HYG vs. IWY
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and IWY (iShares Russell Top 200 Growth ETF) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index, while IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index. Both are passively managed. Over the past 10 years, HYG returned 5.03%/yr vs 19.59%/yr for IWY. A 0.65 correlation means they provide meaningful diversification when combined. HYG charges 0.49%/yr vs 0.20%/yr for IWY.
Performance
HYG vs. IWY - Performance Comparison
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Returns By Period
In the year-to-date period, HYG achieves a 1.78% return, which is significantly lower than IWY's 5.40% return. Over the past 10 years, HYG has underperformed IWY with an annualized return of 5.03%, while IWY has yielded a comparatively higher 19.59% 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%
IWY
- 1D
- 2.34%
- 1M
- -0.22%
- YTD
- 5.40%
- 6M
- 6.65%
- 1Y
- 24.23%
- 3Y*
- 23.50%
- 5Y*
- 15.67%
- 10Y*
- 19.59%
HYG vs. IWY - 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% |
IWY iShares Russell Top 200 Growth ETF | 5.40% | 18.19% | 34.89% | 46.49% | -29.91% | 31.05% | 39.01% | 36.20% | -0.72% | 31.69% |
Correlation
The correlation between HYG and IWY is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009 | 0.65 |
The correlation between HYG and IWY has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.
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Return for Risk
HYG vs. IWY — Risk / Return Rank
HYG
IWY
HYG vs. IWY - 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 Russell Top 200 Growth ETF (IWY). 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 | IWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.27 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | 1.46 | +1.52 |
| Martin ratioReturn relative to average drawdown | 13.11 | 4.70 | +8.40 |
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Drawdowns
HYG vs. IWY - Drawdown Comparison
The maximum HYG drawdown since its inception was -34.25%, roughly equal to the maximum IWY drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for HYG and IWY.
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Drawdown Indicators
| HYG | IWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -32.68% | -1.57% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -16.63% | +14.29% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -23.22% | +18.66% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -32.68% | +16.89% |
Max Drawdown (10Y)Largest decline over 10 years | -22.03% | -32.68% | +10.65% |
Current DrawdownCurrent decline from peak | 0.00% | -3.47% | +3.47% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -4.75% | +1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 5.17% | -4.64% |
Volatility
HYG vs. IWY - Volatility Comparison
The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 1.31%, while iShares Russell Top 200 Growth ETF (IWY) has a volatility of 5.68%. This indicates that HYG experiences smaller price fluctuations and is considered to be less risky than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYG | IWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 5.68% | -4.37% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 12.59% | -9.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.87% | 16.14% | -12.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.53% | 21.57% | -14.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.29% | 21.03% | -12.74% |
HYG vs. IWY - Expense Ratio Comparison
HYG has a 0.49% expense ratio, which is higher than IWY's 0.20% expense ratio.
Dividends
HYG vs. IWY - Dividend Comparison
HYG's dividend yield for the trailing twelve months is around 5.89%, more than IWY's 0.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IWY iShares Russell Top 200 Growth ETF | 0.43% | 0.36% | 0.42% | 0.68% | 0.88% | 0.50% | 0.71% | 1.06% | 1.32% | 1.26% | 1.51% | 1.58% |
Frequently Asked Questions
HYG and IWY have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWY has higher volatility (5.68%) compared to HYG (1.31%). In terms of maximum drawdown, HYG dropped -34.25% vs IWY's -32.68%.
On 10-year performance, IWY leads with 19.59% vs 5.03% for HYG. On fees, IWY is cheaper at 0.20% 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, IWY has performed better with a 19.59% return vs 5.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWY is cheaper with a 0.20% expense ratio, compared with 0.49% for HYG.
HYG has the higher dividend yield at 5.89%, compared with 0.43% for IWY.
HYG is categorized as High Yield Bonds, while IWY is Large Cap Growth Equities. HYG tracks Markit iBoxx USD Liquid High Yield Index, while IWY tracks Russell Top 200 Growth Index. Their fees differ too: 0.49% for HYG and 0.20% for IWY.
HYG currently has the higher Sharpe Ratio (1.81 vs 1.51), 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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