HYGH vs. HYBL

Last updated Jun 3, 2026

HYGH (iShares Interest Rate Hedged High Yield Bond ETF) and HYBL (SPDR Blackstone High Income ETF) are both High Yield Bonds funds. Both are actively managed. Over the past 3 years, HYGH returned 9.74%/yr vs 8.65%/yr for HYBL. A 0.66 correlation means they provide meaningful diversification when combined. HYGH charges 0.53%/yr vs 0.70%/yr for HYBL.

Performance

HYGH vs. HYBL - 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 SPDR Blackstone High Income ETF (HYBL). 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 HYBL's 1.31% 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%

HYBL

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.31%
• 6M: 2.02%
• 1Y: 6.71%
• 3Y*: 8.65%
• 5Y*: —
• 10Y*: —

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

HYGH vs. HYBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYGH iShares Interest Rate Hedged High Yield Bond ETF	2.93%	6.94%	11.22%	12.17%	1.57%
HYBL SPDR Blackstone High Income ETF	1.31%	7.78%	9.12%	11.86%	-4.72%

Correlation

The correlation between HYGH and HYBL is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022	0.66

The correlation between HYGH and HYBL has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.

Return for Risk

HYGH vs. HYBL — 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

HYBL

HYBL Risk / Return Rank: 72
HYBL Sharpe Ratio Rank: 77
HYBL Sortino Ratio Rank: 85
HYBL Omega Ratio Rank: 84
HYBL Calmar Ratio Rank: 55
HYBL Martin Ratio Rank: 58

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. 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 SPDR 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.

	HYGH	HYBL	Difference
Sharpe ratio Return per unit of total volatility	2.19	2.54	-0.35
Sortino ratio Return per unit of downside risk	3.34	3.88	-0.54
Omega ratio Gain probability vs. loss probability	1.41	1.52	-0.10
Calmar ratio Return relative to maximum drawdown	5.08	2.76	+2.32
Martin ratio Return relative to average drawdown	19.91	10.17	+9.74
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. HYBL - Sharpe Ratio Comparison

The current HYGH Sharpe Ratio is 2.19, which is comparable to the HYBL Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of HYGH and HYBL, 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	HYBL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.54	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	1.26	-0.70

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.

Drawdown Indicators

	HYGH	HYBL	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-2.23%	-1.35%	-0.88%
Ulcer Index Depth 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) and SPDR Blackstone High Income ETF (HYBL) have volatilities of 0.62% and 0.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGH	HYBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	0.65%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	2.14%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.66%	2.65%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.07%	4.58%	+2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.35%	4.58%	+3.77%

HYGH vs. HYBL - Expense Ratio Comparison

HYGH has a 0.53% 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 7.21%, more than HYBL's 7.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYBL SPDR Blackstone High Income ETF	7.10%	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	6.62%	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 HYBL in my portfolio?

HYGH and HYBL have a correlation of 0.59, 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 HYBL?

HYBL has higher volatility (0.65%) compared to HYGH (0.62%). In terms of maximum drawdown, HYGH dropped -23.88% vs HYBL's -8.46%.

Which ETF is better, HYGH or HYBL?

On 3-year performance, HYGH leads with 9.74% vs 8.65% for HYBL. On fees, HYGH is cheaper at 0.53% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYGH or HYBL?

Over the 3-year period, HYGH has performed better with a 9.74% return vs 8.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYGH or HYBL?

HYGH is cheaper with a 0.53% expense ratio, compared with 0.70% for HYBL.

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

HYGH has the higher dividend yield at 7.21%, compared with 7.10% for HYBL.

What is the main difference between HYGH and HYBL?

They also come from different issuers: iShares and State Street. Their fees differ too: 0.53% for HYGH and 0.70% for HYBL.

Which has better risk-adjusted returns?

HYBL currently has the higher Sharpe Ratio (2.54 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.