HYGV vs. USHY
HYGV (FlexShares High Yield Value-Scored US Bond Index Fund) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - HYGV tracks the Northern Trust High Yield Value-Scored US Corporate Bond Index while USHY tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, HYGV returned 3.37%/yr vs 4.14%/yr for USHY. Their correlation of 0.93 suggests significant overlap in exposure. HYGV charges 0.37%/yr vs 0.15%/yr for USHY.
Performance
HYGV vs. USHY - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with HYGV at 1.78% and USHY at 1.78%.
HYGV
- 1D
- 0.07%
- 1M
- 0.34%
- YTD
- 1.78%
- 6M
- 1.72%
- 1Y
- 6.07%
- 3Y*
- 8.60%
- 5Y*
- 3.37%
- 10Y*
- —
USHY
- 1D
- 0.08%
- 1M
- 0.27%
- YTD
- 1.78%
- 6M
- 1.74%
- 1Y
- 6.15%
- 3Y*
- 9.14%
- 5Y*
- 4.14%
- 10Y*
- —
HYGV vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HYGV FlexShares High Yield Value-Scored US Bond Index Fund | 1.78% | 7.92% | 8.02% | 12.11% | -12.60% | 5.93% | 8.01% | 15.76% | -4.15% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.78% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.73% |
Correlation
The correlation between HYGV and USHY is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2018 | 0.93 |
The correlation between HYGV and USHY has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
HYGV vs. USHY — Risk / Return Rank
HYGV
USHY
HYGV vs. USHY - 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 Broad USD High Yield Corporate Bond ETF (USHY). 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.
| HYGV | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.32 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 2.55 | -0.28 |
| Martin ratioReturn relative to average drawdown | 9.76 | 11.38 | -1.62 |
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Drawdowns
HYGV vs. USHY - Drawdown Comparison
The maximum HYGV drawdown since its inception was -23.47%, roughly equal to the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for HYGV and USHY.
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Drawdown Indicators
| HYGV | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.47% | -22.44% | -1.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -2.43% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -5.56% | -4.66% | -0.90% |
Max Drawdown (5Y)Largest decline over 5 years | -17.12% | -15.56% | -1.56% |
Current DrawdownCurrent decline from peak | -0.17% | -0.11% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -3.30% | -2.65% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 0.54% | +0.08% |
Volatility
HYGV vs. USHY - Volatility Comparison
FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) has a higher volatility of 0.99% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 0.90%. This indicates that HYGV's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGV | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 0.90% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 2.96% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.87% | 3.67% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 7.35% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.17% | 8.23% | +0.94% |
HYGV vs. USHY - Expense Ratio Comparison
HYGV has a 0.37% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
HYGV vs. USHY - Dividend Comparison
HYGV's dividend yield for the trailing twelve months is around 7.38%, more than USHY's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
With a correlation of 0.96, HYGV and USHY 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 (0.99%) compared to USHY (0.90%). In terms of maximum drawdown, HYGV dropped -23.47% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.14% vs 3.37% for HYGV. On fees, USHY is cheaper at 0.15% 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, USHY has performed better with a 4.14% return vs 3.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.37% for HYGV.
HYGV has the higher dividend yield at 7.38%, compared with 6.90% for USHY.
HYGV tracks Northern Trust High Yield Value-Scored US Corporate Bond Index, while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.37% for HYGV and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.69 vs 1.57), 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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