HYGI vs. SHYG
HYGI (iShares Inflation Hedged High Yield Bond ETF) and SHYG (iShares 0-5 Year High Yield Corporate Bond 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 SHYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield 0-5 Index. Both are passively managed. Their correlation of 0.84 suggests significant overlap in exposure. HYGI charges 0.52%/yr vs 0.30%/yr for SHYG.
Performance
HYGI vs. SHYG - Performance Comparison
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Returns By Period
HYGI
- 1D
- —
- 1M
- —
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHYG
- 1D
- -0.07%
- 1M
- 0.39%
- YTD
- 1.72%
- 6M
- 1.94%
- 1Y
- 6.03%
- 3Y*
- 8.27%
- 5Y*
- 4.78%
- 10Y*
- 5.21%
HYGI vs. SHYG - 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% |
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 1.72% | 7.94% | 8.17% | 10.38% | 3.15% |
Correlation
The correlation between HYGI and SHYG is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022 | 0.84 |
Over the past year, the correlation between HYGI and SHYG has dropped to 0.26 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.
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Return for Risk
HYGI vs. SHYG — Risk / Return Rank
HYGI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SHYG
HYGI vs. SHYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Inflation Hedged High Yield Bond ETF (HYGI) and iShares 0-5 Year High Yield Corporate Bond ETF (SHYG). 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 | SHYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.38 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.46 | — |
| Martin ratioReturn relative to average drawdown | — | 14.95 | — |
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Drawdowns
HYGI vs. SHYG - Drawdown Comparison
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Drawdown Indicators
| HYGI | SHYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -19.26% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.75% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.53% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.39% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.26% | — |
Current DrawdownCurrent decline from peak | — | -0.16% | — |
Average DrawdownAverage peak-to-trough decline | — | -1.44% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.40% | — |
Volatility
HYGI vs. SHYG - Volatility Comparison
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Volatility by Period
| HYGI | SHYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.83% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.57% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 3.20% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 5.74% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 6.41% | — |
HYGI vs. SHYG - Expense Ratio Comparison
HYGI has a 0.52% expense ratio, which is higher than SHYG's 0.30% expense ratio.
Dividends
HYGI vs. SHYG - Dividend Comparison
HYGI has not paid dividends to shareholders, while SHYG's dividend yield for the trailing twelve months is around 7.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGI iShares Inflation Hedged High Yield Bond ETF | 0.97% | 3.41% | 6.08% | 6.22% | 3.19% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 7.00% | 7.03% | 6.93% | 6.54% | 5.57% | 4.83% | 5.07% | 5.33% | 5.90% | 5.49% | 5.53% | 5.17% |
Frequently Asked Questions
HYGI and SHYG have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SHYG is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SHYG is cheaper with a 0.30% expense ratio, compared with 0.52% for HYGI.
SHYG has the higher dividend yield at 7.00%, compared with 0.97% for HYGI.
HYGI is categorized as Inflation-Protected Bonds, while SHYG is High Yield Bonds. HYGI tracks BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross, while SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index. Their fees differ too: 0.52% for HYGI and 0.30% for SHYG.
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