HYDW vs. BKHY
HYDW (Xtrackers Low Beta High Yield Bond ETF) and BKHY (BNY Mellon High Yield Beta ETF) are both High Yield Bonds funds - HYDW tracks the Solactive USD High Yield Corporates Total Market Low Beta Index while BKHY tracks the Bloomberg US Corporate High Yield Index. Both are passively managed. Over the past 5 years, HYDW returned 3.54%/yr vs 4.07%/yr for BKHY. Their correlation of 0.92 suggests significant overlap in exposure. HYDW charges 0.20%/yr vs 0.22%/yr for BKHY.
Performance
HYDW vs. BKHY - Performance Comparison
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Returns By Period
In the year-to-date period, HYDW achieves a 1.25% return, which is significantly lower than BKHY's 1.95% return.
HYDW
- 1D
- -0.13%
- 1M
- 0.47%
- YTD
- 1.25%
- 6M
- 1.45%
- 1Y
- 5.43%
- 3Y*
- 7.32%
- 5Y*
- 3.54%
- 10Y*
- —
BKHY
- 1D
- -0.02%
- 1M
- 0.57%
- YTD
- 1.95%
- 6M
- 2.31%
- 1Y
- 6.98%
- 3Y*
- 9.06%
- 5Y*
- 4.07%
- 10Y*
- —
HYDW vs. BKHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HYDW Xtrackers Low Beta High Yield Bond ETF | 1.25% | 8.47% | 5.42% | 9.84% | -7.86% | 2.77% | 10.71% |
BKHY BNY Mellon High Yield Beta ETF | 1.95% | 8.48% | 8.37% | 12.40% | -10.97% | 4.75% | 17.83% |
Correlation
The correlation between HYDW and BKHY is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020 | 0.92 |
The correlation between HYDW and BKHY shifts across timeframes, from 0.83 (1 year) to 0.93 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYDW vs. BKHY — Risk / Return Rank
HYDW
BKHY
HYDW vs. BKHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers Low Beta High Yield Bond ETF (HYDW) and BNY Mellon High Yield Beta ETF (BKHY). 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.
| HYDW | BKHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.37 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 2.77 | -0.17 |
| Martin ratioReturn relative to average drawdown | 12.38 | 12.66 | -0.28 |
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Drawdowns
HYDW vs. BKHY - Drawdown Comparison
The maximum HYDW drawdown since its inception was -17.75%, which is greater than BKHY's maximum drawdown of -15.89%. Use the drawdown chart below to compare losses from any high point for HYDW and BKHY.
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Drawdown Indicators
| HYDW | BKHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.75% | -15.89% | -1.86% |
Max Drawdown (1Y)Largest decline over 1 year | -2.09% | -2.53% | +0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -3.64% | -4.87% | +1.23% |
Max Drawdown (5Y)Largest decline over 5 years | -12.68% | -15.89% | +3.21% |
Current DrawdownCurrent decline from peak | -0.13% | -0.25% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -1.88% | -2.95% | +1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 0.55% | -0.11% |
Volatility
HYDW vs. BKHY - Volatility Comparison
The current volatility for Xtrackers Low Beta High Yield Bond ETF (HYDW) is 0.67%, while BNY Mellon High Yield Beta ETF (BKHY) has a volatility of 0.92%. This indicates that HYDW experiences smaller price fluctuations and is considered to be less risky than BKHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYDW | BKHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 0.92% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 2.30% | 3.03% | -0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.95% | 3.74% | -0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.41% | 7.59% | -1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.97% | 7.34% | -0.37% |
HYDW vs. BKHY - Expense Ratio Comparison
HYDW has a 0.20% expense ratio, which is lower than BKHY's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HYDW vs. BKHY - Dividend Comparison
HYDW's dividend yield for the trailing twelve months is around 5.73%, less than BKHY's 7.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BKHY BNY Mellon High Yield Beta ETF | 7.45% | 7.33% | 7.34% | 8.67% | 6.59% | 6.78% | 4.65% | 0.00% | 0.00% |
HYDW Xtrackers Low Beta High Yield Bond ETF | 5.73% | 5.75% | 5.35% | 5.69% | 4.78% | 3.30% | 4.45% | 4.56% | 4.42% |
Frequently Asked Questions
HYDW and BKHY have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BKHY has higher volatility (0.92%) compared to HYDW (0.67%). In terms of maximum drawdown, HYDW dropped -17.75% vs BKHY's -15.89%.
On 5-year performance, BKHY leads with 4.07% vs 3.54% for HYDW. On fees, HYDW is cheaper at 0.20% per year. On volatility, HYDW has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BKHY has performed better with a 4.07% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYDW is cheaper with a 0.20% expense ratio, compared with 0.22% for BKHY.
BKHY has the higher dividend yield at 7.45%, compared with 5.73% for HYDW.
HYDW tracks Solactive USD High Yield Corporates Total Market Low Beta Index, while BKHY tracks Bloomberg US Corporate High Yield Index. They also come from different issuers: Deutsche Bank and BNY Mellon. Their fees differ too: 0.20% for HYDW and 0.22% for BKHY.
BKHY currently has the higher Sharpe Ratio (1.88 vs 1.85), 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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