HYG vs. FXF
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index, while FXF is a Currency fund tracking the Swiss Franc. Both are passively managed. Over the past 10 years, HYG returned 5.03%/yr vs 1.05%/yr for FXF. At a 0.14 correlation, their price movements are largely independent. HYG charges 0.49%/yr vs 0.40%/yr for FXF.
Performance
HYG vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, HYG achieves a 1.78% return, which is significantly higher than FXF's -0.56% return. Over the past 10 years, HYG has outperformed FXF with an annualized return of 5.03%, while FXF has yielded a comparatively lower 1.05% annualized return.
HYG
- 1D
- 0.13%
- 1M
- 1.25%
- YTD
- 1.78%
- 6M
- 2.29%
- 1Y
- 6.95%
- 3Y*
- 8.47%
- 5Y*
- 3.83%
- 10Y*
- 5.03%
FXF
- 1D
- 0.23%
- 1M
- -1.07%
- YTD
- -0.56%
- 6M
- -0.05%
- 1Y
- 1.46%
- 3Y*
- 3.71%
- 5Y*
- 2.14%
- 10Y*
- 1.05%
HYG vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.78% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.56% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between HYG and FXF is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007 | 0.14 |
Over the past year, HYG and FXF have become more correlated (0.41) than their long-term average of 0.14, meaning their price movements have been converging.
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Return for Risk
HYG vs. FXF — Risk / Return Rank
HYG
FXF
HYG vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and Invesco CurrencyShares® Swiss Franc Trust (FXF). 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 | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.04 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | 0.30 | +2.69 |
| Martin ratioReturn relative to average drawdown | 13.11 | 0.64 | +12.47 |
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Drawdowns
HYG vs. FXF - Drawdown Comparison
The maximum HYG drawdown since its inception was -34.25%, roughly equal to the maximum FXF drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for HYG and FXF.
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Drawdown Indicators
| HYG | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -35.58% | +1.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -4.97% | +2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -8.52% | +3.96% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -11.99% | -3.80% |
Max Drawdown (10Y)Largest decline over 10 years | -22.03% | -15.04% | -6.99% |
Current DrawdownCurrent decline from peak | 0.00% | -18.83% | +18.83% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -20.83% | +17.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 2.29% | -1.76% |
Volatility
HYG vs. FXF - Volatility Comparison
The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 1.31%, while Invesco CurrencyShares® Swiss Franc Trust (FXF) has a volatility of 1.84%. This indicates that HYG experiences smaller price fluctuations and is considered to be less risky than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYG | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 1.84% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 5.53% | -2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.87% | 7.42% | -3.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.53% | 8.33% | -0.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.29% | 7.57% | +0.72% |
HYG vs. FXF - Expense Ratio Comparison
HYG has a 0.49% expense ratio, which is higher than FXF's 0.40% expense ratio.
Dividends
HYG vs. FXF - Dividend Comparison
HYG's dividend yield for the trailing twelve months is around 5.89%, while FXF has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.89% | 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 FXF have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXF has higher volatility (1.84%) compared to HYG (1.31%). In terms of maximum drawdown, HYG dropped -34.25% vs FXF's -35.58%.
On 10-year performance, HYG leads with 5.03% vs 1.05% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, HYG has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYG has performed better with a 5.03% return vs 1.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 0.49% for HYG.
HYG has the higher dividend yield at 5.89%, compared with 0.00% for FXF.
HYG is categorized as High Yield Bonds, while FXF is Currency. HYG tracks Markit iBoxx USD Liquid High Yield Index, while FXF tracks Swiss Franc. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.49% for HYG and 0.40% for FXF.
HYG currently has the higher Sharpe Ratio (1.81 vs 0.20), 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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