HYGH vs. BBHY

Last updated Jun 4, 2026

HYGH (iShares Interest Rate Hedged High Yield Bond ETF) and BBHY (JPMorgan BetaBuilders USD High Yield Corporate Bond ETF) are both High Yield Bonds funds. HYGH is actively managed, while BBHY is passively managed. Over the past 5 years, HYGH returned 6.94%/yr vs 4.09%/yr for BBHY. A 0.70 correlation means they provide meaningful diversification when combined. HYGH charges 0.53%/yr vs 0.15%/yr for BBHY.

Performance

HYGH vs. BBHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Interest Rate Hedged High Yield Bond ETF (HYGH) and JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYGH achieves a 2.83% return, which is significantly higher than BBHY's 1.58% return.

HYGH

• 1D: -0.09%
• 1M: 0.75%
• YTD: 2.83%
• 6M: 3.59%
• 1Y: 7.60%
• 3Y*: 9.71%
• 5Y*: 6.94%
• 10Y*: 6.36%

BBHY

• 1D: -0.24%
• 1M: 0.42%
• YTD: 1.58%
• 6M: 1.96%
• 1Y: 7.15%
• 3Y*: 8.61%
• 5Y*: 4.09%
• 10Y*: —

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

HYGH vs. BBHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYGH iShares Interest Rate Hedged High Yield Bond ETF	2.83%	6.94%	11.22%	12.17%	-0.92%	5.82%	0.54%	11.09%	-0.85%	6.38%
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF	1.58%	8.51%	7.81%	11.98%	-10.37%	3.88%	5.36%	14.35%	-2.50%	6.57%

Correlation

The correlation between HYGH and BBHY is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 16, 2016	0.70

The correlation between HYGH and BBHY shifts across timeframes, from 0.65 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

HYGH vs. BBHY - Sectors Allocation Comparison

Sectors	HYGH	BBHY
Utilities	99.6%	2.0%
Real Estate	0.4%	3.9%
Basic Materials	-	3.2%
Communication Services	-	7.9%
Consumer Cyclical	-	10.0%
Consumer Defensive	-	2.5%
Energy	-	5.2%
Financial Services	-	4.1%
Healthcare	-	5.4%
Industrials	-	8.4%
Technology	-	4.0%

Return for Risk

HYGH vs. BBHY — Risk / Return Rank

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

HYGH

HYGH Risk / Return Rank: 73
HYGH Sharpe Ratio Rank: 61
HYGH Sortino Ratio Rank: 68
HYGH Omega Ratio Rank: 63
HYGH Calmar Ratio Rank: 85
HYGH Martin Ratio Rank: 86

BBHY

BBHY Risk / Return Rank: 63
BBHY Sharpe Ratio Rank: 58
BBHY Sortino Ratio Rank: 64
BBHY Omega Ratio Rank: 63
BBHY Calmar Ratio Rank: 60
BBHY Martin Ratio Rank: 72

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.

HYGH vs. BBHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Interest Rate Hedged High Yield Bond ETF (HYGH) and JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY). 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.

	HYGH	BBHY	Difference
Sharpe ratio Return per unit of total volatility	2.09	1.98	+0.10
Sortino ratio Return per unit of downside risk	3.18	3.01	+0.17
Omega ratio Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio Return relative to maximum drawdown	4.71	3.02	+1.68
Martin ratio Return relative to average drawdown	18.40	13.58	+4.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYGH vs. BBHY - Sharpe Ratio Comparison

The current HYGH Sharpe Ratio is 2.09, which is comparable to the BBHY Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of HYGH and BBHY, 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

	HYGH	BBHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	1.98	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.57	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.64	-0.09

Drawdowns

HYGH vs. BBHY - Drawdown Comparison

The maximum HYGH drawdown since its inception was -23.88%, roughly equal to the maximum BBHY drawdown of -24.98%. Use the drawdown chart below to compare losses from any high point for HYGH and BBHY.

Drawdown Indicators

	HYGH	BBHY	Difference
Max Drawdown Largest peak-to-trough decline	-23.88%	-24.98%	+1.10%
Max Drawdown (1Y) Largest decline over 1 year	-1.62%	-2.37%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-8.06%	-5.00%	-3.06%
Max Drawdown (5Y) Largest decline over 5 years	-8.24%	-15.32%	+7.08%
Max Drawdown (10Y) Largest decline over 10 years	-23.88%	—	—
Current Drawdown Current decline from peak	-0.24%	-0.30%	+0.06%
Average Drawdown Average peak-to-trough decline	-2.23%	-2.37%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.53%	-0.12%

Volatility

HYGH vs. BBHY - Volatility Comparison

The current volatility for iShares Interest Rate Hedged High Yield Bond ETF (HYGH) is 0.63%, while JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) has a volatility of 1.12%. This indicates that HYGH experiences smaller price fluctuations and is considered to be less risky than BBHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGH	BBHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	1.12%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	2.86%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.66%	3.62%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.07%	7.26%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.35%	7.53%	+0.82%

HYGH vs. BBHY - Expense Ratio Comparison

HYGH has a 0.53% expense ratio, which is higher than BBHY's 0.15% expense ratio.

Dividends

HYGH vs. BBHY - Dividend Comparison

HYGH's dividend yield for the trailing twelve months is around 6.63%, less than BBHY's 6.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF	6.95%	7.24%	7.18%	6.49%	5.92%	4.06%	4.73%	4.99%	5.02%	4.81%	1.42%	0.00%
HYGH iShares Interest Rate Hedged High Yield Bond ETF	6.63%	6.86%	7.85%	8.95%	6.21%	3.74%	4.06%	4.89%	6.45%	4.79%	4.60%	5.75%

Frequently Asked Questions

Can I hold both HYGH and BBHY in my portfolio?

HYGH and BBHY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYGH or BBHY?

BBHY has higher volatility (1.12%) compared to HYGH (0.63%). In terms of maximum drawdown, HYGH dropped -23.88% vs BBHY's -24.98%.

Which ETF is better, HYGH or BBHY?

On 5-year performance, HYGH leads with 6.94% vs 4.09% for BBHY. On fees, BBHY is cheaper at 0.15% per year. On volatility, HYGH has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYGH or BBHY?

Over the 5-year period, HYGH has performed better with a 6.94% return vs 4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYGH or BBHY?

BBHY is cheaper with a 0.15% expense ratio, compared with 0.53% for HYGH.

Which ETF pays a higher dividend yield, HYGH or BBHY?

BBHY has the higher dividend yield at 6.95%, compared with 6.63% for HYGH.

What is the main difference between HYGH and BBHY?

They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.53% for HYGH and 0.15% for BBHY.

Which has better risk-adjusted returns?

HYGH currently has the higher Sharpe Ratio (2.09 vs 1.98), 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.