HYDB vs. SHYG
HYDB (iShares High Yield Bond Factor ETF) and SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) are both High Yield Bonds funds from iShares - HYDB tracks the BlackRock High Yield Defensive Bond Index while SHYG tracks the Markit iBoxx USD Liquid High Yield 0-5 Index. Both are passively managed. Over the past 5 years, HYDB returned 4.57%/yr vs 4.78%/yr for SHYG. Their correlation of 0.87 suggests significant overlap in exposure. HYDB charges 0.35%/yr vs 0.30%/yr for SHYG.
Performance
HYDB vs. SHYG - Performance Comparison
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Returns By Period
In the year-to-date period, HYDB achieves a 1.47% return, which is significantly lower than SHYG's 1.72% return.
HYDB
- 1D
- -0.11%
- 1M
- 0.41%
- YTD
- 1.47%
- 6M
- 1.60%
- 1Y
- 6.31%
- 3Y*
- 9.35%
- 5Y*
- 4.57%
- 10Y*
- —
SHYG
- 1D
- -0.07%
- 1M
- 0.39%
- YTD
- 1.72%
- 6M
- 1.94%
- 1Y
- 6.03%
- 3Y*
- 8.27%
- 5Y*
- 4.78%
- 10Y*
- 5.21%
HYDB vs. SHYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYDB iShares High Yield Bond Factor ETF | 1.47% | 8.10% | 9.11% | 14.02% | -9.99% | 5.14% | 7.39% | 16.13% | -3.18% | 3.38% |
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 1.72% | 7.94% | 8.17% | 10.38% | -4.71% | 4.60% | 3.15% | 9.93% | 0.02% | 1.46% |
Correlation
The correlation between HYDB and SHYG is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2017 | 0.87 |
The correlation between HYDB and SHYG has been stable across timeframes, ranging from 0.87 to 0.96 - a consistent structural relationship.
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Return for Risk
HYDB vs. SHYG — Risk / Return Rank
HYDB
SHYG
HYDB vs. SHYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Bond Factor ETF (HYDB) and iShares 0-5 Year High Yield Corporate Bond ETF (SHYG). 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 | SHYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.38 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 3.46 | -1.22 |
| Martin ratioReturn relative to average drawdown | 9.85 | 14.95 | -5.10 |
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Drawdowns
HYDB vs. SHYG - Drawdown Comparison
The maximum HYDB drawdown since its inception was -21.58%, which is greater than SHYG's maximum drawdown of -19.26%. Use the drawdown chart below to compare losses from any high point for HYDB and SHYG.
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Drawdown Indicators
| HYDB | SHYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.58% | -19.26% | -2.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -1.75% | -1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -5.58% | -4.53% | -1.05% |
Max Drawdown (5Y)Largest decline over 5 years | -14.28% | -9.39% | -4.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.26% | — |
Current DrawdownCurrent decline from peak | -0.31% | -0.16% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -1.44% | -0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.40% | +0.24% |
Volatility
HYDB vs. SHYG - Volatility Comparison
iShares High Yield Bond Factor ETF (HYDB) has a higher volatility of 1.06% compared to iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) at 0.83%. This indicates that HYDB's price experiences larger fluctuations and is considered to be riskier than SHYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYDB | SHYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.83% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 2.57% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.84% | 3.20% | +0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.05% | 5.74% | +1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.74% | 6.41% | +1.33% |
HYDB vs. SHYG - Expense Ratio Comparison
HYDB has a 0.35% expense ratio, which is higher than SHYG's 0.30% expense ratio.
Dividends
HYDB vs. SHYG - Dividend Comparison
HYDB's dividend yield for the trailing twelve months is around 6.99%, which matches SHYG's 7.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYDB iShares High Yield Bond Factor ETF | 6.99% | 7.04% | 6.95% | 7.00% | 6.30% | 4.70% | 5.81% | 5.68% | 6.16% | 2.70% | 0.00% | 0.00% |
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 7.00% | 7.03% | 6.93% | 6.54% | 5.57% | 4.83% | 5.07% | 5.33% | 5.90% | 5.49% | 5.53% | 5.17% |
Frequently Asked Questions
With a correlation of 0.96, HYDB and SHYG 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 (1.06%) compared to SHYG (0.83%). In terms of maximum drawdown, HYDB dropped -21.58% vs SHYG's -19.26%.
On 5-year performance, SHYG leads with 4.78% vs 4.57% for HYDB. On fees, SHYG is cheaper at 0.30% per year. On volatility, SHYG has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SHYG has performed better with a 4.78% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHYG is cheaper with a 0.30% expense ratio, compared with 0.35% for HYDB.
SHYG has the higher dividend yield at 7.00%, compared with 6.99% for HYDB.
HYDB tracks BlackRock High Yield Defensive Bond Index, while SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index. Their fees differ too: 0.35% for HYDB and 0.30% for SHYG.
SHYG currently has the higher Sharpe Ratio (1.89 vs 1.65), 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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