HYGW vs. ^XNG

Last updated Apr 2, 2026

Compare and contrast key facts about iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) and NYSE Arca Natural Gas Index (^XNG).

HYGW is a passively managed fund by iShares that tracks the performance of the Cboe HYG BuyWrite Index. It was launched on Aug 18, 2022.

Performance

HYGW vs. ^XNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) and NYSE Arca Natural Gas Index (^XNG). The values are adjusted to include any dividend payments, if applicable.

HYGW vs. ^XNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	0.33%	6.19%	6.99%	7.31%	-0.12%
^XNG NYSE Arca Natural Gas Index	24.95%	9.44%	16.55%	2.82%	-8.72%

Returns By Period

In the year-to-date period, HYGW achieves a 0.33% return, which is significantly lower than ^XNG's 24.95% return.

HYGW

• 1D: 0.18%
• 1M: -0.51%
• YTD: 0.33%
• 6M: 1.90%
• 1Y: 5.44%
• 3Y*: 5.64%
• 5Y*: —
• 10Y*: —

^XNG

• 1D: -1.76%
• 1M: 3.48%
• YTD: 24.95%
• 6M: 21.20%
• 1Y: 24.70%
• 3Y*: 20.15%
• 5Y*: 19.40%
• 10Y*: 6.67%

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

Return for Risk

HYGW vs. ^XNG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYGW

HYGW Risk / Return Rank: 73
HYGW Sharpe Ratio Rank: 70
HYGW Sortino Ratio Rank: 68
HYGW Omega Ratio Rank: 79
HYGW Calmar Ratio Rank: 67
HYGW Martin Ratio Rank: 82

^XNG

^XNG Risk / Return Rank: 79
^XNG Sharpe Ratio Rank: 83
^XNG Sortino Ratio Rank: 79
^XNG Omega Ratio Rank: 82
^XNG Calmar Ratio Rank: 75
^XNG Martin Ratio Rank: 77

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.

HYGW vs. ^XNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) and NYSE Arca Natural Gas Index (^XNG). 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.

	HYGW	^XNG	Difference
Sharpe ratio Return per unit of total volatility	1.29	1.32	-0.04
Sortino ratio Return per unit of downside risk	1.77	1.72	+0.05
Omega ratio Gain probability vs. loss probability	1.31	1.26	+0.05
Calmar ratio Return relative to maximum drawdown	1.80	1.83	-0.03
Martin ratio Return relative to average drawdown	9.49	6.76	+2.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYGW vs. ^XNG - Sharpe Ratio Comparison

The current HYGW Sharpe Ratio is 1.29, which is comparable to the ^XNG Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of HYGW and ^XNG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HYGW	^XNG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	1.32	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	0.21	+0.99

Correlation

The correlation between HYGW and ^XNG is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

HYGW vs. ^XNG - Drawdown Comparison

The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum ^XNG drawdown of -84.52%. Use the drawdown chart below to compare losses from any high point for HYGW and ^XNG.

Drawdown Indicators

	HYGW	^XNG	Difference
Max Drawdown Largest peak-to-trough decline	-5.49%	-84.52%	+79.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.23%	-14.10%	+10.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-77.64%	—
Current Drawdown Current decline from peak	-0.74%	-8.78%	+8.04%
Average Drawdown Average peak-to-trough decline	-0.63%	-27.37%	+26.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	3.81%	-3.20%

Volatility

HYGW vs. ^XNG - Volatility Comparison

The current volatility for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is 1.69%, while NYSE Arca Natural Gas Index (^XNG) has a volatility of 4.73%. This indicates that HYGW experiences smaller price fluctuations and is considered to be less risky than ^XNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGW	^XNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	4.73%	-3.04%
Volatility (6M) Calculated over the trailing 6-month period	2.38%	11.23%	-8.85%
Volatility (1Y) Calculated over the trailing 1-year period	4.27%	18.78%	-14.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.76%	21.89%	-17.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.76%	29.27%	-24.51%