HYG vs. ACWI
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, HYG returned 5.00%/yr vs 13.09%/yr for ACWI. A 0.70 correlation means they provide meaningful diversification when combined. HYG charges 0.49%/yr vs 0.32%/yr for ACWI.
Performance
HYG vs. ACWI - Performance Comparison
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Returns By Period
In the year-to-date period, HYG achieves a 1.56% return, which is significantly lower than ACWI's 9.86% return. Over the past 10 years, HYG has underperformed ACWI with an annualized return of 5.00%, while ACWI has yielded a comparatively higher 13.09% annualized return.
HYG
- 1D
- -0.09%
- 1M
- 0.46%
- YTD
- 1.56%
- 6M
- 1.74%
- 1Y
- 5.93%
- 3Y*
- 8.75%
- 5Y*
- 3.68%
- 10Y*
- 5.00%
ACWI
- 1D
- -2.00%
- 1M
- -0.35%
- YTD
- 9.86%
- 6M
- 9.11%
- 1Y
- 25.60%
- 3Y*
- 20.00%
- 5Y*
- 10.74%
- 10Y*
- 13.09%
HYG vs. ACWI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.56% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
ACWI iShares MSCI ACWI ETF | 9.86% | 22.41% | 17.45% | 22.27% | -18.39% | 18.66% | 16.34% | 26.59% | -9.19% | 24.33% |
Correlation
The correlation between HYG and ACWI is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2008 | 0.70 |
The correlation between HYG and ACWI has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.
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Return for Risk
HYG vs. ACWI — Risk / Return Rank
HYG
ACWI
HYG vs. ACWI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and iShares MSCI ACWI ETF (ACWI). 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.
| HYG | ACWI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.34 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 2.64 | -0.10 |
| Martin ratioReturn relative to average drawdown | 11.18 | 11.51 | -0.33 |
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Drawdowns
HYG vs. ACWI - Drawdown Comparison
The maximum HYG drawdown since its inception was -34.25%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for HYG and ACWI.
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Drawdown Indicators
| HYG | ACWI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -56.00% | +21.75% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -9.73% | +7.39% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -16.55% | +11.99% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -26.42% | +10.63% |
Max Drawdown (10Y)Largest decline over 10 years | -22.03% | -33.53% | +11.50% |
Current DrawdownCurrent decline from peak | -0.21% | -2.83% | +2.62% |
Average DrawdownAverage peak-to-trough decline | -3.23% | -8.59% | +5.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 2.23% | -1.70% |
Volatility
HYG vs. ACWI - Volatility Comparison
The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 1.13%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 5.57%. This indicates that HYG experiences smaller price fluctuations and is considered to be less risky than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYG | ACWI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 5.57% | -4.44% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 11.38% | -8.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 13.64% | -9.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.54% | 16.20% | -8.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.27% | 17.08% | -8.81% |
HYG vs. ACWI - Expense Ratio Comparison
HYG has a 0.49% expense ratio, which is higher than ACWI's 0.32% expense ratio.
Dividends
HYG vs. ACWI - Dividend Comparison
HYG's dividend yield for the trailing twelve months is around 5.91%, more than ACWI's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWI iShares MSCI ACWI ETF | 1.45% | 1.55% | 1.70% | 1.88% | 1.79% | 1.71% | 1.43% | 2.33% | 2.18% | 1.94% | 2.19% | 2.56% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
Frequently Asked Questions
HYG and ACWI have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ACWI has higher volatility (5.57%) compared to HYG (1.13%). In terms of maximum drawdown, HYG dropped -34.25% vs ACWI's -56.00%.
On 10-year performance, ACWI leads with 13.09% vs 5.00% for HYG. On fees, ACWI is cheaper at 0.32% per year. On volatility, HYG has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ACWI has performed better with a 13.09% return vs 5.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ACWI is cheaper with a 0.32% expense ratio, compared with 0.49% for HYG.
HYG has the higher dividend yield at 5.91%, compared with 1.45% for ACWI.
HYG is categorized as High Yield Bonds, while ACWI is Global Equities. HYG tracks Markit iBoxx USD Liquid High Yield Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.49% for HYG and 0.32% for ACWI.
ACWI currently has the higher Sharpe Ratio (1.89 vs 1.54), 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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