HYGV vs. SCYB

Last updated Jun 5, 2026

HYGV (FlexShares High Yield Value-Scored US Bond Index Fund) and SCYB (Schwab High Yield Bond ETF) are both High Yield Bonds funds - HYGV tracks the Northern Trust High Yield Value-Scored US Corporate Bond Index while SCYB tracks the ICE BofA US Cash Pay High Yield Constrained Index. Both are passively managed. Over the past year, HYGV returned 6.88% vs 7.03% for SCYB. Their correlation of 0.92 suggests significant overlap in exposure. HYGV charges 0.37%/yr vs 0.03%/yr for SCYB.

Performance

HYGV vs. SCYB - 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 Schwab High Yield Bond ETF (SCYB). 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 SCYB's 1.76% return.

HYGV

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

SCYB

• 1D: 0.21%
• 1M: 0.46%
• YTD: 1.76%
• 6M: 1.99%
• 1Y: 7.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYGV vs. SCYB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	1.56%	7.92%	8.02%	6.72%
SCYB Schwab High Yield Bond ETF	1.76%	8.33%	8.15%	6.74%

Correlation

The correlation between HYGV and SCYB 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 (All Time) Calculated using the full available price history since Jul 12, 2023	0.92

The correlation between HYGV and SCYB has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

HYGV vs. SCYB - Sectors Allocation Comparison

Sectors	HYGV	SCYB
Energy	100.0%	5.8%
Basic Materials	-	3.5%
Communication Services	-	8.9%
Consumer Cyclical	-	10.6%
Consumer Defensive	-	2.5%
Financial Services	-	4.9%
Healthcare	-	5.8%
Industrials	-	8.7%
Real Estate	-	4.2%
Technology	-	4.5%
Utilities	-	2.0%

Return for Risk

HYGV vs. SCYB — 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

SCYB

SCYB Risk / Return Rank: 62
SCYB Sharpe Ratio Rank: 57
SCYB Sortino Ratio Rank: 62
SCYB Omega Ratio Rank: 62
SCYB Calmar Ratio Rank: 59
SCYB Martin Ratio Rank: 71

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. SCYB - 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 Schwab High Yield Bond ETF (SCYB). 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	SCYB	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.89	-0.09
Sortino ratio: Return per unit of downside risk	2.76	2.83	-0.07
Omega ratio: Gain probability vs. loss probability	1.35	1.37	-0.03
Calmar ratio: Return relative to maximum drawdown	2.57	2.89	-0.32
Martin ratio: Return relative to average drawdown	11.11	12.95	-1.84
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. SCYB - Sharpe Ratio Comparison

The current HYGV Sharpe Ratio is 1.80, which is comparable to the SCYB Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of HYGV and SCYB, 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	SCYB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.89	-0.09
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	1.70	-1.15

Drawdowns

HYGV vs. SCYB - Drawdown Comparison

The maximum HYGV drawdown since its inception was -23.47%, which is greater than SCYB's maximum drawdown of -4.92%. Use the drawdown chart below to compare losses from any high point for HYGV and SCYB.

Drawdown Indicators

	HYGV	SCYB	Difference
Max Drawdown Largest peak-to-trough decline	-23.47%	-4.92%	-18.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-2.44%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-5.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.12%	—	—
Current Drawdown Current decline from peak	-0.13%	-0.12%	-0.01%
Average Drawdown Average peak-to-trough decline	-3.32%	-0.52%	-2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.54%	+0.08%

Volatility

HYGV vs. SCYB - Volatility Comparison

FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) has a higher volatility of 1.18% compared to Schwab High Yield Bond ETF (SCYB) at 1.09%. This indicates that HYGV's price experiences larger fluctuations and is considered to be riskier than SCYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGV	SCYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	1.09%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	2.94%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	3.75%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.59%	5.13%	+2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.20%	5.13%	+4.07%

HYGV vs. SCYB - Expense Ratio Comparison

HYGV has a 0.37% expense ratio, which is higher than SCYB's 0.03% expense ratio.

Dividends

HYGV vs. SCYB - Dividend Comparison

HYGV's dividend yield for the trailing twelve months is around 7.40%, more than SCYB's 6.92% 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%
SCYB Schwab High Yield Bond ETF	6.92%	6.99%	7.06%	3.36%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYGV and SCYB in my portfolio?

With a correlation of 0.92, HYGV and SCYB 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.

Which is riskier, HYGV or SCYB?

HYGV has higher volatility (1.18%) compared to SCYB (1.09%). In terms of maximum drawdown, HYGV dropped -23.47% vs SCYB's -4.92%.

Which ETF is better, HYGV or SCYB?

On 1-year performance, SCYB leads with 7.03% vs 6.88% for HYGV. On fees, SCYB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYGV or SCYB?

Over the 1-year period, SCYB has performed better with a 7.03% return vs 6.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYGV or SCYB?

SCYB is cheaper with a 0.03% expense ratio, compared with 0.37% for HYGV.

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

HYGV has the higher dividend yield at 7.40%, compared with 6.92% for SCYB.

What is the main difference between HYGV and SCYB?

HYGV tracks Northern Trust High Yield Value-Scored US Corporate Bond Index, while SCYB tracks ICE BofA US Cash Pay High Yield Constrained Index. They also come from different issuers: Northern Trust and Charles Schwab. Their fees differ too: 0.37% for HYGV and 0.03% for SCYB.

Which has better risk-adjusted returns?

SCYB currently has the higher Sharpe Ratio (1.89 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.