HYBX vs. USHY

Last updated Jun 6, 2026

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 5.34% vs 6.75% 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

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW High Yield Bond ETF (HYBX) and iShares Broad USD High Yield Corporate Bond ETF (USHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYBX achieves a 2.01% return, which is significantly higher than USHY's 1.20% return.

HYBX

• 1D: -0.40%
• 1M: -0.59%
• YTD: 2.01%
• 6M: 1.87%
• 1Y: 5.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USHY

• 1D: -0.43%
• 1M: 0.02%
• YTD: 1.20%
• 6M: 1.55%
• 1Y: 6.75%
• 3Y*: 8.80%
• 5Y*: 4.20%
• 10Y*: —

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

HYBX vs. USHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HYBX TCW High Yield Bond ETF	2.01%	6.26%	-0.26%
USHY iShares Broad USD High Yield Corporate Bond ETF	1.20%	8.81%	0.05%

Correlation

The correlation between HYBX and USHY is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	0.33

Return for Risk

HYBX vs. USHY — Risk / Return Rank

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

HYBX

HYBX Risk / Return Rank: 37
HYBX Sharpe Ratio Rank: 25
HYBX Sortino Ratio Rank: 26
HYBX Omega Ratio Rank: 25
HYBX Calmar Ratio Rank: 56
HYBX Martin Ratio Rank: 52

USHY

USHY Risk / Return Rank: 61
USHY Sharpe Ratio Rank: 56
USHY Sortino Ratio Rank: 61
USHY Omega Ratio Rank: 60
USHY Calmar Ratio Rank: 58
USHY Martin Ratio Rank: 69

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.

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.

	HYBX	USHY	Difference
Sharpe ratio: Return per unit of total volatility	0.81	1.86	-1.05
Sortino ratio: Return per unit of downside risk	1.28	2.79	-1.50
Omega ratio: Gain probability vs. loss probability	1.16	1.36	-0.20
Calmar ratio: Return relative to maximum drawdown	2.49	2.81	-0.32
Martin ratio: Return relative to average drawdown	8.05	12.59	-4.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYBX vs. USHY - Sharpe Ratio Comparison

The current HYBX Sharpe Ratio is 0.81, which is lower than the USHY Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of HYBX and USHY, 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

	HYBX	USHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	1.86	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.58	+0.11

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.

Drawdown Indicators

	HYBX	USHY	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.93%	-0.49%	-0.44%
Average Drawdown Average peak-to-trough decline	-0.57%	-2.66%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.54%	+0.12%

Volatility

HYBX vs. USHY - Volatility Comparison

TCW High Yield Bond ETF (HYBX) has a higher volatility of 1.41% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 1.18%. This indicates that HYBX's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYBX	USHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	1.18%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	5.11%	2.95%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	6.64%	3.67%	+2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.66%	7.34%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	8.25%	-0.59%

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 7.75%, more than USHY's 6.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYBX TCW High Yield Bond ETF	7.75%	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	6.94%	6.79%	6.89%	6.63%	6.08%	5.07%	5.30%	5.92%	6.30%	0.73%

Frequently Asked Questions

Can I hold both HYBX and USHY in my portfolio?

HYBX and USHY have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYBX or USHY?

HYBX has higher volatility (1.41%) compared to USHY (1.18%). In terms of maximum drawdown, HYBX dropped -3.93% vs USHY's -22.44%.

Which ETF is better, HYBX or USHY?

On 1-year performance, USHY leads with 6.75% vs 5.34% for HYBX. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYBX or USHY?

Over the 1-year period, USHY has performed better with a 6.75% return vs 5.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYBX or USHY?

USHY is cheaper with a 0.15% expense ratio, compared with 0.50% for HYBX.

Which ETF pays a higher dividend yield, HYBX or USHY?

HYBX has the higher dividend yield at 7.75%, compared with 6.94% for USHY.

What is the main difference between HYBX and USHY?

They also come from different issuers: TCW and iShares. Their fees differ too: 0.50% for HYBX and 0.15% for USHY.

Which has better risk-adjusted returns?

USHY currently has the higher Sharpe Ratio (1.86 vs 0.81), 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.