HYGV vs. HYGW

Last updated Jun 5, 2026

HYGV (FlexShares High Yield Value-Scored US Bond Index Fund) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both High Yield Bonds funds - HYGV tracks the Northern Trust High Yield Value-Scored US Corporate Bond Index while HYGW tracks the Cboe HYG BuyWrite Index. Both are passively managed. Over the past 3 years, HYGV returned 8.51%/yr vs 5.74%/yr for HYGW. A 0.77 correlation means they provide meaningful diversification when combined. HYGV charges 0.37%/yr vs 0.69%/yr for HYGW.

Performance

HYGV vs. HYGW - 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 iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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 HYGW's 1.89% return.

HYGV

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

HYGW

• 1D: 0.20%
• 1M: 0.66%
• YTD: 1.89%
• 6M: 2.47%
• 1Y: 6.67%
• 3Y*: 5.74%
• 5Y*: —
• 10Y*: —

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

HYGV vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	1.56%	7.92%	8.02%	12.11%	-1.65%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	1.89%	6.19%	6.99%	7.31%	-0.12%

Correlation

The correlation between HYGV and HYGW is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.77

The correlation between HYGV and HYGW shifts across timeframes, from 0.67 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

HYGV vs. HYGW - Sectors Allocation Comparison

Sectors	HYGV	HYGW
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	0.4%
Technology	-	-
Utilities	-	99.6%

Return for Risk

HYGV vs. HYGW — 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

HYGW

HYGW Risk / Return Rank: 80
HYGW Sharpe Ratio Rank: 75
HYGW Sortino Ratio Rank: 80
HYGW Omega Ratio Rank: 86
HYGW Calmar Ratio Rank: 75
HYGW Martin Ratio Rank: 84

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. HYGW - 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 iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.39	-0.59
Sortino ratio: Return per unit of downside risk	2.76	3.51	-0.75
Omega ratio: Gain probability vs. loss probability	1.35	1.52	-0.17
Calmar ratio: Return relative to maximum drawdown	2.57	3.69	-1.11
Martin ratio: Return relative to average drawdown	11.11	16.88	-5.77
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. HYGW - Sharpe Ratio Comparison

The current HYGV Sharpe Ratio is 1.80, which is comparable to the HYGW Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of HYGV and HYGW, 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	HYGW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	2.39	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	1.26	-0.71

Drawdowns

HYGV vs. HYGW - Drawdown Comparison

The maximum HYGV drawdown since its inception was -23.47%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for HYGV and HYGW.

Drawdown Indicators

	HYGV	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-23.47%	-5.49%	-17.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-1.82%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-5.56%	-3.66%	-1.90%
Max Drawdown (5Y) Largest decline over 5 years	-17.12%	—	—
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-3.32%	-0.61%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.40%	+0.22%

Volatility

HYGV vs. HYGW - Volatility Comparison

FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) has a higher volatility of 1.18% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.88%. This indicates that HYGV's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGV	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	0.88%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	2.22%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	2.81%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.59%	4.68%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.20%	4.68%	+4.52%

HYGV vs. HYGW - Expense Ratio Comparison

HYGV has a 0.37% expense ratio, which is lower than HYGW's 0.69% expense ratio.

Dividends

HYGV vs. HYGW - Dividend Comparison

HYGV's dividend yield for the trailing twelve months is around 7.40%, less than HYGW's 11.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	11.54%	12.53%	12.30%	15.98%	8.71%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYGV and HYGW in my portfolio?

HYGV and HYGW have a correlation of 0.67, 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 HYGW?

HYGV has higher volatility (1.18%) compared to HYGW (0.88%). In terms of maximum drawdown, HYGV dropped -23.47% vs HYGW's -5.49%.

Which ETF is better, HYGV or HYGW?

On 3-year performance, HYGV leads with 8.51% vs 5.74% for HYGW. On fees, HYGV is cheaper at 0.37% per year. On volatility, HYGW has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYGV or HYGW?

Over the 3-year period, HYGV has performed better with a 8.51% return vs 5.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYGV or HYGW?

HYGV is cheaper with a 0.37% expense ratio, compared with 0.69% for HYGW.

Which ETF pays a higher dividend yield, HYGV or HYGW?

HYGW has the higher dividend yield at 11.54%, compared with 7.40% for HYGV.

What is the main difference between HYGV and HYGW?

HYGV tracks Northern Trust High Yield Value-Scored US Corporate Bond Index, while HYGW tracks Cboe HYG BuyWrite Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.37% for HYGV and 0.69% for HYGW.

Which has better risk-adjusted returns?

HYGW currently has the higher Sharpe Ratio (2.39 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.