HYBX vs. USHY
HYBX (TCW High Yield Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds. HYBX is actively managed, while USHY is passively managed. Over the past year, HYBX returned 4.91% vs 5.78% for USHY. At a 0.33 correlation, their price movements are largely independent. HYBX charges 0.50%/yr vs 0.15%/yr for USHY.
Performance
HYBX vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, HYBX achieves a 2.89% return, which is significantly higher than USHY's 1.67% return.
HYBX
- 1D
- 0.15%
- 1M
- 0.34%
- YTD
- 2.89%
- 6M
- 2.53%
- 1Y
- 4.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USHY
- 1D
- -0.11%
- 1M
- 0.19%
- YTD
- 1.67%
- 6M
- 1.71%
- 1Y
- 5.78%
- 3Y*
- 8.98%
- 5Y*
- 4.12%
- 10Y*
- —
HYBX vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HYBX TCW High Yield Bond ETF | 2.89% | 6.26% | -0.04% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.67% | 8.81% | 0.24% |
Correlation
The correlation between HYBX and USHY is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024 | 0.33 |
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Return for Risk
HYBX vs. USHY — Risk / Return Rank
HYBX
USHY
HYBX vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TCW High Yield Bond ETF (HYBX) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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.
| HYBX | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.30 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 2.39 | -0.10 |
| Martin ratioReturn relative to average drawdown | 7.33 | 10.69 | -3.36 |
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Drawdowns
HYBX vs. USHY - Drawdown Comparison
The maximum HYBX drawdown since its inception was -3.93%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for HYBX and USHY.
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Drawdown Indicators
| HYBX | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.93% | -22.44% | +18.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.15% | -2.43% | +0.28% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.66% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.56% | — |
Current DrawdownCurrent decline from peak | -0.23% | -0.22% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.56% | -2.65% | +2.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.54% | +0.13% |
Volatility
HYBX vs. USHY - Volatility Comparison
TCW High Yield Bond ETF (HYBX) and iShares Broad USD High Yield Corporate Bond ETF (USHY) have volatilities of 0.91% and 0.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYBX | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.91% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 4.52% | 2.96% | +1.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.62% | 3.67% | +2.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.54% | 7.35% | +0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.54% | 8.22% | -0.68% |
HYBX vs. USHY - Expense Ratio Comparison
HYBX has a 0.50% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
HYBX vs. USHY - Dividend Comparison
HYBX's dividend yield for the trailing twelve months is around 7.68%, more than USHY's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HYBX TCW High Yield Bond ETF | 7.68% | 7.82% | 1.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
HYBX and USHY have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (0.91%) compared to HYBX (0.91%). In terms of maximum drawdown, HYBX dropped -3.93% vs USHY's -22.44%.
On 1-year performance, USHY leads with 5.78% vs 4.91% for HYBX. On fees, USHY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USHY has performed better with a 5.78% return vs 4.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.50% for HYBX.
HYBX has the higher dividend yield at 7.68%, compared with 6.90% for USHY.
They also come from different issuers: TCW and iShares. Their fees differ too: 0.50% for HYBX and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.59 vs 0.74), 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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