HYGV vs. BKHY
HYGV (FlexShares High Yield Value-Scored US Bond Index Fund) and BKHY (BNY Mellon High Yield Beta ETF) are both High Yield Bonds funds - HYGV tracks the Northern Trust High Yield Value-Scored US Corporate Bond Index while BKHY tracks the Bloomberg US Corporate High Yield Index. Both are passively managed. Over the past 5 years, HYGV returned 3.52%/yr vs 4.19%/yr for BKHY. Their correlation of 0.93 suggests significant overlap in exposure. HYGV charges 0.37%/yr vs 0.22%/yr for BKHY.
Performance
HYGV vs. BKHY - Performance Comparison
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Returns By Period
In the year-to-date period, HYGV achieves a 1.56% return, which is significantly lower than BKHY's 1.83% return.
HYGV
- 1D
- 0.14%
- 1M
- 0.39%
- YTD
- 1.56%
- 6M
- 1.85%
- 1Y
- 6.88%
- 3Y*
- 8.51%
- 5Y*
- 3.52%
- 10Y*
- —
BKHY
- 1D
- 0.10%
- 1M
- 0.54%
- YTD
- 1.83%
- 6M
- 2.02%
- 1Y
- 7.19%
- 3Y*
- 8.93%
- 5Y*
- 4.19%
- 10Y*
- —
HYGV vs. BKHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HYGV FlexShares High Yield Value-Scored US Bond Index Fund | 1.56% | 7.92% | 8.02% | 12.11% | -12.60% | 5.93% | 23.06% |
BKHY BNY Mellon High Yield Beta ETF | 1.83% | 8.48% | 8.37% | 12.40% | -10.97% | 4.75% | 17.83% |
Correlation
The correlation between HYGV and BKHY is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020 | 0.93 |
The correlation between HYGV and BKHY has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.
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Return for Risk
HYGV vs. BKHY — Risk / Return Rank
HYGV
BKHY
HYGV vs. BKHY - 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 BNY Mellon High Yield Beta ETF (BKHY). 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 | BKHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.39 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 2.86 | -0.28 |
| Martin ratioReturn relative to average drawdown | 11.11 | 13.14 | -2.03 |
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
| HYGV | BKHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 1.96 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.55 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.90 | -0.35 |
Drawdowns
HYGV vs. BKHY - Drawdown Comparison
The maximum HYGV drawdown since its inception was -23.47%, which is greater than BKHY's maximum drawdown of -15.89%. Use the drawdown chart below to compare losses from any high point for HYGV and BKHY.
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Drawdown Indicators
| HYGV | BKHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.47% | -15.89% | -7.58% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -2.53% | -0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -5.56% | -4.87% | -0.69% |
Max Drawdown (5Y)Largest decline over 5 years | -17.12% | -15.89% | -1.23% |
Current DrawdownCurrent decline from peak | -0.13% | -0.17% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -3.32% | -2.97% | -0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 0.55% | +0.07% |
Volatility
HYGV vs. BKHY - Volatility Comparison
FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) has a higher volatility of 1.18% compared to BNY Mellon High Yield Beta ETF (BKHY) at 1.12%. This indicates that HYGV's price experiences larger fluctuations and is considered to be riskier than BKHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGV | BKHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.12% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.01% | 2.96% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 3.69% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 7.58% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.20% | 7.36% | +1.84% |
HYGV vs. BKHY - Expense Ratio Comparison
HYGV has a 0.37% expense ratio, which is higher than BKHY's 0.22% expense ratio.
Dividends
HYGV vs. BKHY - Dividend Comparison
HYGV's dividend yield for the trailing twelve months is around 7.40%, which matches BKHY's 7.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BKHY BNY Mellon High Yield Beta ETF | 7.46% | 7.33% | 7.34% | 8.67% | 6.59% | 6.78% | 4.65% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
With a correlation of 0.92, HYGV and BKHY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
HYGV has higher volatility (1.18%) compared to BKHY (1.12%). In terms of maximum drawdown, HYGV dropped -23.47% vs BKHY's -15.89%.
On 5-year performance, BKHY leads with 4.19% vs 3.52% for HYGV. On fees, BKHY is cheaper at 0.22% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BKHY has performed better with a 4.19% return vs 3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKHY is cheaper with a 0.22% expense ratio, compared with 0.37% for HYGV.
BKHY has the higher dividend yield at 7.46%, compared with 7.40% for HYGV.
HYGV tracks Northern Trust High Yield Value-Scored US Corporate Bond Index, while BKHY tracks Bloomberg US Corporate High Yield Index. They also come from different issuers: Northern Trust and BNY Mellon. Their fees differ too: 0.37% for HYGV and 0.22% for BKHY.
BKHY currently has the higher Sharpe Ratio (1.96 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.
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