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HYGV vs. IJR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYGV vs. IJR

Last updated Jun 12, 2026

HYGV (FlexShares High Yield Value-Scored US Bond Index Fund) and IJR (iShares Core S&P Small-Cap ETF) are both exchange-traded funds - HYGV is a High Yield Bonds fund tracking the Northern Trust High Yield Value-Scored US Corporate Bond Index, while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 5 years, HYGV returned 3.44%/yr vs 6.05%/yr for IJR. A 0.66 correlation means they provide meaningful diversification when combined. HYGV charges 0.37%/yr vs 0.06%/yr for IJR.

Performance

HYGV vs. IJR - 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 Core S&P Small-Cap ETF (IJR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HYGV achieves a 1.71% return, which is significantly lower than IJR's 18.58% return.

HYGV

1D
0.53%
1M
0.72%
YTD
1.71%
6M
1.99%
1Y
6.90%
3Y*
8.43%
5Y*
3.44%
10Y*
—

IJR

1D
2.44%
1M
4.79%
YTD
18.58%
6M
14.12%
1Y
32.55%
3Y*
14.69%
5Y*
6.05%
10Y*
11.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HYGV vs. IJR - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
HYGV
FlexShares High Yield Value-Scored US Bond Index Fund		1.71%7.92%8.02%12.11%-12.60%5.93%8.01%15.76%-4.15%
IJR
iShares Core S&P Small-Cap ETF		18.58%5.89%8.63%16.06%-16.20%26.58%11.28%22.82%-18.79%

Correlation

The correlation between HYGV and IJR is 0.71, 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

0.71

Correlation (3Y)
Calculated over the trailing 3-year period

0.70

Correlation (5Y)
Calculated over the trailing 5-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2018

0.66

The correlation between HYGV and IJR has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.

HYGV vs. IJR - Sectors Allocation Comparison

Sectors
HYGV
IJR

Energy

100.0%
5.9%

Basic Materials

-

5.1%

Communication Services

-

3.6%

Consumer Cyclical

-

13.4%

Consumer Defensive

-

3.5%

Financial Services

-

16.8%

Healthcare

-

11.1%

Industrials

-

15.5%

Real Estate

-

7.6%

Technology

-

15.5%

Utilities

-

2.0%

Energy

HYGV
100.0%
IJR
5.9%

Basic Materials

HYGV

-

IJR
5.1%

Communication Services

HYGV

-

IJR
3.6%

Consumer Cyclical

HYGV

-

IJR
13.4%

Consumer Defensive

HYGV

-

IJR
3.5%

Financial Services

HYGV

-

IJR
16.8%

Healthcare

HYGV

-

IJR
11.1%

Industrials

HYGV

-

IJR
15.5%

Real Estate

HYGV

-

IJR
7.6%

Technology

HYGV

-

IJR
15.5%

Utilities

HYGV

-

IJR
2.0%

Compare stocks, funds, or ETFs

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FlexShares High Yield Value-Scored US Bond Index Fund

iShares Core S&P Small-Cap ETF

Often compared with HYGV:
HYGV vs. HYGHYGV vs. SPYHYGV vs. SPHYHYGV vs. HYGHHYGV vs. HYUPHYGV vs. PFXFHYGV vs. SCHD
Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJSIJR vs. IJHIJR vs. SCHAIJR vs. VBR

Return for Risk

HYGV vs. IJR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HYGV
HYGV Risk / Return Rank: 6868
Overall Rank
HYGV Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
HYGV Sortino Ratio Rank: 7373
Sortino Ratio Rank
HYGV Omega Ratio Rank: 6969
Omega Ratio Rank
HYGV Calmar Ratio Rank: 6262
Calmar Ratio Rank
HYGV Martin Ratio Rank: 7171
Martin Ratio Rank
IJR
IJR Risk / Return Rank: 7474
Overall Rank
IJR Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 7272
Sortino Ratio Rank
IJR Omega Ratio Rank: 6464
Omega Ratio Rank
IJR Calmar Ratio Rank: 8484
Calmar Ratio Rank
IJR Martin Ratio Rank: 7979
Martin Ratio Rank
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. IJR - 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 Core S&P Small-Cap ETF (IJR). 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.

HYGVIJRDifference
Sharpe ratioReturn per unit of total volatility
1.78
1.84

-0.06

Sortino ratioReturn per unit of downside risk
2.74
2.68

+0.06

Omega ratioGain probability vs. loss probability

1.34

1.32

+0.02

Calmar ratioReturn relative to maximum drawdown

2.58

3.77

-1.18

Martin ratioReturn relative to average drawdown

11.11

12.61

-1.50

HYGV vs. IJR - Sharpe Ratio Comparison

The current HYGV Sharpe Ratio is 1.78, which is comparable to the IJR Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of HYGV and IJR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

HYGV vs. IJR - Drawdown Comparison

The maximum HYGV drawdown since its inception was -23.47%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for HYGV and IJR.

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Drawdown Indicators

HYGVIJRDifference

Max Drawdown

Largest peak-to-trough decline

-23.47%

-58.15%

+34.68%

Max Drawdown (1Y)

Largest decline over 1 year

-2.68%

-8.68%

+6.00%

Max Drawdown (3Y)

Largest decline over 3 years

-5.56%

-28.02%

+22.46%

Max Drawdown (5Y)

Largest decline over 5 years

-17.12%

-28.02%

+10.90%

Max Drawdown (10Y)

Largest decline over 10 years

—

-44.36%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-3.31%

-9.27%

+5.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.62%

2.59%

-1.97%

Volatility

HYGV vs. IJR - Volatility Comparison

The current volatility for FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) is 1.20%, while iShares Core S&P Small-Cap ETF (IJR) has a volatility of 5.17%. This indicates that HYGV experiences smaller price fluctuations and is considered to be less risky than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HYGVIJRDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.20%

5.17%

-3.97%

Volatility (6M)

Calculated over the trailing 6-month period

3.08%

12.08%

-9.00%

Volatility (1Y)

Calculated over the trailing 1-year period

3.90%

17.75%

-13.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.59%

21.43%

-13.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.19%

22.92%

-13.73%

HYGV vs. IJR - Expense Ratio Comparison

HYGV has a 0.37% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

HYGV vs. IJR - Dividend Comparison

HYGV's dividend yield for the trailing twelve months is around 7.38%, more than IJR's 1.12% yield.

PositionTTM20252024202320222021202020192018201720162015
HYGV
FlexShares High Yield Value-Scored US Bond Index Fund		7.38%7.48%8.20%8.77%7.64%6.07%6.18%7.95%5.63%0.00%0.00%0.00%
IJR
iShares Core S&P Small-Cap ETF		1.12%1.44%2.05%1.31%1.41%1.53%1.11%1.44%1.58%1.20%1.22%1.48%

Frequently Asked Questions

HYGV and IJR have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IJR has higher volatility (5.17%) compared to HYGV (1.20%). In terms of maximum drawdown, HYGV dropped -23.47% vs IJR's -58.15%.

On 5-year performance, IJR leads with 6.05% vs 3.44% for HYGV. On fees, IJR is cheaper at 0.06% per year. On volatility, HYGV has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, IJR has performed better with a 6.05% return vs 3.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IJR is cheaper with a 0.06% expense ratio, compared with 0.37% for HYGV.

HYGV has the higher dividend yield at 7.38%, compared with 1.12% for IJR.

HYGV is categorized as High Yield Bonds, while IJR is Small Cap Blend Equities. HYGV tracks Northern Trust High Yield Value-Scored US Corporate Bond Index, while IJR tracks S&P SmallCap 600 Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.37% for HYGV and 0.06% for IJR.

IJR currently has the higher Sharpe Ratio (1.84 vs 1.78), 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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