HYG vs. BHYIX

Last updated Jun 4, 2026

HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and BHYIX (BlackRock High Yield Bond Portfolio Institutional Shares) are both High Yield Bonds funds. Over the past 10 years, HYG returned 4.94%/yr vs 5.91%/yr for BHYIX. A 0.57 correlation means they provide meaningful diversification when combined. HYG charges 0.49%/yr vs 0.59%/yr for BHYIX.

Performance

HYG vs. BHYIX - Performance Comparison

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

Returns By Period

In the year-to-date period, HYG achieves a 1.32% return, which is significantly lower than BHYIX's 1.90% return. Over the past 10 years, HYG has underperformed BHYIX with an annualized return of 4.94%, while BHYIX has yielded a comparatively higher 5.91% annualized return.

HYG

• 1D: -0.28%
• 1M: 0.36%
• YTD: 1.32%
• 6M: 1.73%
• 1Y: 6.51%
• 3Y*: 8.48%
• 5Y*: 3.77%
• 10Y*: 4.94%

BHYIX

• 1D: 0.14%
• 1M: 0.70%
• YTD: 1.90%
• 6M: 2.44%
• 1Y: 8.04%
• 3Y*: 9.31%
• 5Y*: 4.49%
• 10Y*: 5.91%

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

HYG vs. BHYIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYG iShares iBoxx $ High Yield Corporate Bond ETF	1.32%	8.59%	7.97%	11.54%	-10.98%	3.76%	4.47%	14.09%	-2.02%	6.07%
BHYIX BlackRock High Yield Bond Portfolio Institutional Shares	1.90%	9.18%	8.55%	13.19%	-11.24%	5.53%	5.87%	15.35%	-2.81%	8.23%

Correlation

The correlation between HYG and BHYIX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Apr 12, 2007	0.57

The correlation between HYG and BHYIX shifts across timeframes, from 0.57 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HYG vs. BHYIX — Risk / Return Rank

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

HYG

HYG Risk / Return Rank: 55
HYG Sharpe Ratio Rank: 49
HYG Sortino Ratio Rank: 52
HYG Omega Ratio Rank: 52
HYG Calmar Ratio Rank: 55
HYG Martin Ratio Rank: 66

BHYIX

BHYIX Risk / Return Rank: 82
BHYIX Sharpe Ratio Rank: 70
BHYIX Sortino Ratio Rank: 90
BHYIX Omega Ratio Rank: 85
BHYIX Calmar Ratio Rank: 75
BHYIX Martin Ratio Rank: 87

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. BHYIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX). 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.

	HYG	BHYIX	Difference
Sharpe ratio Return per unit of total volatility	1.72	2.45	-0.73
Sortino ratio Return per unit of downside risk	2.59	4.39	-1.80
Omega ratio Gain probability vs. loss probability	1.33	1.57	-0.25
Calmar ratio Return relative to maximum drawdown	2.79	3.42	-0.62
Martin ratio Return relative to average drawdown	12.34	16.95	-4.61
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. BHYIX - Sharpe Ratio Comparison

The current HYG Sharpe Ratio is 1.72, which is comparable to the BHYIX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of HYG and BHYIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYG	BHYIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	2.45	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.86	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	1.00	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.22	-0.76

Drawdowns

HYG vs. BHYIX - Drawdown Comparison

The maximum HYG drawdown since its inception was -34.25%, roughly equal to the maximum BHYIX drawdown of -34.82%. Use the drawdown chart below to compare losses from any high point for HYG and BHYIX.

Drawdown Indicators

	HYG	BHYIX	Difference
Max Drawdown Largest peak-to-trough decline	-34.25%	-34.82%	+0.57%
Max Drawdown (1Y) Largest decline over 1 year	-2.34%	-2.41%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-4.56%	-4.07%	-0.49%
Max Drawdown (5Y) Largest decline over 5 years	-15.79%	-15.45%	-0.34%
Max Drawdown (10Y) Largest decline over 10 years	-22.03%	-23.23%	+1.20%
Current Drawdown Current decline from peak	-0.28%	0.00%	-0.28%
Average Drawdown Average peak-to-trough decline	-3.24%	-2.75%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.48%	+0.05%

Volatility

HYG vs. BHYIX - Volatility Comparison

iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a higher volatility of 1.21% compared to BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX) at 1.10%. This indicates that HYG's price experiences larger fluctuations and is considered to be riskier than BHYIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYG	BHYIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	1.10%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	2.56%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	3.36%	+0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.53%	5.24%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.29%	5.93%	+2.36%

HYG vs. BHYIX - Expense Ratio Comparison

HYG has a 0.49% expense ratio, which is lower than BHYIX's 0.59% expense ratio.

Dividends

HYG vs. BHYIX - Dividend Comparison

HYG's dividend yield for the trailing twelve months is around 5.92%, less than BHYIX's 7.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHYIX BlackRock High Yield Bond Portfolio Institutional Shares	7.05%	7.05%	7.46%	6.15%	4.91%	4.73%	5.12%	5.70%	6.33%	5.82%	5.96%	6.33%
HYG iShares iBoxx $ High Yield Corporate Bond ETF	5.92%	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

Can I hold both HYG and BHYIX in my portfolio?

HYG and BHYIX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYG or BHYIX?

HYG has higher volatility (1.21%) compared to BHYIX (1.10%). In terms of maximum drawdown, HYG dropped -34.25% vs BHYIX's -34.82%.

Which has better risk-adjusted returns?

BHYIX currently has the higher Sharpe Ratio (2.45 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.