HYG vs. SHYG

Last updated Jun 3, 2026

HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) are both High Yield Bonds funds from iShares - HYG tracks the iBoxx $ Liquid High Yield Index while SHYG tracks the Markit iBoxx USD Liquid High Yield 0-5 Index. Both are passively managed. Over the past 10 years, HYG returned 4.97%/yr vs 5.21%/yr for SHYG. Their correlation of 0.90 suggests significant overlap in exposure. HYG charges 0.49%/yr vs 0.30%/yr for SHYG.

Performance

HYG vs. SHYG - 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 0-5 Year High Yield Corporate Bond ETF (SHYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HYG having a 1.60% return and SHYG slightly higher at 1.68%. Both investments have delivered pretty close results over the past 10 years, with HYG having a 4.97% annualized return and SHYG not far ahead at 5.21%.

HYG

• 1D: 0.08%
• 1M: 0.31%
• YTD: 1.60%
• 6M: 2.09%
• 1Y: 7.00%
• 3Y*: 8.58%
• 5Y*: 3.87%
• 10Y*: 4.97%

SHYG

• 1D: 0.05%
• 1M: 0.30%
• YTD: 1.68%
• 6M: 2.36%
• 1Y: 6.90%
• 3Y*: 8.20%
• 5Y*: 4.91%
• 10Y*: 5.21%

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

HYG vs. SHYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYG iShares iBoxx $ High Yield Corporate Bond ETF	1.60%	8.59%	7.97%	11.54%	-10.98%	3.76%	4.47%	14.09%	-2.02%	6.07%
SHYG iShares 0-5 Year High Yield Corporate Bond ETF	1.68%	7.94%	8.17%	10.38%	-4.71%	4.60%	3.15%	9.93%	0.02%	5.11%

Correlation

The correlation between HYG and SHYG is 0.97 - 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	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 18, 2013	0.90

The correlation between HYG and SHYG has been stable across timeframes, ranging from 0.90 to 0.98 - a consistent structural relationship.

HYG vs. SHYG - Sectors Allocation Comparison

Sectors	HYG	SHYG
Utilities	99.6%	99.3%
Real Estate	0.4%	0.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-

Return for Risk

HYG vs. SHYG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYG

HYG Risk / Return Rank: 60
HYG Sharpe Ratio Rank: 53
HYG Sortino Ratio Rank: 59
HYG Omega Ratio Rank: 58
HYG Calmar Ratio Rank: 59
HYG Martin Ratio Rank: 70

SHYG

SHYG Risk / Return Rank: 75
SHYG Sharpe Ratio Rank: 65
SHYG Sortino Ratio Rank: 74
SHYG Omega Ratio Rank: 74
SHYG Calmar Ratio Rank: 77
SHYG Martin Ratio Rank: 83

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. SHYG - 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 0-5 Year High Yield Corporate Bond ETF (SHYG). 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	SHYG	Difference
Sharpe ratio Return per unit of total volatility	1.85	2.20	-0.35
Sortino ratio Return per unit of downside risk	2.80	3.38	-0.58
Omega ratio Gain probability vs. loss probability	1.36	1.45	-0.09
Calmar ratio Return relative to maximum drawdown	2.99	3.94	-0.96
Martin ratio Return relative to average drawdown	13.22	17.22	-4.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYG vs. SHYG - Sharpe Ratio Comparison

The current HYG Sharpe Ratio is 1.85, which is comparable to the SHYG Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of HYG and SHYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYG	SHYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.20	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.86	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.81	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.73	-0.27

Drawdowns

HYG vs. SHYG - Drawdown Comparison

The maximum HYG drawdown since its inception was -34.25%, which is greater than SHYG's maximum drawdown of -19.26%. Use the drawdown chart below to compare losses from any high point for HYG and SHYG.

Drawdown Indicators

	HYG	SHYG	Difference
Max Drawdown Largest peak-to-trough decline	-34.25%	-19.26%	-14.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.34%	-1.75%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-4.56%	-4.53%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-15.79%	-9.39%	-6.40%
Max Drawdown (10Y) Largest decline over 10 years	-22.03%	-19.26%	-2.77%
Current Drawdown Current decline from peak	-0.00%	-0.01%	+0.01%
Average Drawdown Average peak-to-trough decline	-3.24%	-1.44%	-1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.40%	+0.13%

Volatility

HYG vs. SHYG - Volatility Comparison

iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a higher volatility of 1.22% compared to iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) at 0.95%. This indicates that HYG's price experiences larger fluctuations and is considered to be riskier than SHYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYG	SHYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	0.95%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	3.00%	2.50%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	3.79%	3.15%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.52%	5.73%	+1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.29%	6.43%	+1.86%

HYG vs. SHYG - Expense Ratio Comparison

HYG has a 0.49% expense ratio, which is higher than SHYG's 0.30% expense ratio.

Dividends

HYG vs. SHYG - Dividend Comparison

HYG's dividend yield for the trailing twelve months is around 5.90%, less than SHYG's 7.01% 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%
SHYG iShares 0-5 Year High Yield Corporate Bond ETF	7.01%	7.03%	6.93%	6.54%	5.57%	4.83%	5.07%	5.33%	5.90%	5.49%	5.53%	5.17%

Frequently Asked Questions

Can I hold both HYG and SHYG in my portfolio?

With a correlation of 0.97, HYG and SHYG 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.

Which is riskier, HYG or SHYG?

HYG has higher volatility (1.22%) compared to SHYG (0.95%). In terms of maximum drawdown, HYG dropped -34.25% vs SHYG's -19.26%.

Which ETF is better, HYG or SHYG?

On 10-year performance, SHYG leads with 5.21% vs 4.97% for HYG. On fees, SHYG is cheaper at 0.30% per year. On volatility, SHYG has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYG or SHYG?

Over the 10-year period, SHYG has performed better with a 5.21% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYG or SHYG?

SHYG is cheaper with a 0.30% expense ratio, compared with 0.49% for HYG.

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

SHYG has the higher dividend yield at 7.01%, compared with 5.90% for HYG.

What is the main difference between HYG and SHYG?

HYG tracks iBoxx $ Liquid High Yield Index, while SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index. Their fees differ too: 0.49% for HYG and 0.30% for SHYG.

Which has better risk-adjusted returns?

SHYG currently has the higher Sharpe Ratio (2.20 vs 1.85), 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.