HYGW vs. HYG
HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - HYGW is a Derivative Income fund tracking the Cboe HYG BuyWrite Index, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 3 years, HYGW returned 5.49%/yr vs 8.25%/yr for HYG. Their 0.80 correlation means they have sometimes moved together and sometimes differently. HYGW charges 0.69%/yr vs 0.49%/yr for HYG.
Performance
HYGW vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, HYGW achieves a 2.68% return, which is significantly higher than HYG's 1.81% return.
HYGW
- 1D
- 0.31%
- 1M
- 0.35%
- 6M
- 2.13%
- YTD
- 2.68%
- 1Y
- 6.23%
- 3Y*
- 5.49%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.75%
HYG
- 1D
- 0.27%
- 1M
- -0.02%
- 6M
- 1.13%
- YTD
- 1.81%
- 1Y
- 5.12%
- 3Y*
- 8.25%
- 5Y*
- 3.73%
- 10Y*
- 4.64%
- ALL TIME*
- 4.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.88B | $2.52B | $2.69B | |
| $507.28K | $613.90K | $793.25K |
HYGW vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.68% | 6.19% | 6.99% | 7.31% | -0.39% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.81% | 8.59% | 7.97% | 11.54% | -2.07% |
Correlation
The correlation between HYGW and HYG is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.76 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.80 |
The correlation between HYGW and HYG has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.
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Return for Risk
HYGW vs. HYG — Risk / Return Rank
HYGW
HYG
HYGW vs. HYG - 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 iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.
| HYGW | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.25 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 2.20 | +1.24 |
| Martin ratioReturn relative to average drawdown | 15.37 | 9.47 | +5.90 |
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Drawdowns
HYGW vs. HYG - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for HYGW and HYG.
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Drawdown Indicators
| HYGW | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -34.25% | +28.76% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -2.34% | +0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -3.42% | -4.56% | +1.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.79% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.03% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.22% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -0.59% | -3.22% | +2.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.54% | -0.13% |
Volatility
HYGW vs. HYG - Volatility Comparison
iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG) have volatilities of 0.86% and 0.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGW | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 0.83% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.34% | 3.17% | -0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.94% | 3.87% | -0.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.62% | 7.53% | -2.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 8.21% | -3.59% |
HYGW vs. HYG - Expense Ratio Comparison
HYGW has a 0.69% expense ratio, which is higher than HYG's 0.49% expense ratio.
Dividends
HYGW vs. HYG - Dividend Comparison
HYGW's dividend yield for the trailing twelve months is around 10.67%, more than HYG's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 10.67% | 12.53% | 12.30% | 15.98% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYGW and HYG have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYGW has higher volatility (0.86%) compared to HYG (0.83%). In terms of maximum drawdown, HYGW dropped -5.49% vs HYG's -34.25%.
On 3-year performance, HYG leads with 8.25% vs 5.49% for HYGW. On fees, HYG is cheaper at 0.49% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYG has performed better with a 8.25% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYG is cheaper with a 0.49% expense ratio, compared with 0.69% for HYGW.
HYGW has the higher dividend yield at 10.67%, compared with 5.91% for HYG.
HYGW is categorized as Derivative Income, while HYG is High Yield Bonds. HYGW tracks Cboe HYG BuyWrite Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. Their fees differ too: 0.69% for HYGW and 0.49% for HYG.
HYGW currently has the higher Sharpe Ratio (2.13 vs 1.33), 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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