HYGH vs. USHY
Compare and contrast key facts about iShares Interest Rate Hedged High Yield Bond ETF (HYGH) and iShares Broad USD High Yield Corporate Bond ETF (USHY).
HYGH and USHY 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. USHY is a passively managed fund by iShares that tracks the performance of the ICE BofA US High Yield Constrained. It was launched on Oct 25, 2017.
Performance
HYGH vs. USHY - Performance Comparison
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HYGH vs. USHY - 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% | 0.16% |
USHY iShares Broad USD High Yield Corporate Bond ETF | -0.05% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Returns By Period
In the year-to-date period, HYGH achieves a 0.64% return, which is significantly higher than USHY's -0.05% 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%
USHY
- 1D
- 0.33%
- 1M
- -0.67%
- YTD
- -0.05%
- 6M
- 0.98%
- 1Y
- 7.26%
- 3Y*
- 8.45%
- 5Y*
- 4.21%
- 10Y*
- —
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HYGH vs. USHY - Expense Ratio Comparison
HYGH has a 0.53% expense ratio, which is higher than USHY's 0.15% expense ratio.
Return for Risk
HYGH vs. USHY — Risk / Return Rank
HYGH
USHY
HYGH vs. USHY - 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 Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.08 | 1.32 | -0.24 |
Sortino ratioReturn per unit of downside risk | 1.39 | 1.94 | -0.56 |
Omega ratioGain probability vs. loss probability | 1.28 | 1.31 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.18 | 1.91 | -0.72 |
Martin ratioReturn relative to average drawdown | 8.73 | 9.64 | -0.90 |
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 | USHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 1.32 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.93 | 0.58 | +0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.77 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.56 | -0.03 |
Correlation
The correlation between HYGH and USHY is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
HYGH vs. USHY - Dividend Comparison
HYGH's dividend yield for the trailing twelve months is around 6.77%, less than USHY's 6.95% 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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.95% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Drawdowns
HYGH vs. USHY - Drawdown Comparison
The maximum HYGH drawdown since its inception was -23.88%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for HYGH and USHY.
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Drawdown Indicators
| HYGH | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.88% | -22.44% | -1.44% |
Max Drawdown (1Y)Largest decline over 1 year | -6.61% | -3.92% | -2.69% |
Max Drawdown (5Y)Largest decline over 5 years | -8.24% | -15.56% | +7.32% |
Max Drawdown (10Y)Largest decline over 10 years | -23.88% | — | — |
Current DrawdownCurrent decline from peak | -0.38% | -1.03% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -2.26% | -2.71% | +0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.77% | +0.13% |
Volatility
HYGH vs. USHY - Volatility Comparison
The current volatility for iShares Interest Rate Hedged High Yield Bond ETF (HYGH) is 1.85%, while iShares Broad USD High Yield Corporate Bond ETF (USHY) has a volatility of 2.21%. This indicates that HYGH experiences smaller price fluctuations and is considered to be less risky than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGH | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 2.21% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 2.97% | 2.84% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.11% | 5.52% | +1.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.06% | 7.33% | -0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.39% | 8.32% | +0.07% |