HYGI vs. VTES
HYGI (iShares Inflation Hedged High Yield Bond ETF) and VTES (Vanguard Short-Term Tax-Exempt 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 VTES is a Municipal Bonds fund tracking the S&P 0-7 Year National AMT-Free Municipal Bond Index. Both are passively managed. Their 0.18 correlation means their historical movements had little consistent relationship. HYGI charges 0.52%/yr vs 0.07%/yr for VTES.
Performance
HYGI vs. VTES - Performance Comparison
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Returns By Period
HYGI
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
VTES
- 1D
- -0.04%
- 1M
- -0.61%
- 6M
- -0.36%
- YTD
- 0.37%
- 1Y
- 1.66%
- 3Y*
- 2.94%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.78M | $19.18M | $17.67M |
HYGI vs. VTES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HYGI iShares Inflation Hedged High Yield Bond ETF | 0.00% | 6.20% | 9.16% | 9.97% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF | 0.37% | 4.19% | 1.85% | 3.32% |
Correlation
The correlation between HYGI and VTES is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.12 |
Correlation (3Y) Balances recent behavior with more history. | 0.21 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2023 | 0.19 |
The correlation between HYGI and VTES shifts across timeframes, from -0.12 (1 year) to 0.21 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYGI vs. VTES — Risk / Return Rank
HYGI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
VTES
HYGI vs. VTES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Inflation Hedged High Yield Bond ETF (HYGI) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES). 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 | VTES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.32 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.38 | — |
| Martin ratioReturn relative to average drawdown | — | 3.68 | — |
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Drawdowns
HYGI vs. VTES - Drawdown Comparison
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Drawdown Indicators
| HYGI | VTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -2.42% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.47% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.59% | — |
Current DrawdownCurrent decline from peak | — | -0.90% | — |
Average DrawdownAverage peak-to-trough decline | — | -0.50% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.55% | — |
Volatility
HYGI vs. VTES - Volatility Comparison
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Volatility by Period
| HYGI | VTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.45% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.03% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 1.31% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 1.70% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 1.70% | — |
HYGI vs. VTES - Expense Ratio Comparison
HYGI has a 0.52% expense ratio, which is higher than VTES's 0.07% expense ratio.
Dividends
HYGI vs. VTES - Dividend Comparison
HYGI has not paid dividends to shareholders, while VTES's dividend yield for the trailing twelve months is around 2.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYGI iShares Inflation Hedged High Yield Bond ETF | 0.50% | 3.41% | 6.08% | 6.22% | 3.19% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF | 2.52% | 2.77% | 2.99% | 2.03% | 0.00% |
Frequently Asked Questions
HYGI and VTES have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VTES is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VTES is cheaper with a 0.07% expense ratio, compared with 0.52% for HYGI.
VTES has the higher dividend yield at 2.52%, compared with 0.50% for HYGI.
HYGI is categorized as Inflation-Protected Bonds, while VTES is Municipal Bonds. HYGI tracks BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross, while VTES tracks S&P 0-7 Year National AMT-Free Municipal Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.52% for HYGI and 0.07% for VTES.
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