HYGW vs. MHY
HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and MHY (Man Active High Yield ETF) are both High Yield Bonds funds. HYGW is passively managed, while MHY is actively managed. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.69% expense ratio.
Performance
HYGW vs. MHY - Performance Comparison
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Returns By Period
In the year-to-date period, HYGW achieves a 2.21% return, which is significantly lower than MHY's 4.31% return.
HYGW
- 1D
- 0.03%
- 1M
- 0.69%
- YTD
- 2.21%
- 6M
- 2.31%
- 1Y
- 6.34%
- 3Y*
- 5.88%
- 5Y*
- —
- 10Y*
- —
MHY
- 1D
- 0.28%
- 1M
- 1.65%
- YTD
- 4.31%
- 6M
- 4.20%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYGW vs. MHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.21% | 1.84% |
MHY Man Active High Yield ETF | 4.31% | 1.54% |
Correlation
The correlation between HYGW and MHY is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025 | 0.61 |
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Return for Risk
HYGW vs. MHY — Risk / Return Rank
HYGW
MHY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYGW vs. MHY - 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 Man Active High Yield ETF (MHY). 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 | MHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.48 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | — | — |
| Martin ratioReturn relative to average drawdown | 15.96 | — | — |
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Drawdowns
HYGW vs. MHY - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, which is greater than MHY's maximum drawdown of -1.58%. Use the drawdown chart below to compare losses from any high point for HYGW and MHY.
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Drawdown Indicators
| HYGW | MHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -1.58% | -3.91% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | 0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -0.29% | -0.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | — | — |
Volatility
HYGW vs. MHY - Volatility Comparison
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Volatility by Period
| HYGW | MHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.23% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.85% | 2.99% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.66% | 2.99% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.66% | 2.99% | +1.67% |
HYGW vs. MHY - Expense Ratio Comparison
Both HYGW and MHY have an expense ratio of 0.69%.
Dividends
HYGW vs. MHY - Dividend Comparison
HYGW's dividend yield for the trailing twelve months is around 11.51%, more than MHY's 5.29% yield.
| 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% |
MHY Man Active High Yield ETF | 5.29% | 3.42% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYGW and MHY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.69% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
HYGW and MHY have the same expense ratio: 0.69% per year.
HYGW has the higher dividend yield at 11.51%, compared with 5.29% for MHY.
They also come from different issuers: iShares and Man Group.
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