HYDB vs. IGEB
HYDB (iShares High Yield Systematic Bond ETF) and IGEB (iShares Investment Grade Bond Factor ETF) are both exchange-traded funds - HYDB is a High Yield Bonds fund tracking the BlackRock High Yield Defensive Bond Index, while IGEB is a Corporate Bonds fund tracking the BlackRock Investment Grade Enhanced Bond Index. Both are passively managed. Over the past 5 years, HYDB returned 4.44%/yr vs 0.40%/yr for IGEB. Their 0.48 correlation means their historical movements had little consistent relationship. HYDB charges 0.35%/yr vs 0.18%/yr for IGEB.
Performance
HYDB vs. IGEB - Performance Comparison
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Returns By Period
In the year-to-date period, HYDB achieves a 1.34% return, which is significantly higher than IGEB's -0.55% return.
HYDB
- 1D
- 0.00%
- 1M
- -0.41%
- 6M
- 0.57%
- YTD
- 1.34%
- 1Y
- 4.88%
- 3Y*
- 8.47%
- 5Y*
- 4.44%
- 10Y*
- —
- ALL TIME*
- 5.40%
IGEB
- 1D
- -0.14%
- 1M
- -1.49%
- 6M
- -0.76%
- YTD
- -0.55%
- 1Y
- 2.02%
- 3Y*
- 5.43%
- 5Y*
- 0.40%
- 10Y*
- —
- ALL TIME*
- 3.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.23M | $7.91M | $8.88M | |
| $12.89M | $14.25M | $12.77M |
HYDB vs. IGEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYDB iShares High Yield Systematic Bond ETF | 1.34% | 8.10% | 9.11% | 14.02% | -9.99% | 5.14% | 7.39% | 16.13% | -3.18% | 3.38% |
IGEB iShares Investment Grade Bond Factor ETF | -0.55% | 8.17% | 3.10% | 9.56% | -14.85% | -1.14% | 11.23% | 15.42% | -2.05% | 1.53% |
Correlation
The correlation between HYDB and IGEB is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.71 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2017 | 0.48 |
Over the past year, HYDB and IGEB have become more correlated (0.71) than their long-term average of 0.48, meaning their price movements have been converging.
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Return for Risk
HYDB vs. IGEB — Risk / Return Rank
HYDB
IGEB
HYDB vs. IGEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Systematic Bond ETF (HYDB) and iShares Investment Grade Bond Factor ETF (IGEB). 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.
| HYDB | IGEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.12 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 0.99 | +0.75 |
| Martin ratioReturn relative to average drawdown | 7.48 | 2.85 | +4.63 |
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Drawdowns
HYDB vs. IGEB - Drawdown Comparison
The maximum HYDB drawdown since its inception was -21.58%, roughly equal to the maximum IGEB drawdown of -21.13%. Use the drawdown chart below to compare losses from any high point for HYDB and IGEB.
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Drawdown Indicators
| HYDB | IGEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.58% | -21.13% | -0.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -2.88% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -5.58% | -5.02% | -0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -14.28% | -21.13% | +6.85% |
Current DrawdownCurrent decline from peak | -0.51% | -1.97% | +1.46% |
Average DrawdownAverage peak-to-trough decline | -2.35% | -4.83% | +2.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 1.00% | -0.35% |
Volatility
HYDB vs. IGEB - Volatility Comparison
The current volatility for iShares High Yield Systematic Bond ETF (HYDB) is 0.76%, while iShares Investment Grade Bond Factor ETF (IGEB) has a volatility of 1.06%. This indicates that HYDB experiences smaller price fluctuations and is considered to be less risky than IGEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYDB | IGEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 1.06% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | 3.25% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.81% | 4.12% | -0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.05% | 6.69% | +0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.70% | 6.49% | +1.21% |
HYDB vs. IGEB - Expense Ratio Comparison
HYDB has a 0.35% expense ratio, which is higher than IGEB's 0.18% expense ratio.
Dividends
HYDB vs. IGEB - Dividend Comparison
HYDB's dividend yield for the trailing twelve months is around 7.00%, more than IGEB's 5.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HYDB iShares High Yield Systematic Bond ETF | 6.40% | 7.04% | 6.95% | 7.00% | 6.30% | 4.70% | 5.81% | 5.68% | 6.16% | 2.70% |
IGEB iShares Investment Grade Bond Factor ETF | 4.72% | 4.92% | 5.09% | 4.60% | 3.64% | 3.84% | 3.78% | 5.61% | 3.59% | 1.62% |
Frequently Asked Questions
HYDB and IGEB have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IGEB has higher volatility (1.06%) compared to HYDB (0.76%). In terms of maximum drawdown, HYDB dropped -21.58% vs IGEB's -21.13%.
On 5-year performance, HYDB leads with 4.44% vs 0.40% for IGEB. On fees, IGEB is cheaper at 0.18% per year. On volatility, HYDB has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYDB has performed better with a 4.44% return vs 0.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGEB is cheaper with a 0.18% expense ratio, compared with 0.35% for HYDB.
HYDB has the higher dividend yield at 6.40%, compared with 4.72% for IGEB.
HYDB is categorized as High Yield Bonds, while IGEB is Corporate Bonds. HYDB tracks BlackRock High Yield Defensive Bond Index, while IGEB tracks BlackRock Investment Grade Enhanced Bond Index. Their fees differ too: 0.35% for HYDB and 0.18% for IGEB.
HYDB currently has the higher Sharpe Ratio (1.28 vs 0.69), 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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