 6.91%
- 10Y*
- 6.48%
HYBL vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYBL SPDR Blackstone High Income ETF | 1.29% | 7.78% | 9.12% | 11.86% | -4.72% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.33% | 6.94% | 11.22% | 12.17% | 0.98% |
Correlation
The correlation between HYBL and HYGH is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2022 | 0.66 |
The correlation between HYBL and HYGH has been stable across timeframes, ranging from 0.57 to 0.66 - a consistent structural relationship.
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Return for Risk
HYBL vs. HYGH — Risk / Return Rank
HYBL
HYGH
HYBL vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Blackstone High Income ETF (HYBL) 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.
| HYBL | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.40 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 4.80 | -2.38 |
| Martin ratioReturn relative to average drawdown | 8.88 | 18.77 | -9.89 |
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Drawdowns
HYBL vs. HYGH - Drawdown Comparison
The maximum HYBL drawdown since its inception was -8.46%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for HYBL and HYGH.
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Drawdown Indicators
| HYBL | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.46% | -23.88% | +15.42% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -1.62% | -0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -4.32% | -8.06% | +3.74% |
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 | -0.05% | -0.08% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -1.34% | -2.22% | +0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.41% | +0.25% |
Volatility
HYBL vs. HYGH - Volatility Comparison
The current volatility for SPDR Blackstone High Income ETF (HYBL) is 0.52%, while iShares Interest Rate Hedged High Yield Bond ETF (HYGH) has a volatility of 0.63%. This indicates that HYBL experiences smaller price fluctuations and is considered to be less risky than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYBL | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | 0.63% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.15% | 2.81% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.65% | 3.64% | -0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.55% | 7.08% | -2.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.55% | 8.30% | -3.75% |
HYBL vs. HYGH - Expense Ratio Comparison
HYBL has a 0.70% expense ratio, which is higher than HYGH's 0.52% expense ratio.
Dividends
HYBL vs. HYGH - Dividend Comparison
HYBL's dividend yield for the trailing twelve months is around 7.10%, more than HYGH's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYBL SPDR Blackstone High Income ETF | 7.10% | 7.22% | 7.88% | 7.93% | 5.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 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
HYBL and HYGH have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYGH has higher volatility (0.63%) compared to HYBL (0.52%). In terms of maximum drawdown, HYBL dropped -8.46% vs HYGH's -23.88%.
On 3-year performance, HYGH leads with 9.87% vs 8.64% for HYBL. On fees, HYGH is cheaper at 0.52% per year. On volatility, HYBL has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYGH has performed better with a 9.87% return vs 8.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGH is cheaper with a 0.52% expense ratio, compared with 0.70% for HYBL.
HYBL has the higher dividend yield at 7.10%, compared with 6.60% for HYGH.
They also come from different issuers: State Street and iShares. Their fees differ too: 0.70% for HYBL and 0.52% for HYGH.
HYBL currently has the higher Sharpe Ratio (2.20 vs 2.14), 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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