HYDW vs. MHY

Last updated Jun 23, 2026

HYDW (Xtrackers Low Beta High Yield Bond ETF) and MHY (Man Active High Yield ETF) are both High Yield Bonds funds. HYDW is passively managed, while MHY is actively managed. A 0.69 correlation means they provide meaningful diversification when combined. HYDW charges 0.20%/yr vs 0.69%/yr for MHY.

Performance

HYDW vs. MHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Low Beta High Yield Bond ETF (HYDW) and Man Active High Yield ETF (MHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYDW achieves a 1.25% return, which is significantly lower than MHY's 3.85% return.

HYDW

• 1D: -0.13%
• 1M: 0.47%
• YTD: 1.25%
• 6M: 1.45%
• 1Y: 5.43%
• 3Y*: 7.32%
• 5Y*: 3.54%
• 10Y*: —

MHY

• 1D: 0.31%
• 1M: 1.49%
• YTD: 3.85%
• 6M: 4.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYDW vs. MHY - Yearly Performance Comparison

	2026 (YTD)	2025
HYDW Xtrackers Low Beta High Yield Bond ETF	1.25%	1.73%
MHY Man Active High Yield ETF	3.85%	1.54%

Correlation

The correlation between HYDW and MHY is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025	0.69

Return for Risk

HYDW vs. MHY — Risk / Return Rank

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

HYDW

HYDW Risk / Return Rank: 61
HYDW Sharpe Ratio Rank: 56
HYDW Sortino Ratio Rank: 63
HYDW Omega Ratio Rank: 63
HYDW Calmar Ratio Rank: 55
HYDW Martin Ratio Rank: 69

MHY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

HYDW vs. MHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Low Beta High Yield Bond ETF (HYDW) and Man Active High Yield ETF (MHY). 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	MHY	Difference
Sharpe ratio: Return per unit of total volatility	1.85	—	—
Sortino ratio: Return per unit of downside risk	2.84	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	2.61	—	—
Martin ratio: Return relative to average drawdown	12.38	—	—

Drawdowns

HYDW vs. MHY - Drawdown Comparison

The maximum HYDW drawdown since its inception was -17.75%, which is greater than MHY's maximum drawdown of -1.58%. Use the drawdown chart below to compare losses from any high point for HYDW and MHY.

Drawdown Indicators

	HYDW	MHY	Difference
Max Drawdown Largest peak-to-trough decline	-17.75%	-1.58%	-16.17%
Max Drawdown (1Y) Largest decline over 1 year	-2.09%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.68%	—	—
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-1.88%	-0.29%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	—	—

Volatility

Volatility by Period

	HYDW	MHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	2.99%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.41%	2.99%	+3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.97%	2.99%	+3.98%

HYDW vs. MHY - Expense Ratio Comparison

HYDW has a 0.20% expense ratio, which is lower than MHY's 0.69% expense ratio.

Dividends

HYDW vs. MHY - Dividend Comparison

HYDW's dividend yield for the trailing twelve months is around 5.73%, more than MHY's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
MHY Man Active High Yield ETF	3.56%	3.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYDW and MHY in my portfolio?

HYDW and MHY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYDW or MHY?

On fees, HYDW is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYDW or MHY?

HYDW is cheaper with a 0.20% expense ratio, compared with 0.69% for MHY.

Which ETF pays a higher dividend yield, HYDW or MHY?

HYDW has the higher dividend yield at 5.73%, compared with 3.56% for MHY.

What is the main difference between HYDW and MHY?

They also come from different issuers: Deutsche Bank and Man Group. Their fees differ too: 0.20% for HYDW and 0.69% for MHY.