HYGW vs. BSJQ

Last updated Jun 5, 2026

HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and BSJQ (Invesco BulletShares 2026 High Yield Corp Bond ETF) are both High Yield Bonds funds - HYGW tracks the Cboe HYG BuyWrite Index while BSJQ tracks the NASDAQ BulletShares USD High Yield Corporate Bond 2026 TR Index. Both are passively managed. Over the past 3 years, HYGW returned 5.74%/yr vs 7.03%/yr for BSJQ. A 0.74 correlation means they provide meaningful diversification when combined. HYGW charges 0.69%/yr vs 0.42%/yr for BSJQ.

Performance

HYGW vs. BSJQ - 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 Invesco BulletShares 2026 High Yield Corp Bond ETF (BSJQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYGW achieves a 1.89% return, which is significantly higher than BSJQ's 0.89% return.

HYGW

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

BSJQ

• 1D: 0.04%
• 1M: -0.26%
• YTD: 0.89%
• 6M: 1.20%
• 1Y: 4.61%
• 3Y*: 7.03%
• 5Y*: 3.75%
• 10Y*: —

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

HYGW vs. BSJQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	1.89%	6.19%	6.99%	7.31%	-0.12%
BSJQ Invesco BulletShares 2026 High Yield Corp Bond ETF	0.89%	6.59%	7.49%	9.83%	0.30%

Correlation

The correlation between HYGW and BSJQ is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.74

Over the past year, the correlation between HYGW and BSJQ has dropped to 0.52 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

HYGW vs. BSJQ - Sectors Allocation Comparison

Sectors	HYGW	BSJQ
Utilities	99.6%	-
Real Estate	0.4%	3.6%
Basic Materials	-	-
Communication Services	-	1.8%
Consumer Cyclical	-	7.0%
Consumer Defensive	-	-
Energy	-	1.6%
Financial Services	-	39.0%
Healthcare	-	-
Industrials	-	2.1%
Technology	-	5.0%

Return for Risk

HYGW vs. BSJQ — Risk / Return Rank

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

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

BSJQ

BSJQ Risk / Return Rank: 95
BSJQ Sharpe Ratio Rank: 92
BSJQ Sortino Ratio Rank: 95
BSJQ Omega Ratio Rank: 96
BSJQ Calmar Ratio Rank: 95
BSJQ Martin Ratio Rank: 97

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. BSJQ - 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 Invesco BulletShares 2026 High Yield Corp Bond ETF (BSJQ). 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	BSJQ	Difference
Sharpe ratio: Return per unit of total volatility	2.39	3.34	-0.96
Sortino ratio: Return per unit of downside risk	3.51	5.24	-1.72
Omega ratio: Gain probability vs. loss probability	1.52	1.76	-0.24
Calmar ratio: Return relative to maximum drawdown	3.69	8.55	-4.86
Martin ratio: Return relative to average drawdown	16.88	40.68	-23.80
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. BSJQ - Sharpe Ratio Comparison

The current HYGW Sharpe Ratio is 2.39, which is comparable to the BSJQ Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of HYGW and BSJQ, 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

	HYGW	BSJQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	3.34	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	0.54	+0.72

Drawdowns

HYGW vs. BSJQ - Drawdown Comparison

The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum BSJQ drawdown of -24.13%. Use the drawdown chart below to compare losses from any high point for HYGW and BSJQ.

Drawdown Indicators

	HYGW	BSJQ	Difference
Max Drawdown Largest peak-to-trough decline	-5.49%	-24.13%	+18.64%
Max Drawdown (1Y) Largest decline over 1 year	-1.82%	-0.54%	-1.28%
Max Drawdown (3Y) Largest decline over 3 years	-3.66%	-2.66%	-1.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.95%	—
Current Drawdown Current decline from peak	0.00%	-0.39%	+0.39%
Average Drawdown Average peak-to-trough decline	-0.61%	-2.17%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.11%	+0.29%

Volatility

HYGW vs. BSJQ - Volatility Comparison

iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) has a higher volatility of 0.88% compared to Invesco BulletShares 2026 High Yield Corp Bond ETF (BSJQ) at 0.54%. This indicates that HYGW's price experiences larger fluctuations and is considered to be riskier than BSJQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGW	BSJQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	0.54%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	0.98%	+1.24%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	1.38%	+1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.68%	5.73%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.68%	8.44%	-3.76%

HYGW vs. BSJQ - Expense Ratio Comparison

HYGW has a 0.69% expense ratio, which is higher than BSJQ's 0.42% expense ratio.

Dividends

HYGW vs. BSJQ - Dividend Comparison

HYGW's dividend yield for the trailing twelve months is around 11.54%, more than BSJQ's 5.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BSJQ Invesco BulletShares 2026 High Yield Corp Bond ETF	5.83%	6.10%	6.58%	6.58%	5.58%	4.27%	4.64%	4.59%	2.39%
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 HYGW and BSJQ in my portfolio?

HYGW and BSJQ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYGW or BSJQ?

HYGW has higher volatility (0.88%) compared to BSJQ (0.54%). In terms of maximum drawdown, HYGW dropped -5.49% vs BSJQ's -24.13%.

Which ETF is better, HYGW or BSJQ?

On 3-year performance, BSJQ leads with 7.03% vs 5.74% for HYGW. On fees, BSJQ is cheaper at 0.42% per year. On volatility, BSJQ has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYGW or BSJQ?

Over the 3-year period, BSJQ has performed better with a 7.03% return vs 5.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYGW or BSJQ?

BSJQ is cheaper with a 0.42% expense ratio, compared with 0.69% for HYGW.

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

HYGW has the higher dividend yield at 11.54%, compared with 5.83% for BSJQ.

What is the main difference between HYGW and BSJQ?

HYGW tracks Cboe HYG BuyWrite Index, while BSJQ tracks NASDAQ BulletShares USD High Yield Corporate Bond 2026 TR Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.69% for HYGW and 0.42% for BSJQ.

Which has better risk-adjusted returns?

BSJQ currently has the higher Sharpe Ratio (3.34 vs 2.39), 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.