HYG vs. HYDB
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and HYDB (iShares High Yield Bond Factor ETF) are both High Yield Bonds funds from iShares - HYG tracks the iBoxx $ Liquid High Yield Index while HYDB tracks the BlackRock High Yield Defensive Bond Index. Both are passively managed. Over the past 5 years, HYG returned 3.77%/yr vs 4.67%/yr for HYDB. Their correlation of 0.87 suggests significant overlap in exposure. HYG charges 0.49%/yr vs 0.35%/yr for HYDB.
Performance
HYG vs. HYDB - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with HYG at 1.32% and HYDB at 1.32%.
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%
HYDB
- 1D
- -0.21%
- 1M
- 0.39%
- YTD
- 1.32%
- 6M
- 1.87%
- 1Y
- 7.20%
- 3Y*
- 9.11%
- 5Y*
- 4.67%
- 10Y*
- —
HYG vs. HYDB - 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% | 1.35% |
HYDB iShares High Yield Bond Factor ETF | 1.32% | 8.10% | 9.11% | 14.02% | -9.99% | 5.14% | 7.39% | 16.13% | -3.18% | 3.38% |
Correlation
The correlation between HYG and HYDB is 0.96 - 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 | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2017 | 0.87 |
The correlation between HYG and HYDB has been stable across timeframes, ranging from 0.87 to 0.96 - a consistent structural relationship.
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Return for Risk
HYG vs. HYDB — Risk / Return Rank
HYG
HYDB
HYG vs. HYDB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and iShares High Yield Bond Factor ETF (HYDB). 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 | HYDB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.72 | 1.91 | -0.19 |
Sortino ratioReturn per unit of downside risk | 2.59 | 2.88 | -0.29 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.37 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 2.79 | 2.55 | +0.24 |
Martin ratioReturn relative to average drawdown | 12.34 | 11.30 | +1.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYG | HYDB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.72 | 1.91 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 0.67 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.71 | -0.25 |
Drawdowns
HYG vs. HYDB - Drawdown Comparison
The maximum HYG drawdown since its inception was -34.25%, which is greater than HYDB's maximum drawdown of -21.58%. Use the drawdown chart below to compare losses from any high point for HYG and HYDB.
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Drawdown Indicators
| HYG | HYDB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -21.58% | -12.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -2.83% | +0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -5.58% | +1.02% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -14.28% | -1.51% |
Max Drawdown (10Y)Largest decline over 10 years | -22.03% | — | — |
Current DrawdownCurrent decline from peak | -0.28% | -0.21% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -2.39% | -0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.64% | -0.11% |
Volatility
HYG vs. HYDB - Volatility Comparison
iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a higher volatility of 1.21% compared to iShares High Yield Bond Factor ETF (HYDB) at 1.13%. This indicates that HYG's price experiences larger fluctuations and is considered to be riskier than HYDB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYG | HYDB | Difference | |
|---|---|---|---|
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% | 2.93% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.81% | 3.79% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.53% | 7.04% | +0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.29% | 7.76% | +0.53% |
HYG vs. HYDB - Expense Ratio Comparison
HYG has a 0.49% expense ratio, which is higher than HYDB's 0.35% expense ratio.
Dividends
HYG vs. HYDB - Dividend Comparison
HYG's dividend yield for the trailing twelve months is around 5.92%, less than HYDB's 7.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYDB iShares High Yield Bond Factor ETF | 7.00% | 7.04% | 6.95% | 7.00% | 6.30% | 4.70% | 5.81% | 5.68% | 6.16% | 2.70% | 0.00% | 0.00% |
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
With a correlation of 0.96, HYG and HYDB 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 HYDB (1.13%). In terms of maximum drawdown, HYG dropped -34.25% vs HYDB's -21.58%.
On 5-year performance, HYDB leads with 4.67% vs 3.77% for HYG. On fees, HYDB is cheaper at 0.35% 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, HYDB has performed better with a 4.67% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYDB is cheaper with a 0.35% expense ratio, compared with 0.49% for HYG.
HYDB has the higher dividend yield at 7.00%, compared with 5.92% for HYG.
HYG tracks iBoxx $ Liquid High Yield Index, while HYDB tracks BlackRock High Yield Defensive Bond Index. Their fees differ too: 0.49% for HYG and 0.35% for HYDB.
HYDB currently has the higher Sharpe Ratio (1.91 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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