HYGH vs. JCPI
HYGH (iShares Interest Rate Hedged High Yield Bond ETF) and JCPI (JPMorgan Inflation Managed Bond ETF) are both exchange-traded funds - HYGH is a High Yield Bonds fund actively managed by iShares, while JCPI is a Inflation-Protected Bonds fund actively managed by JPMorgan. Both are actively managed. Over the past 3 years, HYGH returned 9.63%/yr vs 5.40%/yr for JCPI. At a 0.09 correlation, their price movements are largely independent. HYGH charges 0.53%/yr vs 0.25%/yr for JCPI.
Performance
HYGH vs. JCPI - Performance Comparison
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Returns By Period
In the year-to-date period, HYGH achieves a 3.24% return, which is significantly higher than JCPI's 1.34% return.
HYGH
- 1D
- 0.17%
- 1M
- 0.74%
- YTD
- 3.24%
- 6M
- 3.69%
- 1Y
- 8.03%
- 3Y*
- 9.63%
- 5Y*
- 7.00%
- 10Y*
- 6.50%
JCPI
- 1D
- -0.00%
- 1M
- -0.47%
- YTD
- 1.34%
- 6M
- 1.12%
- 1Y
- 4.86%
- 3Y*
- 5.40%
- 5Y*
- —
- 10Y*
- —
HYGH vs. JCPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.24% | 6.94% | 11.22% | 12.17% | 0.64% |
JCPI JPMorgan Inflation Managed Bond ETF | 1.34% | 7.10% | 4.70% | 5.04% | -5.53% |
Correlation
The correlation between HYGH and JCPI is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2022 | 0.09 |
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Return for Risk
HYGH vs. JCPI — Risk / Return Rank
HYGH
JCPI
HYGH vs. JCPI - 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 Inflation Managed Bond ETF (JCPI). 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 | JCPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.31 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.88 | 3.05 | +1.83 |
| Martin ratioReturn relative to average drawdown | 19.08 | 10.17 | +8.91 |
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Drawdowns
HYGH vs. JCPI - Drawdown Comparison
The maximum HYGH drawdown since its inception was -23.88%, which is greater than JCPI's maximum drawdown of -7.85%. Use the drawdown chart below to compare losses from any high point for HYGH and JCPI.
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Drawdown Indicators
| HYGH | JCPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.88% | -7.85% | -16.03% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -1.60% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -8.06% | -2.81% | -5.25% |
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% | -0.74% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -2.22% | -1.86% | -0.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.48% | -0.07% |
Volatility
HYGH vs. JCPI - Volatility Comparison
The current volatility for iShares Interest Rate Hedged High Yield Bond ETF (HYGH) is 0.68%, while JPMorgan Inflation Managed Bond ETF (JCPI) has a volatility of 0.90%. This indicates that HYGH experiences smaller price fluctuations and is considered to be less risky than JCPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGH | JCPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 0.90% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.80% | 2.06% | +0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.66% | 2.91% | +0.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.07% | 4.49% | +2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.34% | 4.49% | +3.85% |
HYGH vs. JCPI - Expense Ratio Comparison
HYGH has a 0.53% expense ratio, which is higher than JCPI's 0.25% expense ratio.
Dividends
HYGH vs. JCPI - Dividend Comparison
HYGH's dividend yield for the trailing twelve months is around 6.60%, more than JCPI's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
JCPI JPMorgan Inflation Managed Bond ETF | 3.95% | 3.93% | 3.98% | 3.45% | 3.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYGH and JCPI have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JCPI has higher volatility (0.90%) compared to HYGH (0.68%). In terms of maximum drawdown, HYGH dropped -23.88% vs JCPI's -7.85%.
On 3-year performance, HYGH leads with 9.63% vs 5.40% for JCPI. On fees, JCPI is cheaper at 0.25% per year. On volatility, HYGH has been the lower-risk option at 0.68%. 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 9.63% return vs 5.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JCPI is cheaper with a 0.25% expense ratio, compared with 0.53% for HYGH.
HYGH has the higher dividend yield at 6.60%, compared with 3.95% for JCPI.
HYGH is categorized as High Yield Bonds, while JCPI is Inflation-Protected Bonds. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.53% for HYGH and 0.25% for JCPI.
HYGH currently has the higher Sharpe Ratio (2.16 vs 1.68), 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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