HYGH vs. HYBL
HYGH (iShares Interest Rate Hedged High Yield Bond ETF) and HYBL (State Street Blackstone High Income ETF) are both High Yield Bonds funds. HYGH is passively managed, while HYBL is actively managed. Over the past 3 years, HYGH returned 9.16%/yr vs 8.31%/yr for HYBL. Their 0.66 correlation means they have sometimes moved together and sometimes differently. HYGH charges 0.52%/yr vs 0.70%/yr for HYBL.
Performance
HYGH vs. HYBL - Performance Comparison
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Returns By Period
In the year-to-date period, HYGH achieves a 3.81% return, which is significantly higher than HYBL's 1.89% return.
HYGH
- 1D
- 0.12%
- 1M
- 0.29%
- 6M
- 2.79%
- YTD
- 3.81%
- 1Y
- 7.43%
- 3Y*
- 9.16%
- 5Y*
- 7.14%
- 10Y*
- 6.18%
- ALL TIME*
- 4.72%
HYBL
- 1D
- 0.11%
- 1M
- 0.63%
- 6M
- 1.55%
- YTD
- 1.89%
- 1Y
- 5.35%
- 3Y*
- 8.31%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.24M | $2.71M | $2.98M | |
| $5.17M | $5.29M | $4.70M |
HYGH vs. HYBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.81% | 6.94% | 11.22% | 12.17% | 0.98% |
HYBL State Street Blackstone High Income ETF | 1.89% | 7.78% | 9.12% | 11.86% | -4.72% |
Correlation
The correlation between HYGH and HYBL is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2022 | 0.66 |
The correlation between HYGH and HYBL shifts across timeframes, from 0.55 (3 years) to 0.66 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYGH vs. HYBL — Risk / Return Rank
HYGH
HYBL
HYGH vs. HYBL - 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 State Street Blackstone High Income ETF (HYBL). 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.
| HYGH | HYBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.41 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.60 | 2.23 | +2.38 |
| Martin ratioReturn relative to average drawdown | 18.10 | 8.15 | +9.95 |
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Drawdowns
HYGH vs. HYBL - Drawdown Comparison
The maximum HYGH drawdown since its inception was -23.88%, which is greater than HYBL's maximum drawdown of -8.46%. Use the drawdown chart below to compare losses from any high point for HYGH and HYBL.
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Drawdown Indicators
| HYGH | HYBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.88% | -8.46% | -15.42% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -2.41% | +0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -8.06% | -4.32% | -3.74% |
Max Drawdown (5Y)Largest decline over 5 years | -8.24% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -23.88% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.20% | -1.31% | -0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.66% | -0.25% |
Volatility
HYGH vs. HYBL - Volatility Comparison
iShares Interest Rate Hedged High Yield Bond ETF (HYGH) has a higher volatility of 0.63% compared to State Street Blackstone High Income ETF (HYBL) at 0.45%. This indicates that HYGH's price experiences larger fluctuations and is considered to be riskier than HYBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGH | HYBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.45% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 2.10% | +0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.62% | 2.63% | +0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.06% | 4.50% | +2.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.21% | 4.50% | +3.71% |
HYGH vs. HYBL - Expense Ratio Comparison
HYGH has a 0.52% expense ratio, which is lower than HYBL's 0.70% expense ratio.
Dividends
HYGH vs. HYBL - Dividend Comparison
HYGH's dividend yield for the trailing twelve months is around 6.56%, less than HYBL's 7.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYBL State Street Blackstone High Income ETF | 7.05% | 7.22% | 7.88% | 7.93% | 5.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.56% | 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
HYGH and HYBL have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYGH has higher volatility (0.63%) compared to HYBL (0.45%). In terms of maximum drawdown, HYGH dropped -23.88% vs HYBL's -8.46%.
On 3-year performance, HYGH leads with 9.16% vs 8.31% for HYBL. On fees, HYGH is cheaper at 0.52% per year. On volatility, HYBL has been the lower-risk option at 0.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYGH has performed better with a 9.16% return vs 8.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGH is cheaper with a 0.52% expense ratio, compared with 0.70% for HYBL.
HYBL has the higher dividend yield at 7.05%, compared with 6.56% for HYGH.
They also come from different issuers: iShares and State Street. Their fees differ too: 0.52% for HYGH and 0.70% for HYBL.
HYGH currently has the higher Sharpe Ratio (2.07 vs 2.05), 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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