HYGW vs. HYLB
HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and HYLB (Xtrackers USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - HYGW tracks the Cboe HYG BuyWrite Index while HYLB tracks the Solactive USD High Yield Corporates Total Market Index. Both are passively managed. Over the past 3 years, HYGW returned 5.74%/yr vs 8.79%/yr for HYLB. A 0.79 correlation means they provide meaningful diversification when combined. HYGW charges 0.69%/yr vs 0.15%/yr for HYLB.
Performance
HYGW vs. HYLB - Performance Comparison
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Returns By Period
In the year-to-date period, HYGW achieves a 1.89% return, which is significantly higher than HYLB's 1.65% return.
HYGW
- 1D
- 0.20%
- 1M
- 0.66%
- YTD
- 1.89%
- 6M
- 2.47%
- 1Y
- 6.67%
- 3Y*
- 5.74%
- 5Y*
- —
- 10Y*
- —
HYLB
- 1D
- 0.11%
- 1M
- 0.35%
- YTD
- 1.65%
- 6M
- 2.09%
- 1Y
- 6.78%
- 3Y*
- 8.79%
- 5Y*
- 4.06%
- 10Y*
- —
HYGW vs. HYLB - 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% |
HYLB Xtrackers USD High Yield Corporate Bond ETF | 1.65% | 8.74% | 8.14% | 12.03% | -0.93% |
Correlation
The correlation between HYGW and HYLB is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.79 |
The correlation between HYGW and HYLB shifts across timeframes, from 0.69 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYGW vs. HYLB — Risk / Return Rank
HYGW
HYLB
HYGW vs. HYLB - 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 Xtrackers USD High Yield Corporate Bond ETF (HYLB). 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 | HYLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.36 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.69 | 3.00 | +0.69 |
| Martin ratioReturn relative to average drawdown | 16.88 | 12.90 | +3.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYGW | HYLB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.39 | 1.84 | +0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.55 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.26 | 0.58 | +0.68 |
Drawdowns
HYGW vs. HYLB - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum HYLB drawdown of -22.91%. Use the drawdown chart below to compare losses from any high point for HYGW and HYLB.
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Drawdown Indicators
| HYGW | HYLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -22.91% | +17.42% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -2.27% | +0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -4.51% | +0.85% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.54% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.09% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -0.61% | -2.43% | +1.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.53% | -0.13% |
Volatility
HYGW vs. HYLB - Volatility Comparison
The current volatility for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is 0.88%, while Xtrackers USD High Yield Corporate Bond ETF (HYLB) has a volatility of 1.19%. This indicates that HYGW experiences smaller price fluctuations and is considered to be less risky than HYLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGW | HYLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 1.19% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 2.92% | -0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.81% | 3.70% | -0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.68% | 7.47% | -2.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 8.18% | -3.50% |
HYGW vs. HYLB - Expense Ratio Comparison
HYGW has a 0.69% expense ratio, which is higher than HYLB's 0.15% expense ratio.
Dividends
HYGW vs. HYLB - Dividend Comparison
HYGW's dividend yield for the trailing twelve months is around 11.54%, more than HYLB's 6.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
HYLB Xtrackers USD High Yield Corporate Bond ETF | 6.48% | 6.29% | 6.31% | 5.84% | 5.53% | 4.45% | 5.22% | 5.71% | 5.95% | 5.85% | 0.27% |
Frequently Asked Questions
HYGW and HYLB have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYLB has higher volatility (1.19%) compared to HYGW (0.88%). In terms of maximum drawdown, HYGW dropped -5.49% vs HYLB's -22.91%.
On 3-year performance, HYLB leads with 8.79% vs 5.74% for HYGW. On fees, HYLB is cheaper at 0.15% per year. On volatility, HYGW has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYLB has performed better with a 8.79% return vs 5.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYLB is cheaper with a 0.15% expense ratio, compared with 0.69% for HYGW.
HYGW has the higher dividend yield at 11.54%, compared with 6.48% for HYLB.
HYGW tracks Cboe HYG BuyWrite Index, while HYLB tracks Solactive USD High Yield Corporates Total Market Index. They also come from different issuers: iShares and DWS. Their fees differ too: 0.69% for HYGW and 0.15% for HYLB.
HYGW currently has the higher Sharpe Ratio (2.39 vs 1.84), 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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