HYG vs. VIOO
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index, while VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, HYG returned 5.00%/yr vs 11.31%/yr for VIOO. A 0.63 correlation means they provide meaningful diversification when combined. HYG charges 0.49%/yr vs 0.07%/yr for VIOO.
Performance
HYG vs. VIOO - Performance Comparison
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Returns By Period
In the year-to-date period, HYG achieves a 1.56% return, which is significantly lower than VIOO's 19.31% return. Over the past 10 years, HYG has underperformed VIOO with an annualized return of 5.00%, while VIOO has yielded a comparatively higher 11.31% annualized return.
HYG
- 1D
- -0.09%
- 1M
- 0.46%
- YTD
- 1.56%
- 6M
- 1.74%
- 1Y
- 5.93%
- 3Y*
- 8.75%
- 5Y*
- 3.68%
- 10Y*
- 5.00%
VIOO
- 1D
- -0.35%
- 1M
- 4.23%
- YTD
- 19.31%
- 6M
- 16.84%
- 1Y
- 34.71%
- 3Y*
- 16.19%
- 5Y*
- 6.28%
- 10Y*
- 11.31%
HYG vs. VIOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.56% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
VIOO Vanguard S&P Small-Cap 600 ETF | 19.31% | 6.04% | 8.48% | 16.16% | -16.26% | 26.79% | 11.47% | 22.68% | -8.65% | 13.16% |
Correlation
The correlation between HYG and VIOO is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.63 |
The correlation between HYG and VIOO has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.
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Return for Risk
HYG vs. VIOO — Risk / Return Rank
HYG
VIOO
HYG vs. VIOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and Vanguard S&P Small-Cap 600 ETF (VIOO). 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 | VIOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.34 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 3.98 | -1.43 |
| Martin ratioReturn relative to average drawdown | 11.18 | 13.43 | -2.25 |
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Drawdowns
HYG vs. VIOO - Drawdown Comparison
The maximum HYG drawdown since its inception was -34.25%, smaller than the maximum VIOO drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for HYG and VIOO.
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Drawdown Indicators
| HYG | VIOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -44.15% | +9.90% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -8.77% | +6.43% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -27.93% | +23.37% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -27.93% | +12.14% |
Max Drawdown (10Y)Largest decline over 10 years | -22.03% | -44.15% | +22.12% |
Current DrawdownCurrent decline from peak | -0.21% | -0.47% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -3.23% | -7.31% | +4.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 2.59% | -2.06% |
Volatility
HYG vs. VIOO - Volatility Comparison
The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 1.13%, while Vanguard S&P Small-Cap 600 ETF (VIOO) has a volatility of 4.97%. This indicates that HYG experiences smaller price fluctuations and is considered to be less risky than VIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYG | VIOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 4.97% | -3.84% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 12.11% | -9.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 17.77% | -13.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.54% | 21.40% | -13.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.27% | 22.98% | -14.71% |
HYG vs. VIOO - Expense Ratio Comparison
HYG has a 0.49% expense ratio, which is higher than VIOO's 0.07% expense ratio.
Dividends
HYG vs. VIOO - Dividend Comparison
HYG's dividend yield for the trailing twelve months is around 5.91%, more than VIOO's 1.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
VIOO Vanguard S&P Small-Cap 600 ETF | 1.14% | 1.36% | 1.48% | 1.47% | 1.51% | 1.16% | 1.09% | 1.37% | 1.32% | 1.11% | 1.06% | 1.26% |
Frequently Asked Questions
HYG and VIOO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIOO has higher volatility (4.97%) compared to HYG (1.13%). In terms of maximum drawdown, HYG dropped -34.25% vs VIOO's -44.15%.
On 10-year performance, VIOO leads with 11.31% vs 5.00% for HYG. On fees, VIOO is cheaper at 0.07% per year. On volatility, HYG has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VIOO has performed better with a 11.31% return vs 5.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIOO is cheaper with a 0.07% expense ratio, compared with 0.49% for HYG.
HYG has the higher dividend yield at 5.91%, compared with 1.14% for VIOO.
HYG is categorized as High Yield Bonds, while VIOO is Small Cap Blend Equities. HYG tracks Markit iBoxx USD Liquid High Yield Index, while VIOO tracks S&P SmallCap 600 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.49% for HYG and 0.07% for VIOO.
VIOO currently has the higher Sharpe Ratio (1.97 vs 1.54), 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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