HYGW vs. IBHG
HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and IBHG (iShares iBonds 2027 Term High Yield and Income ETF) are both High Yield Bonds funds from iShares - HYGW tracks the Cboe HYG BuyWrite Index while IBHG tracks the Bloomberg 2027 Term High Yield and Income Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, HYGW returned 5.74%/yr vs 7.53%/yr for IBHG. A 0.72 correlation means they provide meaningful diversification when combined. HYGW charges 0.69%/yr vs 0.35%/yr for IBHG.
Performance
HYGW vs. IBHG - 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 IBHG's 1.10% return.
HYGW
- 1D
- 0.20%
- 1M
- 0.66%
- YTD
- 1.89%
- 6M
- 2.47%
- 1Y
- 6.67%
- 3Y*
- 5.74%
- 5Y*
- —
- 10Y*
- —
IBHG
- 1D
- 0.14%
- 1M
- 0.32%
- YTD
- 1.10%
- 6M
- 1.57%
- 1Y
- 4.71%
- 3Y*
- 7.53%
- 5Y*
- —
- 10Y*
- —
HYGW vs. IBHG - 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% |
IBHG iShares iBonds 2027 Term High Yield and Income ETF | 1.10% | 6.90% | 7.42% | 11.27% | -0.36% |
Correlation
The correlation between HYGW and IBHG is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.72 |
The correlation between HYGW and IBHG shifts across timeframes, from 0.57 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYGW vs. IBHG — Risk / Return Rank
HYGW
IBHG
HYGW vs. IBHG - 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 iBonds 2027 Term High Yield and Income ETF (IBHG). 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 | IBHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.43 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.69 | 6.51 | -2.82 |
| Martin ratioReturn relative to average drawdown | 16.88 | 23.87 | -6.99 |
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 | IBHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.39 | 2.24 | +0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.26 | 0.57 | +0.69 |
Drawdowns
HYGW vs. IBHG - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum IBHG drawdown of -13.85%. Use the drawdown chart below to compare losses from any high point for HYGW and IBHG.
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Drawdown Indicators
| HYGW | IBHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -13.85% | +8.36% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -0.73% | -1.09% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -3.39% | -0.27% |
Current DrawdownCurrent decline from peak | 0.00% | -0.09% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -0.61% | -2.67% | +2.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.20% | +0.20% |
Volatility
HYGW vs. IBHG - Volatility Comparison
iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) has a higher volatility of 0.88% compared to iShares iBonds 2027 Term High Yield and Income ETF (IBHG) at 0.59%. This indicates that HYGW's price experiences larger fluctuations and is considered to be riskier than IBHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGW | IBHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 0.59% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 1.53% | +0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.81% | 2.11% | +0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.68% | 6.36% | -1.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 6.36% | -1.68% |
HYGW vs. IBHG - Expense Ratio Comparison
HYGW has a 0.69% expense ratio, which is higher than IBHG's 0.35% expense ratio.
Dividends
HYGW vs. IBHG - Dividend Comparison
HYGW's dividend yield for the trailing twelve months is around 11.54%, more than IBHG's 6.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.54% | 12.53% | 12.30% | 15.98% | 8.71% | 0.00% |
IBHG iShares iBonds 2027 Term High Yield and Income ETF | 6.07% | 6.33% | 7.02% | 6.66% | 5.62% | 2.13% |
Frequently Asked Questions
HYGW and IBHG have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYGW has higher volatility (0.88%) compared to IBHG (0.59%). In terms of maximum drawdown, HYGW dropped -5.49% vs IBHG's -13.85%.
On 3-year performance, IBHG leads with 7.53% vs 5.74% for HYGW. On fees, IBHG is cheaper at 0.35% per year. On volatility, IBHG has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IBHG has performed better with a 7.53% return vs 5.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBHG is cheaper with a 0.35% expense ratio, compared with 0.69% for HYGW.
HYGW has the higher dividend yield at 11.54%, compared with 6.07% for IBHG.
HYGW tracks Cboe HYG BuyWrite Index, while IBHG tracks Bloomberg 2027 Term High Yield and Income Index - Benchmark TR Gross. Their fees differ too: 0.69% for HYGW and 0.35% for IBHG.
HYGW currently has the higher Sharpe Ratio (2.39 vs 2.24), 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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