HYGW vs. IBIT
HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, HYGW returned 6.34% vs -45.30% for IBIT. At a 0.30 correlation, their price movements are largely independent. HYGW charges 0.69%/yr vs 0.25%/yr for IBIT.
Performance
HYGW vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, HYGW achieves a 2.21% return, which is significantly higher than IBIT's -32.49% return.
HYGW
- 1D
- 0.03%
- 1M
- 0.69%
- YTD
- 2.21%
- 6M
- 2.31%
- 1Y
- 6.34%
- 3Y*
- 5.88%
- 5Y*
- —
- 10Y*
- —
IBIT
- 1D
- -1.03%
- 1M
- -22.03%
- YTD
- -32.49%
- 6M
- -32.23%
- 1Y
- -45.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYGW vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.21% | 6.19% | 6.79% |
IBIT iShares Bitcoin Trust ETF | -32.49% | -6.41% | 89.87% |
Correlation
The correlation between HYGW and IBIT is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.30 |
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Return for Risk
HYGW vs. IBIT — Risk / Return Rank
HYGW
IBIT
HYGW vs. IBIT - 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 Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.26 | ||
| Sortino ratioReturn per unit of downside risk | +4.80 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 0.83 | +0.64 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | -0.86 | +4.36 |
| Martin ratioReturn relative to average drawdown | 15.96 | -1.47 | +17.43 |
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Drawdowns
HYGW vs. IBIT - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum IBIT drawdown of -52.98%. Use the drawdown chart below to compare losses from any high point for HYGW and IBIT.
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Drawdown Indicators
| HYGW | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -52.98% | +47.49% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -52.98% | +51.16% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | -52.98% | +52.95% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -16.97% | +16.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 30.94% | -30.54% |
Volatility
HYGW vs. IBIT - Volatility Comparison
The current volatility for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is 0.78%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 13.43%. This indicates that HYGW experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGW | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 13.43% | -12.65% |
Volatility (6M)Calculated over the trailing 6-month period | 2.23% | 34.60% | -32.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.85% | 44.41% | -41.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.66% | 50.21% | -45.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.66% | 50.21% | -45.55% |
HYGW vs. IBIT - Expense Ratio Comparison
HYGW has a 0.69% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
HYGW vs. IBIT - Dividend Comparison
HYGW's dividend yield for the trailing twelve months is around 11.51%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.51% | 12.53% | 12.30% | 15.98% | 8.71% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYGW and IBIT have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (13.43%) compared to HYGW (0.78%). In terms of maximum drawdown, HYGW dropped -5.49% vs IBIT's -52.98%.
On 1-year performance, HYGW leads with 6.34% vs -45.30% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, HYGW has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HYGW has performed better with a 6.34% return vs -45.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.69% for HYGW.
HYGW has the higher dividend yield at 11.51%, compared with 0.00% for IBIT.
HYGW is categorized as High Yield Bonds, while IBIT is Cryptocurrency. HYGW tracks Cboe HYG BuyWrite Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.69% for HYGW and 0.25% for IBIT.
HYGW currently has the higher Sharpe Ratio (2.23 vs -1.02), 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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