HYGW vs. HYGV
HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and HYGV (FlexShares High Yield Value-Scored Bond Index Fund) are both exchange-traded funds - HYGW is a Derivative Income fund tracking the Cboe HYG BuyWrite Index, while HYGV is a High Yield Bonds fund tracking the Northern Trust High Yield Value-Scored US Corporate Bond Index. Both are passively managed. Over the past 3 years, HYGW returned 5.49%/yr vs 8.05%/yr for HYGV. Their 0.77 correlation means they have sometimes moved together and sometimes differently. HYGW charges 0.69%/yr vs 0.37%/yr for HYGV.
Performance
HYGW vs. HYGV - 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 HYGV's 2.25% 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%
HYGV
- 1D
- 0.28%
- 1M
- 0.07%
- 6M
- 1.48%
- YTD
- 2.25%
- 1Y
- 5.77%
- 3Y*
- 8.05%
- 5Y*
- 3.49%
- 10Y*
- —
- ALL TIME*
- 5.02%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.97M | $4.09M | $4.06M | |
| $507.28K | $613.90K | $793.25K |
HYGW vs. HYGV - 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% |
HYGV FlexShares High Yield Value-Scored Bond Index Fund | 2.25% | 7.92% | 8.02% | 12.11% | -2.69% |
Correlation
The correlation between HYGW and HYGV is 0.72, 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. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.77 |
The correlation between HYGW and HYGV has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.
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Return for Risk
HYGW vs. HYGV — Risk / Return Rank
HYGW
HYGV
HYGW vs. HYGV - 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 FlexShares High Yield Value-Scored Bond Index Fund (HYGV). 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 | HYGV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.29 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 2.16 | +1.28 |
| Martin ratioReturn relative to average drawdown | 15.37 | 9.27 | +6.10 |
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Drawdowns
HYGW vs. HYGV - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum HYGV drawdown of -23.47%. Use the drawdown chart below to compare losses from any high point for HYGW and HYGV.
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Drawdown Indicators
| HYGW | HYGV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -23.47% | +17.98% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -2.68% | +0.86% |
Max Drawdown (3Y)Largest decline over 3 years | -3.42% | -5.56% | +2.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.12% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.03% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -0.59% | -3.26% | +2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.62% | -0.21% |
Volatility
HYGW vs. HYGV - Volatility Comparison
iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) has a higher volatility of 0.86% compared to FlexShares High Yield Value-Scored Bond Index Fund (HYGV) at 0.81%. This indicates that HYGW's price experiences larger fluctuations and is considered to be riskier than HYGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGW | HYGV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 0.81% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.34% | 3.15% | -0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.94% | 3.88% | -0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.62% | 7.59% | -2.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 9.11% | -4.49% |
HYGW vs. HYGV - Expense Ratio Comparison
HYGW has a 0.69% expense ratio, which is higher than HYGV's 0.37% expense ratio.
Dividends
HYGW vs. HYGV - Dividend Comparison
HYGW's dividend yield for the trailing twelve months is around 10.67%, more than HYGV's 7.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HYGV FlexShares High Yield Value-Scored Bond Index Fund | 7.44% | 7.48% | 8.20% | 8.77% | 7.64% | 6.07% | 6.18% | 7.95% | 5.63% |
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% |
Frequently Asked Questions
HYGW and HYGV have a correlation of 0.72, 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 HYGV (0.81%). In terms of maximum drawdown, HYGW dropped -5.49% vs HYGV's -23.47%.
On 3-year performance, HYGV leads with 8.05% vs 5.49% for HYGW. On fees, HYGV is cheaper at 0.37% 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, HYGV has performed better with a 8.05% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGV is cheaper with a 0.37% expense ratio, compared with 0.69% for HYGW.
HYGW has the higher dividend yield at 10.67%, compared with 7.44% for HYGV.
HYGW is categorized as Derivative Income, while HYGV is High Yield Bonds. HYGW tracks Cboe HYG BuyWrite Index, while HYGV tracks Northern Trust High Yield Value-Scored US Corporate Bond Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.69% for HYGW and 0.37% for HYGV.
HYGW currently has the higher Sharpe Ratio (2.13 vs 1.50), 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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