HYG vs. BOND

Last updated Jun 9, 2026

HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and BOND (PIMCO Active Bond ETF) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index, while BOND is a Intermediate Core-Plus Bond fund actively managed by PIMCO. HYG is passively managed, while BOND is actively managed. Over the past 10 years, HYG returned 4.88%/yr vs 2.08%/yr for BOND. At a 0.22 correlation, their price movements are largely independent. HYG charges 0.49%/yr vs 0.54%/yr for BOND.

Performance

HYG vs. BOND - Performance Comparison

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

Returns By Period

In the year-to-date period, HYG achieves a 1.14% return, which is significantly higher than BOND's -0.03% return. Over the past 10 years, HYG has outperformed BOND with an annualized return of 4.88%, while BOND has yielded a comparatively lower 2.08% annualized return.

HYG

• 1D: 0.14%
• 1M: -0.24%
• YTD: 1.14%
• 6M: 1.72%
• 1Y: 6.36%
• 3Y*: 8.34%
• 5Y*: 3.69%
• 10Y*: 4.88%

BOND

• 1D: -0.12%
• 1M: -0.86%
• YTD: -0.03%
• 6M: 0.53%
• 1Y: 6.21%
• 3Y*: 4.91%
• 5Y*: 0.34%
• 10Y*: 2.08%

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

HYG vs. BOND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYG iShares iBoxx $ High Yield Corporate Bond ETF	1.14%	8.59%	7.97%	11.54%	-10.98%	3.76%	4.47%	14.09%	-2.02%	6.07%
BOND PIMCO Active Bond ETF	-0.03%	8.39%	2.77%	6.48%	-14.57%	-0.77%	7.80%	8.54%	0.08%	4.76%

Correlation

The correlation between HYG and BOND is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Mar 1, 2012	0.22

Over the past year, HYG and BOND have become more correlated (0.60) than their long-term average of 0.22, meaning their price movements have been converging.

HYG vs. BOND - Sectors Allocation Comparison

Sectors	HYG	BOND
Utilities	99.6%	-
Real Estate	0.4%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.0%
Healthcare	-	-
Industrials	-	-
Technology	-	-

Return for Risk

HYG vs. BOND — Risk / Return Rank

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

HYG

HYG Risk / Return Rank: 60
HYG Sharpe Ratio Rank: 54
HYG Sortino Ratio Rank: 58
HYG Omega Ratio Rank: 56
HYG Calmar Ratio Rank: 60
HYG Martin Ratio Rank: 71

BOND

BOND Risk / Return Rank: 49
BOND Sharpe Ratio Rank: 51
BOND Sortino Ratio Rank: 53
BOND Omega Ratio Rank: 50
BOND Calmar Ratio Rank: 46
BOND Martin Ratio Rank: 44

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. BOND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and PIMCO Active Bond ETF (BOND). 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	BOND	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.59	+0.08
Sortino ratio: Return per unit of downside risk	2.49	2.31	+0.18
Omega ratio: Gain probability vs. loss probability	1.32	1.28	+0.03
Calmar ratio: Return relative to maximum drawdown	2.73	2.07	+0.66
Martin ratio: Return relative to average drawdown	12.02	6.47	+5.55
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. BOND - Sharpe Ratio Comparison

The current HYG Sharpe Ratio is 1.67, which is comparable to the BOND Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of HYG and BOND, 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	BOND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.59	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.06	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.41	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.62	-0.17

Drawdowns

HYG vs. BOND - Drawdown Comparison

The maximum HYG drawdown since its inception was -34.25%, which is greater than BOND's maximum drawdown of -19.71%. Use the drawdown chart below to compare losses from any high point for HYG and BOND.

Drawdown Indicators

	HYG	BOND	Difference
Max Drawdown Largest peak-to-trough decline	-34.25%	-19.71%	-14.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.34%	-3.01%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-4.56%	-6.12%	+1.56%
Max Drawdown (5Y) Largest decline over 5 years	-15.79%	-19.71%	+3.92%
Max Drawdown (10Y) Largest decline over 10 years	-22.03%	-19.71%	-2.32%
Current Drawdown Current decline from peak	-0.45%	-2.06%	+1.61%
Average Drawdown Average peak-to-trough decline	-3.24%	-3.50%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.96%	-0.43%

Volatility

HYG vs. BOND - Volatility Comparison

The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 1.23%, while PIMCO Active Bond ETF (BOND) has a volatility of 1.42%. This indicates that HYG experiences smaller price fluctuations and is considered to be less risky than BOND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYG	BOND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.42%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	3.05%	2.93%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	3.84%	3.93%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.53%	5.77%	+1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.29%	5.09%	+3.20%

HYG vs. BOND - Expense Ratio Comparison

HYG has a 0.49% expense ratio, which is lower than BOND's 0.54% expense ratio.

Dividends

HYG vs. BOND - Dividend Comparison

HYG's dividend yield for the trailing twelve months is around 5.93%, more than BOND's 5.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOND PIMCO Active Bond ETF	5.21%	5.11%	5.02%	4.06%	3.44%	2.58%	2.66%	3.38%	3.18%	2.87%	2.85%	4.14%
HYG iShares iBoxx $ High Yield Corporate Bond ETF	5.93%	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 BOND in my portfolio?

HYG and BOND have a correlation of 0.60, 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 BOND?

BOND has higher volatility (1.42%) compared to HYG (1.23%). In terms of maximum drawdown, HYG dropped -34.25% vs BOND's -19.71%.

Which ETF is better, HYG or BOND?

On 10-year performance, HYG leads with 4.88% vs 2.08% for BOND. On fees, HYG is cheaper at 0.49% per year. On volatility, HYG has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYG or BOND?

Over the 10-year period, HYG has performed better with a 4.88% return vs 2.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYG or BOND?

HYG is cheaper with a 0.49% expense ratio, compared with 0.54% for BOND.

Which ETF pays a higher dividend yield, HYG or BOND?

HYG has the higher dividend yield at 5.93%, compared with 5.21% for BOND.

What is the main difference between HYG and BOND?

HYG is categorized as High Yield Bonds, while BOND is Intermediate Core-Plus Bond. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.49% for HYG and 0.54% for BOND.

Which has better risk-adjusted returns?

HYG currently has the higher Sharpe Ratio (1.67 vs 1.59), 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.