HYGH vs. TLT
Compare and contrast key facts about iShares Interest Rate Hedged High Yield Bond ETF (HYGH) and iShares 20+ Year Treasury Bond ETF (TLT).
HYGH and TLT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HYGH is an actively managed fund by iShares. It was launched on May 27, 2014. TLT is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 20+ Year Bond Index. It was launched on Jul 22, 2002.
Performance
HYGH vs. TLT - Performance Comparison
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HYGH vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 0.64% | 6.94% | 11.22% | 12.17% | -0.92% | 5.82% | 0.54% | 11.09% | -0.85% | 6.38% |
TLT iShares 20+ Year Treasury Bond ETF | 0.07% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Returns By Period
In the year-to-date period, HYGH achieves a 0.64% return, which is significantly higher than TLT's 0.07% return. Over the past 10 years, HYGH has outperformed TLT with an annualized return of 6.47%, while TLT has yielded a comparatively lower -1.39% annualized return.
HYGH
- 1D
- 0.28%
- 1M
- 0.25%
- YTD
- 0.64%
- 6M
- 2.16%
- 1Y
- 7.68%
- 3Y*
- 9.43%
- 5Y*
- 6.55%
- 10Y*
- 6.47%
TLT
- 1D
- -0.10%
- 1M
- -3.35%
- YTD
- 0.07%
- 6M
- -1.23%
- 1Y
- -1.44%
- 3Y*
- -2.81%
- 5Y*
- -5.87%
- 10Y*
- -1.39%
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HYGH vs. TLT - Expense Ratio Comparison
HYGH has a 0.53% expense ratio, which is higher than TLT's 0.15% expense ratio.
Return for Risk
HYGH vs. TLT — Risk / Return Rank
HYGH
TLT
HYGH vs. TLT - 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 iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.08 | -0.13 | +1.21 |
Sortino ratioReturn per unit of downside risk | 1.39 | -0.10 | +1.48 |
Omega ratioGain probability vs. loss probability | 1.28 | 0.99 | +0.30 |
Calmar ratioReturn relative to maximum drawdown | 1.18 | -0.06 | +1.25 |
Martin ratioReturn relative to average drawdown | 8.73 | -0.13 | +8.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYGH | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | -0.13 | +1.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.93 | -0.37 | +1.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.77 | -0.09 | +0.87 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.26 | +0.28 |
Correlation
The correlation between HYGH and TLT is -0.22. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
HYGH vs. TLT - Dividend Comparison
HYGH's dividend yield for the trailing twelve months is around 6.77%, more than TLT's 4.53% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.77% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
TLT iShares 20+ Year Treasury Bond ETF | 4.53% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Drawdowns
HYGH vs. TLT - Drawdown Comparison
The maximum HYGH drawdown since its inception was -23.88%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for HYGH and TLT.
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Drawdown Indicators
| HYGH | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.88% | -48.35% | +24.47% |
Max Drawdown (1Y)Largest decline over 1 year | -6.61% | -9.23% | +2.62% |
Max Drawdown (5Y)Largest decline over 5 years | -8.24% | -43.70% | +35.46% |
Max Drawdown (10Y)Largest decline over 10 years | -23.88% | -48.35% | +24.47% |
Current DrawdownCurrent decline from peak | -0.38% | -40.23% | +39.85% |
Average DrawdownAverage peak-to-trough decline | -2.26% | -13.62% | +11.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 4.39% | -3.49% |
Volatility
HYGH vs. TLT - Volatility Comparison
The current volatility for iShares Interest Rate Hedged High Yield Bond ETF (HYGH) is 1.85%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 3.71%. This indicates that HYGH experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGH | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 3.71% | -1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 2.97% | 6.61% | -3.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.11% | 11.40% | -4.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.06% | 15.88% | -8.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.39% | 14.93% | -6.54% |