HYGI vs. HYBL

Last updated Aug 2, 2026

HYGI (iShares Inflation Hedged High Yield Bond ETF) and HYBL (State Street Blackstone High Income ETF) are both exchange-traded funds - HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross, while HYBL is a High Yield Bonds fund actively managed by State Street. HYGI is passively managed, while HYBL is actively managed. Their 0.67 correlation means they have sometimes moved together and sometimes differently. HYGI charges 0.52%/yr vs 0.70%/yr for HYBL.

Performance

HYGI vs. HYBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Inflation Hedged High Yield Bond ETF (HYGI) and State Street Blackstone High Income ETF (HYBL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HYGI

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

HYBL

• 1D: 0.05%
• 1M: 0.52%
• 6M: 1.62%
• YTD: 1.78%
• 1Y: 5.24%
• 3Y*: 8.22%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HYBL State Street Blackstone High Income ETF	$2.82M	$2.46M	$2.97M

HYGI vs. HYBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%
HYBL State Street Blackstone High Income ETF	1.78%	7.78%	9.12%	11.86%	2.24%

Correlation

The correlation between HYGI and HYBL is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.08
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022	0.67

Over the past year, the correlation between HYGI and HYBL has dropped to 0.08 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

Return for Risk

HYGI vs. HYBL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HYGI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

HYBL

HYBL Risk / Return Rank: 77
HYBL Sharpe Ratio Rank: 84
HYBL Sortino Ratio Rank: 87
HYBL Omega Ratio Rank: 87
HYBL Calmar Ratio Rank: 60
HYBL Martin Ratio Rank: 64

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HYGI vs. HYBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Inflation Hedged High Yield Bond ETF (HYGI) and State Street 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.

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.

	HYGI	HYBL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.94	—
Sortino ratio: Return per unit of downside risk	—	2.93	—
Omega ratio: Gain probability vs. loss probability	—	1.38	—
Calmar ratio: Return relative to maximum drawdown	—	2.11	—
Martin ratio: Return relative to average drawdown	—	7.73	—

Drawdowns

Drawdown Indicators

	HYGI	HYBL	Difference
Max Drawdown Largest peak-to-trough decline	—	-8.46%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.41%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.32%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-1.31%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.66%	—

Volatility

Volatility by Period

	HYGI	HYBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.46%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.63%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	4.50%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	4.50%	—

HYGI vs. HYBL - Expense Ratio Comparison

HYGI has a 0.52% expense ratio, which is lower than HYBL's 0.70% expense ratio.

Dividends

HYGI vs. HYBL - Dividend Comparison

HYGI has not paid dividends to shareholders, while HYBL's dividend yield for the trailing twelve months is around 7.05%.

Position	TTM	2025	2024	2023	2022
HYBL State Street Blackstone High Income ETF	6.42%	7.22%	7.88%	7.93%	5.10%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.50%	3.41%	6.08%	6.22%	3.19%

Frequently Asked Questions

Can I hold both HYGI and HYBL in my portfolio?

HYGI and HYBL have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYGI or HYBL?

On fees, HYGI is cheaper at 0.52% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYGI or HYBL?

HYGI is cheaper with a 0.52% expense ratio, compared with 0.70% for HYBL.

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

HYBL has the higher dividend yield at 6.42%, compared with 0.50% for HYGI.

What is the main difference between HYGI and HYBL?

HYGI is categorized as Inflation-Protected Bonds, while HYBL is High Yield Bonds. They also come from different issuers: iShares and State Street. Their fees differ too: 0.52% for HYGI and 0.70% for HYBL.