HYFI vs. IEF
HYFI (AB High Yield ETF) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - HYFI is a High Yield Bonds fund actively managed by AllianceBernstein, while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. HYFI is actively managed, while IEF is passively managed. Over the past 3 years, HYFI returned 9.19%/yr vs 2.59%/yr for IEF. A 0.55 correlation means they provide meaningful diversification when combined. HYFI charges 0.40%/yr vs 0.15%/yr for IEF.
Performance
HYFI vs. IEF - Performance Comparison
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Returns By Period
In the year-to-date period, HYFI achieves a 1.98% return, which is significantly higher than IEF's -0.53% return.
HYFI
- 1D
- -0.05%
- 1M
- 0.33%
- YTD
- 1.98%
- 6M
- 2.15%
- 1Y
- 7.18%
- 3Y*
- 9.19%
- 5Y*
- —
- 10Y*
- —
IEF
- 1D
- 0.13%
- 1M
- 0.59%
- YTD
- -0.53%
- 6M
- -0.47%
- 1Y
- 3.01%
- 3Y*
- 2.59%
- 5Y*
- -1.17%
- 10Y*
- 0.53%
HYFI vs. IEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HYFI AB High Yield ETF | 1.98% | 8.91% | 7.98% | 8.66% |
IEF iShares 7-10 Year Treasury Bond ETF | -0.53% | 8.03% | -0.63% | -1.05% |
Correlation
The correlation between HYFI and IEF is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since May 15, 2023 | 0.55 |
The correlation between HYFI and IEF has been stable across timeframes, ranging from 0.51 to 0.56 - a consistent structural relationship.
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Return for Risk
HYFI vs. IEF — Risk / Return Rank
HYFI
IEF
HYFI vs. IEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB High Yield ETF (HYFI) and iShares 7-10 Year Treasury Bond ETF (IEF). 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.
| HYFI | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.11 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 0.74 | +2.15 |
| Martin ratioReturn relative to average drawdown | 12.94 | 2.01 | +10.93 |
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Drawdowns
HYFI vs. IEF - Drawdown Comparison
The maximum HYFI drawdown since its inception was -6.34%, smaller than the maximum IEF drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for HYFI and IEF.
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Drawdown Indicators
| HYFI | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.34% | -23.93% | +17.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.49% | -4.07% | +1.58% |
Max Drawdown (3Y)Largest decline over 3 years | -6.34% | -7.74% | +1.40% |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.40% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.93% | — |
Current DrawdownCurrent decline from peak | -0.25% | -11.23% | +10.98% |
Average DrawdownAverage peak-to-trough decline | -0.50% | -5.36% | +4.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 1.50% | -0.94% |
Volatility
HYFI vs. IEF - Volatility Comparison
The current volatility for AB High Yield ETF (HYFI) is 0.95%, while iShares 7-10 Year Treasury Bond ETF (IEF) has a volatility of 1.41%. This indicates that HYFI experiences smaller price fluctuations and is considered to be less risky than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYFI | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.41% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 3.16% | 3.48% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.99% | 4.72% | -0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.33% | 7.71% | -2.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.33% | 6.62% | -1.29% |
HYFI vs. IEF - Expense Ratio Comparison
HYFI has a 0.40% expense ratio, which is higher than IEF's 0.15% expense ratio.
Dividends
HYFI vs. IEF - Dividend Comparison
HYFI's dividend yield for the trailing twelve months is around 6.64%, more than IEF's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYFI AB High Yield ETF | 6.64% | 6.66% | 6.57% | 4.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEF iShares 7-10 Year Treasury Bond ETF | 3.90% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
Frequently Asked Questions
HYFI and IEF have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEF has higher volatility (1.41%) compared to HYFI (0.95%). In terms of maximum drawdown, HYFI dropped -6.34% vs IEF's -23.93%.
On 3-year performance, HYFI leads with 9.19% vs 2.59% for IEF. On fees, IEF is cheaper at 0.15% per year. On volatility, HYFI has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYFI has performed better with a 9.19% return vs 2.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 0.40% for HYFI.
HYFI has the higher dividend yield at 6.64%, compared with 3.90% for IEF.
HYFI is categorized as High Yield Bonds, while IEF is Government Bonds. They also come from different issuers: AllianceBernstein and iShares. Their fees differ too: 0.40% for HYFI and 0.15% for IEF.
HYFI currently has the higher Sharpe Ratio (1.81 vs 0.64), 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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