HYG vs. HYGI

Last updated Jun 4, 2026

HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and HYGI (iShares Inflation Hedged High Yield Bond ETF) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the iBoxx $ Liquid High Yield Index, while HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. Both are passively managed. Their correlation of 0.85 suggests significant overlap in exposure. HYG charges 0.49%/yr vs 0.52%/yr for HYGI.

Performance

HYG vs. HYGI - Performance Comparison

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

Returns By Period

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%

HYGI

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYG vs. HYGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYG iShares iBoxx $ High Yield Corporate Bond ETF	1.32%	8.59%	7.97%	11.54%	1.26%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%

Correlation

The correlation between HYG and HYGI is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 27, 2022	0.85

Over the past year, the correlation between HYG and HYGI has dropped to 0.31 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

HYG vs. HYGI - Sectors Allocation Comparison

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

Return for Risk

HYG vs. HYGI — 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

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. HYGI - 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 Inflation Hedged High Yield Bond ETF (HYGI). 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	HYGI	Difference
Sharpe ratio Return per unit of total volatility	1.72	—	—
Sortino ratio Return per unit of downside risk	2.59	—	—
Omega ratio Gain probability vs. loss probability	1.33	—	—
Calmar ratio Return relative to maximum drawdown	2.79	—	—
Martin ratio Return relative to average drawdown	12.34	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HYG	HYGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
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	—	—

Drawdowns

Drawdown Indicators

	HYG	HYGI	Difference
Max Drawdown Largest peak-to-trough decline	-34.25%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.34%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.79%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.03%	—	—
Current Drawdown Current decline from peak	-0.28%	—	—
Average Drawdown Average peak-to-trough decline	-3.24%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	—	—

Volatility

Volatility by Period

	HYG	HYGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.53%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.29%	—	—

HYG vs. HYGI - Expense Ratio Comparison

HYG has a 0.49% expense ratio, which is lower than HYGI's 0.52% expense ratio.

Dividends

HYG vs. HYGI - Dividend Comparison

HYG's dividend yield for the trailing twelve months is around 5.92%, more than HYGI's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYG and HYGI in my portfolio?

HYG and HYGI have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYG or HYGI?

On fees, HYG is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYG or HYGI?

HYG is cheaper with a 0.49% expense ratio, compared with 0.52% for HYGI.

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

HYG has the higher dividend yield at 5.92%, compared with 0.97% for HYGI.

What is the main difference between HYG and HYGI?

HYG is categorized as High Yield Bonds, while HYGI is Inflation-Protected Bonds. HYG tracks iBoxx $ Liquid High Yield Index, while HYGI tracks BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. Their fees differ too: 0.49% for HYG and 0.52% for HYGI.