HYG vs. UFO
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and UFO (Procure Space ETF) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index, while UFO is a Global Equities fund tracking the S-Network Space Index. Both are passively managed. Over the past 5 years, HYG returned 3.75%/yr vs 13.50%/yr for UFO. A 0.58 correlation means they provide meaningful diversification when combined. HYG charges 0.49%/yr vs 0.75%/yr for UFO.
Performance
HYG vs. UFO - Performance Comparison
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Returns By Period
In the year-to-date period, HYG achieves a 1.65% return, which is significantly lower than UFO's 36.92% 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%
UFO
- 1D
- -6.99%
- 1M
- -5.92%
- YTD
- 36.92%
- 6M
- 37.68%
- 1Y
- 105.58%
- 3Y*
- 41.51%
- 5Y*
- 13.50%
- 10Y*
- —
HYG vs. UFO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.65% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 5.30% |
UFO Procure Space ETF | 36.92% | 67.36% | 27.22% | -2.34% | -25.85% | 7.17% | -2.15% | 5.66% |
Correlation
The correlation between HYG and UFO is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2019 | 0.58 |
The correlation between HYG and UFO has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.
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Return for Risk
HYG vs. UFO — Risk / Return Rank
HYG
UFO
HYG vs. UFO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and Procure Space ETF (UFO). 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 | UFO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.37 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 4.58 | -1.79 |
| Martin ratioReturn relative to average drawdown | 12.25 | 14.05 | -1.80 |
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Drawdowns
HYG vs. UFO - Drawdown Comparison
The maximum HYG drawdown since its inception was -34.25%, smaller than the maximum UFO drawdown of -50.33%. Use the drawdown chart below to compare losses from any high point for HYG and UFO.
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Drawdown Indicators
| HYG | UFO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -50.33% | +16.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -22.94% | +20.60% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -25.91% | +21.35% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -50.33% | +34.54% |
Max Drawdown (10Y)Largest decline over 10 years | -22.03% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -21.95% | +21.95% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -21.80% | +18.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 7.46% | -6.93% |
Volatility
HYG vs. UFO - Volatility Comparison
The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 1.31%, while Procure Space ETF (UFO) has a volatility of 20.43%. This indicates that HYG experiences smaller price fluctuations and is considered to be less risky than UFO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYG | UFO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 20.43% | -19.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 34.11% | -31.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.87% | 40.69% | -36.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.53% | 30.59% | -23.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.29% | 31.16% | -22.87% |
HYG vs. UFO - Expense Ratio Comparison
HYG has a 0.49% expense ratio, which is lower than UFO's 0.75% expense ratio.
Dividends
HYG vs. UFO - Dividend Comparison
HYG's dividend yield for the trailing twelve months is around 5.90%, more than UFO's 0.31% 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% |
UFO Procure Space ETF | 0.31% | 0.46% | 1.98% | 1.90% | 3.19% | 1.00% | 1.07% | 0.45% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYG and UFO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UFO has higher volatility (20.43%) compared to HYG (1.31%). In terms of maximum drawdown, HYG dropped -34.25% vs UFO's -50.33%.
On 5-year performance, UFO leads with 13.50% vs 3.75% for HYG. On fees, HYG is cheaper at 0.49% 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 5-year period, UFO has performed better with a 13.50% return vs 3.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYG is cheaper with a 0.49% expense ratio, compared with 0.75% for UFO.
HYG has the higher dividend yield at 5.90%, compared with 0.31% for UFO.
HYG is categorized as High Yield Bonds, while UFO is Global Equities. HYG tracks Markit iBoxx USD Liquid High Yield Index, while UFO tracks S-Network Space Index. They also come from different issuers: iShares and ProcureAM. Their fees differ too: 0.49% for HYG and 0.75% for UFO.
UFO currently has the higher Sharpe Ratio (2.58 vs 1.68), 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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