HYGH vs. NHYB
HYGH (iShares Interest Rate Hedged High Yield Bond ETF) and NHYB (Nuveen High Yield Corporate Bond ETF) are both High Yield Bonds funds - HYGH tracks the Markit iBoxx USD Liquid High Yield Interest Hedged Index while NHYB tracks the ICE BofA BB-B US Cash Pay High Yield Constrained Index. Both are passively managed. Their 0.64 correlation means they have sometimes moved together and sometimes differently. HYGH charges 0.52%/yr vs 0.08%/yr for NHYB.
Performance
HYGH vs. NHYB - 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 NHYB's 2.25% 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%
NHYB
- 1D
- 0.26%
- 1M
- -0.07%
- 6M
- 1.54%
- YTD
- 2.25%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.17M | $5.29M | $4.70M | |
| $2.61M | $1.34M | $2.01M |
HYGH vs. NHYB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.81% | 1.73% |
NHYB Nuveen High Yield Corporate Bond ETF | 2.25% | 1.24% |
Correlation
The correlation between HYGH and NHYB is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 24, 2025 | 0.64 |
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Return for Risk
HYGH vs. NHYB — Risk / Return Rank
HYGH
NHYB
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYGH vs. NHYB - 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 Nuveen High Yield Corporate Bond ETF (NHYB). 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 | NHYB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.39 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.60 | — | — |
| Martin ratioReturn relative to average drawdown | 18.10 | — | — |
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Drawdowns
HYGH vs. NHYB - Drawdown Comparison
The maximum HYGH drawdown since its inception was -23.88%, which is greater than NHYB's maximum drawdown of -2.40%. Use the drawdown chart below to compare losses from any high point for HYGH and NHYB.
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Drawdown Indicators
| HYGH | NHYB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.88% | -2.40% | -21.48% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -8.06% | — | — |
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% | -0.15% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -2.20% | -0.35% | -1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | — | — |
Volatility
HYGH vs. NHYB - Volatility Comparison
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Volatility by Period
| HYGH | NHYB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.62% | 3.50% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.06% | 3.50% | +3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.21% | 3.50% | +4.71% |
HYGH vs. NHYB - Expense Ratio Comparison
HYGH has a 0.52% expense ratio, which is higher than NHYB's 0.08% expense ratio.
Dividends
HYGH vs. NHYB - Dividend Comparison
HYGH's dividend yield for the trailing twelve months is around 6.56%, more than NHYB's 5.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NHYB Nuveen High Yield Corporate Bond ETF | 5.45% | 1.28% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYGH and NHYB have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NHYB is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NHYB is cheaper with a 0.08% expense ratio, compared with 0.52% for HYGH.
HYGH has the higher dividend yield at 6.56%, compared with 5.45% for NHYB.
HYGH tracks Markit iBoxx USD Liquid High Yield Interest Hedged Index, while NHYB tracks ICE BofA BB-B US Cash Pay High Yield Constrained Index. They also come from different issuers: iShares and Nuveen. Their fees differ too: 0.52% for HYGH and 0.08% for NHYB.
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