HYGV vs. AGEPX

Last updated Jun 5, 2026

HYGV (FlexShares High Yield Value-Scored US Bond Index Fund) and AGEPX (American Beacon Frontier Markets Income Fund) are both funds - HYGV is a High Yield Bonds fund tracking the Northern Trust High Yield Value-Scored US Corporate Bond Index, while AGEPX is a Emerging Markets Bonds fund managed by American Beacon. Over the past 5 years, HYGV returned 3.52%/yr vs 7.87%/yr for AGEPX. At a 0.32 correlation, their price movements are largely independent. HYGV charges 0.37%/yr vs 1.38%/yr for AGEPX.

Performance

HYGV vs. AGEPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) and American Beacon Frontier Markets Income Fund (AGEPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYGV achieves a 1.56% return, which is significantly lower than AGEPX's 6.76% return.

HYGV

• 1D: 0.14%
• 1M: 0.39%
• YTD: 1.56%
• 6M: 1.85%
• 1Y: 6.88%
• 3Y*: 8.51%
• 5Y*: 3.52%
• 10Y*: —

AGEPX

• 1D: 0.00%
• 1M: 1.25%
• YTD: 6.76%
• 6M: 8.20%
• 1Y: 20.49%
• 3Y*: 16.96%
• 5Y*: 7.87%
• 10Y*: 7.64%

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

HYGV vs. AGEPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	1.56%	7.92%	8.02%	12.11%	-12.60%	5.93%	8.01%	15.76%	-4.15%
AGEPX American Beacon Frontier Markets Income Fund	6.76%	18.76%	15.58%	12.83%	-12.84%	6.64%	2.25%	13.10%	-2.81%

Correlation

The correlation between HYGV and AGEPX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jul 19, 2018	0.32

Return for Risk

HYGV vs. AGEPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYGV

HYGV Risk / Return Rank: 57
HYGV Sharpe Ratio Rank: 54
HYGV Sortino Ratio Rank: 60
HYGV Omega Ratio Rank: 57
HYGV Calmar Ratio Rank: 53
HYGV Martin Ratio Rank: 63

AGEPX

AGEPX Risk / Return Rank: 98
AGEPX Sharpe Ratio Rank: 100
AGEPX Sortino Ratio Rank: 99
AGEPX Omega Ratio Rank: 99
AGEPX Calmar Ratio Rank: 96
AGEPX Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HYGV vs. AGEPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) and American Beacon Frontier Markets Income Fund (AGEPX). 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.

	HYGV	AGEPX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	5.75	-3.95
Sortino ratio: Return per unit of downside risk	2.76	9.78	-7.02
Omega ratio: Gain probability vs. loss probability	1.35	2.57	-1.22
Calmar ratio: Return relative to maximum drawdown	2.57	6.65	-4.08
Martin ratio: Return relative to average drawdown	11.11	30.13	-19.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYGV vs. AGEPX - Sharpe Ratio Comparison

The current HYGV Sharpe Ratio is 1.80, which is lower than the AGEPX Sharpe Ratio of 5.75. The chart below compares the historical Sharpe Ratios of HYGV and AGEPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYGV	AGEPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	5.75	-3.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	1.53	-1.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	1.33	-0.78

Drawdowns

HYGV vs. AGEPX - Drawdown Comparison

The maximum HYGV drawdown since its inception was -23.47%, roughly equal to the maximum AGEPX drawdown of -22.47%. Use the drawdown chart below to compare losses from any high point for HYGV and AGEPX.

Drawdown Indicators

	HYGV	AGEPX	Difference
Max Drawdown Largest peak-to-trough decline	-23.47%	-22.47%	-1.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-3.17%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-5.56%	-4.80%	-0.76%
Max Drawdown (5Y) Largest decline over 5 years	-17.12%	-22.47%	+5.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.47%	—
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-3.32%	-3.64%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.70%	-0.08%

Volatility

HYGV vs. AGEPX - Volatility Comparison

FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) has a higher volatility of 1.18% compared to American Beacon Frontier Markets Income Fund (AGEPX) at 0.83%. This indicates that HYGV's price experiences larger fluctuations and is considered to be riskier than AGEPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGV	AGEPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	0.83%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	2.99%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	3.67%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.59%	5.16%	+2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.20%	4.98%	+4.22%

HYGV vs. AGEPX - Expense Ratio Comparison

HYGV has a 0.37% expense ratio, which is lower than AGEPX's 1.38% expense ratio.

Dividends

HYGV vs. AGEPX - Dividend Comparison

HYGV's dividend yield for the trailing twelve months is around 7.40%, less than AGEPX's 9.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGEPX American Beacon Frontier Markets Income Fund	9.58%	9.79%	11.92%	9.40%	7.26%	7.65%	7.07%	8.38%	9.55%	7.09%	8.28%	6.80%
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	7.40%	7.48%	8.20%	8.77%	7.64%	6.07%	6.18%	7.95%	5.63%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYGV and AGEPX in my portfolio?

HYGV and AGEPX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYGV or AGEPX?

HYGV has higher volatility (1.18%) compared to AGEPX (0.83%). In terms of maximum drawdown, HYGV dropped -23.47% vs AGEPX's -22.47%.

Which has better risk-adjusted returns?

AGEPX currently has the higher Sharpe Ratio (5.75 vs 1.80), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.