HYG vs. BBHY
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and BBHY (JPMorgan BetaBuilders USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - HYG tracks the Markit iBoxx USD Liquid High Yield Index while BBHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past 5 years, HYG returned 3.73%/yr vs 3.99%/yr for BBHY. Their correlation of 0.87 means they have usually moved in the same direction. HYG charges 0.49%/yr vs 0.15%/yr for BBHY.
Performance
HYG vs. BBHY - Performance Comparison
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Returns By Period
In the year-to-date period, HYG achieves a 1.81% return, which is significantly lower than BBHY's 2.13% return.
HYG
- 1D
- 0.27%
- 1M
- -0.02%
- 6M
- 1.13%
- YTD
- 1.81%
- 1Y
- 5.12%
- 3Y*
- 8.25%
- 5Y*
- 3.73%
- 10Y*
- 4.64%
- ALL TIME*
- 4.95%
BBHY
- 1D
- 0.30%
- 1M
- -0.11%
- 6M
- 1.34%
- YTD
- 2.13%
- 1Y
- 5.69%
- 3Y*
- 8.37%
- 5Y*
- 3.99%
- 10Y*
- —
- ALL TIME*
- 4.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.07M | $3.06M | $2.90M | |
| $2.88B | $2.52B | $2.69B |
HYG vs. BBHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.81% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 2.13% | 8.51% | 7.81% | 11.98% | -10.37% | 3.88% | 5.36% | 14.35% | -2.50% | 6.57% |
Correlation
The correlation between HYG and BBHY is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016 | 0.87 |
The correlation between HYG and BBHY shifts across timeframes, from 0.87 (all time) to 0.98 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYG vs. BBHY — Risk / Return Rank
HYG
BBHY
HYG vs. BBHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY). 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 | BBHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.30 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 2.41 | -0.21 |
| Martin ratioReturn relative to average drawdown | 9.47 | 10.49 | -1.03 |
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Drawdowns
HYG vs. BBHY - Drawdown Comparison
The maximum HYG drawdown since its inception was -34.25%, which is greater than BBHY's maximum drawdown of -24.98%. Use the drawdown chart below to compare losses from any high point for HYG and BBHY.
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Drawdown Indicators
| HYG | BBHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -24.98% | -9.27% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -2.37% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -5.00% | +0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -15.32% | -0.47% |
Max Drawdown (10Y)Largest decline over 10 years | -22.03% | — | — |
Current DrawdownCurrent decline from peak | -0.22% | -0.25% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -3.22% | -2.34% | -0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.54% | 0.00% |
Volatility
HYG vs. BBHY - Volatility Comparison
The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 0.83%, while JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) has a volatility of 0.88%. This indicates that HYG experiences smaller price fluctuations and is considered to be less risky than BBHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYG | BBHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.88% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.17% | 3.02% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.87% | 3.67% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.53% | 7.27% | +0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.21% | 7.48% | +0.73% |
HYG vs. BBHY - Expense Ratio Comparison
HYG has a 0.49% expense ratio, which is higher than BBHY's 0.15% expense ratio.
Dividends
HYG vs. BBHY - Dividend Comparison
HYG's dividend yield for the trailing twelve months is around 5.91%, less than BBHY's 7.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 7.11% | 7.24% | 7.18% | 6.49% | 5.92% | 4.06% | 4.73% | 4.99% | 5.02% | 4.81% | 1.42% | 0.00% |
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
With a correlation of 0.97, HYG and BBHY 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.
BBHY has higher volatility (0.88%) compared to HYG (0.83%). In terms of maximum drawdown, HYG dropped -34.25% vs BBHY's -24.98%.
On 5-year performance, BBHY leads with 3.99% vs 3.73% for HYG. On fees, BBHY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BBHY has performed better with a 3.99% return vs 3.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBHY is cheaper with a 0.15% expense ratio, compared with 0.49% for HYG.
BBHY has the higher dividend yield at 7.11%, compared with 5.91% for HYG.
HYG tracks Markit iBoxx USD Liquid High Yield Index, while BBHY tracks ICE BofA US High Yield Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.49% for HYG and 0.15% for BBHY.
BBHY currently has the higher Sharpe Ratio (1.56 vs 1.33), 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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