HYG vs. RING
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and RING (iShares MSCI Global Gold Miners ETF) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index, while RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index. Both are passively managed. Over the past 10 years, HYG returned 5.04%/yr vs 13.85%/yr for RING. At a 0.22 correlation, their price movements are largely independent. HYG charges 0.49%/yr vs 0.39%/yr for RING.
Performance
HYG vs. RING - Performance Comparison
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Returns By Period
In the year-to-date period, HYG achieves a 1.65% return, which is significantly higher than RING's -5.54% return. Over the past 10 years, HYG has underperformed RING with an annualized return of 5.04%, while RING has yielded a comparatively higher 13.85% annualized return.
HYG
- 1D
- 0.00%
- 1M
- 1.12%
- YTD
- 1.65%
- 6M
- 2.21%
- 1Y
- 6.81%
- 3Y*
- 8.52%
- 5Y*
- 3.75%
- 10Y*
- 5.04%
RING
- 1D
- 3.20%
- 1M
- -8.50%
- YTD
- -5.54%
- 6M
- -4.18%
- 1Y
- 54.08%
- 3Y*
- 44.87%
- 5Y*
- 18.76%
- 10Y*
- 13.85%
HYG vs. RING - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.65% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
RING iShares MSCI Global Gold Miners ETF | -5.54% | 164.72% | 15.98% | 12.29% | -15.40% | -7.46% | 24.98% | 49.92% | -13.14% | 10.24% |
Correlation
The correlation between HYG and RING is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.22 |
The correlation between HYG and RING shifts across timeframes, from 0.22 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HYG vs. RING — Risk / Return Rank
HYG
RING
HYG vs. RING - 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 MSCI Global Gold Miners ETF (RING). 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 | RING | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.23 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 1.59 | +1.20 |
| Martin ratioReturn relative to average drawdown | 12.25 | 4.45 | +7.79 |
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Drawdowns
HYG vs. RING - Drawdown Comparison
The maximum HYG drawdown since its inception was -34.25%, smaller than the maximum RING drawdown of -79.47%. Use the drawdown chart below to compare losses from any high point for HYG and RING.
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Drawdown Indicators
| HYG | RING | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -79.47% | +45.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -35.72% | +33.38% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -35.72% | +31.16% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -47.94% | +32.15% |
Max Drawdown (10Y)Largest decline over 10 years | -22.03% | -52.04% | +30.01% |
Current DrawdownCurrent decline from peak | 0.00% | -30.03% | +30.03% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -47.36% | +44.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 12.74% | -12.21% |
Volatility
HYG vs. RING - Volatility Comparison
The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 1.31%, while iShares MSCI Global Gold Miners ETF (RING) has a volatility of 16.83%. This indicates that HYG experiences smaller price fluctuations and is considered to be less risky than RING based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYG | RING | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 16.83% | -15.52% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 39.11% | -36.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.87% | 47.31% | -43.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.53% | 36.81% | -29.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.29% | 36.70% | -28.41% |
HYG vs. RING - Expense Ratio Comparison
HYG has a 0.49% expense ratio, which is higher than RING's 0.39% expense ratio.
Dividends
HYG vs. RING - Dividend Comparison
HYG's dividend yield for the trailing twelve months is around 5.90%, more than RING's 0.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.90% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
RING iShares MSCI Global Gold Miners ETF | 0.89% | 0.84% | 1.43% | 2.01% | 2.29% | 2.38% | 0.83% | 0.83% | 0.70% | 0.42% | 1.41% | 0.96% |
Frequently Asked Questions
HYG and RING have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RING has higher volatility (16.83%) compared to HYG (1.31%). In terms of maximum drawdown, HYG dropped -34.25% vs RING's -79.47%.
On 10-year performance, RING leads with 13.85% vs 5.04% for HYG. On fees, RING is cheaper at 0.39% 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, RING has performed better with a 13.85% return vs 5.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RING is cheaper with a 0.39% expense ratio, compared with 0.49% for HYG.
HYG has the higher dividend yield at 5.90%, compared with 0.89% for RING.
HYG is categorized as High Yield Bonds, while RING is Gold. HYG tracks Markit iBoxx USD Liquid High Yield Index, while RING tracks MSCI ACWI Select Gold Miners Investable Market Index. Their fees differ too: 0.49% for HYG and 0.39% for RING.
HYG currently has the higher Sharpe Ratio (1.68 vs 1.20), 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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