HYGH vs. BHYIX

Last updated Jun 3, 2026

HYGH (iShares Interest Rate Hedged High Yield Bond ETF) and BHYIX (BlackRock High Yield Bond Portfolio Institutional Shares) are both High Yield Bonds funds. Over the past 10 years, HYGH returned 6.37%/yr vs 5.89%/yr for BHYIX. A 0.55 correlation means they provide meaningful diversification when combined. HYGH charges 0.53%/yr vs 0.59%/yr for BHYIX.

Performance

HYGH vs. BHYIX - 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 BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYGH achieves a 2.93% return, which is significantly higher than BHYIX's 1.76% return. Over the past 10 years, HYGH has outperformed BHYIX with an annualized return of 6.37%, while BHYIX has yielded a comparatively lower 5.89% annualized return.

HYGH

• 1D: -0.01%
• 1M: 0.79%
• YTD: 2.93%
• 6M: 3.63%
• 1Y: 7.98%
• 3Y*: 9.74%
• 5Y*: 6.95%
• 10Y*: 6.37%

BHYIX

• 1D: -0.14%
• 1M: 0.28%
• YTD: 1.76%
• 6M: 2.44%
• 1Y: 8.04%
• 3Y*: 9.26%
• 5Y*: 4.46%
• 10Y*: 5.89%

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

HYGH vs. BHYIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYGH iShares Interest Rate Hedged High Yield Bond ETF	2.93%	6.94%	11.22%	12.17%	-0.92%	5.82%	0.54%	11.09%	-0.85%	6.38%
BHYIX BlackRock High Yield Bond Portfolio Institutional Shares	1.76%	9.18%	8.55%	13.19%	-11.24%	5.53%	5.87%	15.35%	-2.81%	8.23%

Correlation

The correlation between HYGH and BHYIX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since May 30, 2014	0.55

The correlation between HYGH and BHYIX has been stable across timeframes, ranging from 0.47 to 0.55 - a consistent structural relationship.

Return for Risk

HYGH vs. BHYIX — Risk / Return Rank

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

HYGH

HYGH Risk / Return Rank: 76
HYGH Sharpe Ratio Rank: 65
HYGH Sortino Ratio Rank: 73
HYGH Omega Ratio Rank: 68
HYGH Calmar Ratio Rank: 87
HYGH Martin Ratio Rank: 89

BHYIX

BHYIX Risk / Return Rank: 82
BHYIX Sharpe Ratio Rank: 67
BHYIX Sortino Ratio Rank: 89
BHYIX Omega Ratio Rank: 84
BHYIX Calmar Ratio Rank: 79
BHYIX Martin Ratio Rank: 89

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. BHYIX - 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 BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX). 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	BHYIX	Difference
Sharpe ratio Return per unit of total volatility	2.19	2.40	-0.21
Sortino ratio Return per unit of downside risk	3.34	4.31	-0.97
Omega ratio Gain probability vs. loss probability	1.41	1.56	-0.15
Calmar ratio Return relative to maximum drawdown	5.08	3.60	+1.48
Martin ratio Return relative to average drawdown	19.91	17.89	+2.02
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. BHYIX - Sharpe Ratio Comparison

The current HYGH Sharpe Ratio is 2.19, which is comparable to the BHYIX Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of HYGH and BHYIX, 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	BHYIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.40	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.85	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	1.00	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	1.22	-0.66

Drawdowns

HYGH vs. BHYIX - Drawdown Comparison

The maximum HYGH drawdown since its inception was -23.88%, smaller than the maximum BHYIX drawdown of -34.82%. Use the drawdown chart below to compare losses from any high point for HYGH and BHYIX.

Drawdown Indicators

	HYGH	BHYIX	Difference
Max Drawdown Largest peak-to-trough decline	-23.88%	-34.82%	+10.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.62%	-2.41%	+0.79%
Max Drawdown (3Y) Largest decline over 3 years	-8.06%	-4.07%	-3.99%
Max Drawdown (5Y) Largest decline over 5 years	-8.24%	-15.45%	+7.21%
Max Drawdown (10Y) Largest decline over 10 years	-23.88%	-23.23%	-0.65%
Current Drawdown Current decline from peak	-0.14%	-0.14%	0.00%
Average Drawdown Average peak-to-trough decline	-2.23%	-2.76%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.48%	-0.07%

Volatility

HYGH vs. BHYIX - Volatility Comparison

The current volatility for iShares Interest Rate Hedged High Yield Bond ETF (HYGH) is 0.62%, while BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX) has a volatility of 1.10%. This indicates that HYGH experiences smaller price fluctuations and is considered to be less risky than BHYIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGH	BHYIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	1.10%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	2.64%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	3.66%	3.37%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.07%	5.24%	+1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.35%	5.93%	+2.42%

HYGH vs. BHYIX - Expense Ratio Comparison

HYGH has a 0.53% expense ratio, which is lower than BHYIX's 0.59% expense ratio.

Dividends

HYGH vs. BHYIX - Dividend Comparison

HYGH's dividend yield for the trailing twelve months is around 7.21%, more than BHYIX's 7.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHYIX BlackRock High Yield Bond Portfolio Institutional Shares	7.06%	7.05%	7.46%	6.15%	4.91%	4.73%	5.12%	5.70%	6.33%	5.82%	5.96%	6.33%
HYGH iShares Interest Rate Hedged High Yield Bond ETF	7.21%	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 BHYIX in my portfolio?

HYGH and BHYIX have a correlation of 0.47, 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 BHYIX?

BHYIX has higher volatility (1.10%) compared to HYGH (0.62%). In terms of maximum drawdown, HYGH dropped -23.88% vs BHYIX's -34.82%.

Which has better risk-adjusted returns?

BHYIX currently has the higher Sharpe Ratio (2.40 vs 2.19), 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.