HYG vs. TOBAX
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and TOBAX (Touchstone Active Bond Fund) are both funds - HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index, while TOBAX is a Intermediate Core-Plus Bond fund managed by Touchstone. Over the past 10 years, HYG returned 4.88%/yr vs 2.01%/yr for TOBAX. At a 0.15 correlation, their price movements are largely independent. HYG charges 0.49%/yr vs 0.83%/yr for TOBAX.
Performance
HYG vs. TOBAX - Performance Comparison
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Returns By Period
In the year-to-date period, HYG achieves a 1.14% return, which is significantly higher than TOBAX's -0.19% return. Over the past 10 years, HYG has outperformed TOBAX with an annualized return of 4.88%, while TOBAX has yielded a comparatively lower 2.01% annualized return.
HYG
- 1D
- 0.14%
- 1M
- -0.24%
- YTD
- 1.14%
- 6M
- 1.72%
- 1Y
- 6.36%
- 3Y*
- 8.34%
- 5Y*
- 3.69%
- 10Y*
- 4.88%
TOBAX
- 1D
- -0.32%
- 1M
- -0.59%
- YTD
- -0.19%
- 6M
- 0.46%
- 1Y
- 5.40%
- 3Y*
- 4.49%
- 5Y*
- 0.11%
- 10Y*
- 2.01%
HYG vs. TOBAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.14% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
TOBAX Touchstone Active Bond Fund | -0.19% | 7.66% | 2.22% | 6.38% | -14.20% | -1.34% | 9.93% | 10.11% | -1.94% | 3.51% |
Correlation
The correlation between HYG and TOBAX is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007 | 0.15 |
Over the past year, HYG and TOBAX have become more correlated (0.56) than their long-term average of 0.15, meaning their price movements have been converging.
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Return for Risk
HYG vs. TOBAX — Risk / Return Rank
HYG
TOBAX
HYG vs. TOBAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and Touchstone Active Bond Fund (TOBAX). 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 | TOBAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.23 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.73 | 1.65 | +1.08 |
| Martin ratioReturn relative to average drawdown | 12.02 | 4.91 | +7.11 |
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 | TOBAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.67 | 1.26 | +0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.02 | +0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.42 | +0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.89 | -0.44 |
Drawdowns
HYG vs. TOBAX - Drawdown Comparison
The maximum HYG drawdown since its inception was -34.25%, which is greater than TOBAX's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for HYG and TOBAX.
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Drawdown Indicators
| HYG | TOBAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -19.73% | -14.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -2.88% | +0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -6.12% | +1.56% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -19.73% | +3.94% |
Max Drawdown (10Y)Largest decline over 10 years | -22.03% | -19.73% | -2.30% |
Current DrawdownCurrent decline from peak | -0.45% | -1.88% | +1.43% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -2.43% | -0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.97% | -0.44% |
Volatility
HYG vs. TOBAX - Volatility Comparison
The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 1.23%, while Touchstone Active Bond Fund (TOBAX) has a volatility of 1.32%. This indicates that HYG experiences smaller price fluctuations and is considered to be less risky than TOBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYG | TOBAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.32% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.05% | 2.73% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.84% | 3.78% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.53% | 5.79% | +1.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.29% | 4.81% | +3.48% |
HYG vs. TOBAX - Expense Ratio Comparison
HYG has a 0.49% expense ratio, which is lower than TOBAX's 0.83% expense ratio.
Dividends
HYG vs. TOBAX - Dividend Comparison
HYG's dividend yield for the trailing twelve months is around 5.93%, more than TOBAX's 4.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.93% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
TOBAX Touchstone Active Bond Fund | 4.04% | 3.52% | 3.72% | 3.63% | 3.10% | 2.24% | 2.58% | 2.59% | 2.79% | 2.29% | 2.65% | 2.99% |
Frequently Asked Questions
HYG and TOBAX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TOBAX has higher volatility (1.32%) compared to HYG (1.23%). In terms of maximum drawdown, HYG dropped -34.25% vs TOBAX's -19.73%.
HYG currently has the higher Sharpe Ratio (1.67 vs 1.26), 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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