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HYG vs. BBHY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYG vs. BBHY

Last updated Jun 5, 2026

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 3.81%/yr vs 4.12%/yr for BBHY. Their correlation of 0.87 suggests significant overlap in exposure. HYG charges 0.49%/yr vs 0.15%/yr for BBHY.

Performance

HYG vs. BBHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HYG achieves a 1.51% return, which is significantly lower than BBHY's 1.73% return.

HYG

1D
0.19%
1M
0.40%
YTD
1.51%
6M
1.84%
1Y
6.51%
3Y*
8.57%
5Y*
3.81%
10Y*
4.91%

BBHY

1D
0.15%
1M
0.49%
YTD
1.73%
6M
2.18%
1Y
7.10%
3Y*
8.76%
5Y*
4.12%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HYG vs. BBHY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HYG
iShares iBoxx $ High Yield Corporate Bond ETF		1.51%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		1.73%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 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.97

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (All Time)
Calculated using the full available price history since Sep 16, 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.

HYG vs. BBHY - Sectors Allocation Comparison

Sectors
HYG
BBHY

Utilities

99.6%
2.0%

Real Estate

0.4%
3.9%

Basic Materials

-

3.2%

Communication Services

-

7.9%

Consumer Cyclical

-

10.0%

Consumer Defensive

-

2.5%

Energy

-

5.2%

Financial Services

-

4.1%

Healthcare

-

5.4%

Industrials

-

8.4%

Technology

-

4.0%

Utilities

HYG
99.6%
BBHY
2.0%

Real Estate

HYG
0.4%
BBHY
3.9%

Basic Materials

HYG

-

BBHY
3.2%

Communication Services

HYG

-

BBHY
7.9%

Consumer Cyclical

HYG

-

BBHY
10.0%

Consumer Defensive

HYG

-

BBHY
2.5%

Energy

HYG

-

BBHY
5.2%

Financial Services

HYG

-

BBHY
4.1%

Healthcare

HYG

-

BBHY
5.4%

Industrials

HYG

-

BBHY
8.4%

Technology

HYG

-

BBHY
4.0%

Compare stocks, funds, or ETFs

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iShares iBoxx $ High Yield Corporate Bond ETF

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

Often compared with HYG:
HYG vs. LQDHYG vs. JNKHYG vs. SPHYHYG vs. AGGHYG vs. USHYHYG vs. HYGHHYG vs. SHYG
Often compared with BBHY:
BBHY vs. SPHYBBHY vs. USHYBBHY vs. HYDBBHY vs. SPYBBHY vs. JNKBBHY vs. XBBBHY vs. AAA

Return for Risk

HYG vs. BBHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HYG
HYG Risk / Return Rank: 5757
Overall Rank
HYG Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
HYG Sortino Ratio Rank: 5555
Sortino Ratio Rank
HYG Omega Ratio Rank: 5454
Omega Ratio Rank
HYG Calmar Ratio Rank: 5858
Calmar Ratio Rank
HYG Martin Ratio Rank: 6868
Martin Ratio Rank
BBHY
BBHY Risk / Return Rank: 6565
Overall Rank
BBHY Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
BBHY Sortino Ratio Rank: 6666
Sortino Ratio Rank
BBHY Omega Ratio Rank: 6565
Omega Ratio Rank
BBHY Calmar Ratio Rank: 6262
Calmar Ratio Rank
BBHY Martin Ratio Rank: 7373
Martin Ratio Rank
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.

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.

HYGBBHYDifference
Sharpe ratioReturn per unit of total volatility
1.72
1.97

-0.25

Sortino ratioReturn per unit of downside risk
2.59
2.99

-0.40

Omega ratioGain probability vs. loss probability

1.33

1.39

-0.06

Calmar ratioReturn relative to maximum drawdown

2.79

3.00

-0.21

Martin ratioReturn relative to average drawdown

12.34

13.50

-1.16

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYG vs. BBHY - Sharpe Ratio Comparison

The current HYG Sharpe Ratio is 1.72, which is comparable to the BBHY Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of HYG and BBHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

HYGBBHYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.72

1.97

-0.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

0.57

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.46

0.64

-0.19

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

HYGBBHYDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-0.09%

-0.14%

+0.05%

Average Drawdown

Average peak-to-trough decline

-3.24%

-2.37%

-0.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.53%

0.53%

0.00%

Volatility

HYG vs. BBHY - Volatility Comparison

iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a higher volatility of 1.21% compared to JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) at 1.13%. This indicates that HYG's price experiences larger fluctuations and is considered to be riskier 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

HYGBBHYDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.21%

1.13%

+0.08%

Volatility (6M)

Calculated over the trailing 6-month period

3.01%

2.85%

+0.16%

Volatility (1Y)

Calculated over the trailing 1-year period

3.81%

3.62%

+0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.53%

7.26%

+0.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.29%

7.53%

+0.76%

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 6.94% yield.

PositionTTM20252024202320222021202020192018201720162015
BBHY
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF		6.94%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.

HYG has higher volatility (1.21%) compared to BBHY (1.13%). In terms of maximum drawdown, HYG dropped -34.25% vs BBHY's -24.98%.

On 5-year performance, BBHY leads with 4.12% vs 3.81% 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 4.12% return vs 3.81%. 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 6.94%, 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 (1.97 vs 1.72), 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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