HYDB vs. HYBI
HYDB (iShares High Yield Bond Factor ETF) and HYBI (NEOS Enhanced Income Credit Select ETF) are both exchange-traded funds - HYDB is a High Yield Bonds fund tracking the BlackRock High Yield Defensive Bond Index, while HYBI is a Nontraditional Bonds fund actively managed by Neos. HYDB is passively managed, while HYBI is actively managed. Over the past year, HYDB returned 7.09% vs 7.29% for HYBI. Their correlation of 0.89 suggests significant overlap in exposure. HYDB charges 0.35%/yr vs 0.68%/yr for HYBI.
Performance
HYDB vs. HYBI - Performance Comparison
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Returns By Period
In the year-to-date period, HYDB achieves a 1.43% return, which is significantly lower than HYBI's 1.70% return.
HYDB
- 1D
- 0.11%
- 1M
- 0.30%
- YTD
- 1.43%
- 6M
- 1.98%
- 1Y
- 7.09%
- 3Y*
- 9.23%
- 5Y*
- 4.69%
- 10Y*
- —
HYBI
- 1D
- 0.13%
- 1M
- 0.27%
- YTD
- 1.70%
- 6M
- 2.21%
- 1Y
- 7.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYDB vs. HYBI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HYDB iShares High Yield Bond Factor ETF | 1.43% | 8.10% | 0.03% |
HYBI NEOS Enhanced Income Credit Select ETF | 1.70% | 6.97% | -0.48% |
Correlation
The correlation between HYDB and HYBI 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 HYDB and HYBI has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.
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Return for Risk
HYDB vs. HYBI — Risk / Return Rank
HYDB
HYBI
HYDB vs. HYBI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Bond Factor ETF (HYDB) and NEOS Enhanced Income Credit Select ETF (HYBI). 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.
| HYDB | HYBI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.44 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 5.13 | -2.62 |
| Martin ratioReturn relative to average drawdown | 11.12 | 16.80 | -5.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYDB | HYBI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.88 | 2.28 | -0.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.99 | -0.28 |
Drawdowns
HYDB vs. HYBI - Drawdown Comparison
The maximum HYDB drawdown since its inception was -21.58%, which is greater than HYBI's maximum drawdown of -4.68%. Use the drawdown chart below to compare losses from any high point for HYDB and HYBI.
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Drawdown Indicators
| HYDB | HYBI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.58% | -4.68% | -16.90% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -1.43% | -1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -5.58% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -14.28% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -0.11% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -0.62% | -1.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.44% | +0.20% |
Volatility
HYDB vs. HYBI - Volatility Comparison
iShares High Yield Bond Factor ETF (HYDB) has a higher volatility of 1.12% compared to NEOS Enhanced Income Credit Select ETF (HYBI) at 0.98%. This indicates that HYDB's price experiences larger fluctuations and is considered to be riskier than HYBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYDB | HYBI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 0.98% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 2.13% | +0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.78% | 3.22% | +0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.04% | 4.93% | +2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.76% | 4.93% | +2.83% |
HYDB vs. HYBI - Expense Ratio Comparison
HYDB has a 0.35% expense ratio, which is lower than HYBI's 0.68% expense ratio.
Dividends
HYDB vs. HYBI - Dividend Comparison
HYDB's dividend yield for the trailing twelve months is around 7.00%, less than HYBI's 8.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HYBI NEOS Enhanced Income Credit Select ETF | 8.36% | 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
With a correlation of 0.91, HYDB and HYBI 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.
HYDB has higher volatility (1.12%) compared to HYBI (0.98%). In terms of maximum drawdown, HYDB dropped -21.58% vs HYBI's -4.68%.
On 1-year performance, HYBI leads with 7.29% vs 7.09% 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.
Over the 1-year period, HYBI has performed better with a 7.29% return vs 7.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYDB is cheaper with a 0.35% expense ratio, compared with 0.68% for HYBI.
HYBI has the higher dividend yield at 8.36%, compared with 7.00% for HYDB.
HYDB is categorized as High Yield Bonds, while HYBI is Nontraditional Bonds. They also come from different issuers: iShares and Neos. Their fees differ too: 0.35% for HYDB and 0.68% for HYBI.
HYBI currently has the higher Sharpe Ratio (2.28 vs 1.88), 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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