HYGW vs. JPIE
HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and JPIE (JPMorgan Income ETF) are both exchange-traded funds - HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index, while JPIE is a Multisector Bonds fund actively managed by JPMorgan. HYGW is passively managed, while JPIE is actively managed. Over the past 3 years, HYGW returned 5.70%/yr vs 6.52%/yr for JPIE. A 0.54 correlation means they provide meaningful diversification when combined. HYGW charges 0.69%/yr vs 0.40%/yr for JPIE.
Performance
HYGW vs. JPIE - Performance Comparison
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Returns By Period
In the year-to-date period, HYGW achieves a 2.12% return, which is significantly higher than JPIE's 1.54% return.
HYGW
- 1D
- 0.24%
- 1M
- 0.84%
- YTD
- 2.12%
- 6M
- 2.52%
- 1Y
- 6.56%
- 3Y*
- 5.70%
- 5Y*
- —
- 10Y*
- —
JPIE
- 1D
- 0.00%
- 1M
- 0.57%
- YTD
- 1.54%
- 6M
- 1.70%
- 1Y
- 5.71%
- 3Y*
- 6.52%
- 5Y*
- —
- 10Y*
- —
HYGW vs. JPIE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.12% | 6.19% | 6.99% | 7.31% | -0.39% |
JPIE JPMorgan Income ETF | 1.54% | 7.39% | 6.32% | 7.07% | -1.20% |
Correlation
The correlation between HYGW and JPIE is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.54 |
The correlation between HYGW and JPIE has been stable across timeframes, ranging from 0.51 to 0.54 - a consistent structural relationship.
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Return for Risk
HYGW vs. JPIE — Risk / Return Rank
HYGW
JPIE
HYGW vs. JPIE - 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 JPMorgan Income ETF (JPIE). 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 | JPIE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.80 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.62 | 5.00 | -1.38 |
| Martin ratioReturn relative to average drawdown | 16.51 | 24.56 | -8.05 |
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Drawdowns
HYGW vs. JPIE - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum JPIE drawdown of -9.96%. Use the drawdown chart below to compare losses from any high point for HYGW and JPIE.
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Drawdown Indicators
| HYGW | JPIE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -9.96% | +4.47% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -1.15% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -2.40% | -1.26% |
Current DrawdownCurrent decline from peak | 0.00% | -0.28% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -2.08% | +1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.23% | +0.17% |
Volatility
HYGW vs. JPIE - Volatility Comparison
iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) has a higher volatility of 0.91% compared to JPMorgan Income ETF (JPIE) at 0.62%. This indicates that HYGW's price experiences larger fluctuations and is considered to be riskier than JPIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGW | JPIE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.62% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 1.34% | +0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.87% | 1.62% | +1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.67% | 3.51% | +1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.67% | 3.51% | +1.16% |
HYGW vs. JPIE - Expense Ratio Comparison
HYGW has a 0.69% expense ratio, which is higher than JPIE's 0.40% expense ratio.
Dividends
HYGW vs. JPIE - Dividend Comparison
HYGW's dividend yield for the trailing twelve months is around 11.52%, more than JPIE's 5.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.52% | 12.53% | 12.30% | 15.98% | 8.71% | 0.00% |
JPIE JPMorgan Income ETF | 5.61% | 5.65% | 6.11% | 5.70% | 4.49% | 0.63% |
Frequently Asked Questions
HYGW and JPIE have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYGW has higher volatility (0.91%) compared to JPIE (0.62%). In terms of maximum drawdown, HYGW dropped -5.49% vs JPIE's -9.96%.
On 3-year performance, JPIE leads with 6.52% vs 5.70% for HYGW. On fees, JPIE is cheaper at 0.40% per year. On volatility, JPIE has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JPIE has performed better with a 6.52% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPIE is cheaper with a 0.40% expense ratio, compared with 0.69% for HYGW.
HYGW has the higher dividend yield at 11.52%, compared with 5.61% for JPIE.
HYGW is categorized as High Yield Bonds, while JPIE is Multisector Bonds. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.69% for HYGW and 0.40% for JPIE.
JPIE currently has the higher Sharpe Ratio (3.54 vs 2.31), 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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