HYGW vs. NGAS.L

Last updated Jun 4, 2026

HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and NGAS.L (WisdomTree Natural Gas ETF) are both exchange-traded funds - HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index, while NGAS.L is a Commodities fund tracking the Bloomberg Natural Gas Sub Total Return Index. Both are passively managed. Over the past 3 years, HYGW returned 5.64%/yr vs -25.66%/yr for NGAS.L. At a correlation of -0.01, they often move in opposite directions. HYGW charges 0.69%/yr vs 0.49%/yr for NGAS.L.

Performance

HYGW vs. NGAS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) and WisdomTree Natural Gas ETF (NGAS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYGW achieves a 1.69% return, which is significantly higher than NGAS.L's -11.49% return.

HYGW

• 1D: -0.06%
• 1M: 0.68%
• YTD: 1.69%
• 6M: 2.54%
• 1Y: 6.60%
• 3Y*: 5.64%
• 5Y*: —
• 10Y*: —

NGAS.L

• 1D: 2.07%
• 1M: 4.84%
• YTD: -11.49%
• 6M: -29.61%
• 1Y: -36.85%
• 3Y*: -25.66%
• 5Y*: -25.67%
• 10Y*: -23.35%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HYGW vs. NGAS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	1.69%	6.19%	6.99%	7.31%	-0.12%
NGAS.L WisdomTree Natural Gas ETF	-11.49%	-24.72%	-26.18%	-65.28%	-55.94%

Correlation

The correlation between HYGW and NGAS.L is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	-0.01

The correlation between HYGW and NGAS.L shifts across timeframes, from -0.11 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

HYGW vs. NGAS.L - Sectors Allocation Comparison

Sectors	HYGW	NGAS.L
Utilities	99.6%	-
Real Estate	0.4%	-
Basic Materials	-	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-

Return for Risk

HYGW vs. NGAS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYGW

HYGW Risk / Return Rank: 77
HYGW Sharpe Ratio Rank: 71
HYGW Sortino Ratio Rank: 76
HYGW Omega Ratio Rank: 83
HYGW Calmar Ratio Rank: 72
HYGW Martin Ratio Rank: 82

NGAS.L

NGAS.L Risk / Return Rank: 3
NGAS.L Sharpe Ratio Rank: 3
NGAS.L Sortino Ratio Rank: 4
NGAS.L Omega Ratio Rank: 4
NGAS.L Calmar Ratio Rank: 2
NGAS.L Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HYGW vs. NGAS.L - 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 WisdomTree Natural Gas ETF (NGAS.L). 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	NGAS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.36	-0.66	+3.03
Sortino ratio: Return per unit of downside risk	3.48	-0.75	+4.23
Omega ratio: Gain probability vs. loss probability	1.51	0.91	+0.60
Calmar ratio: Return relative to maximum drawdown	3.65	-0.77	+4.42
Martin ratio: Return relative to average drawdown	16.70	-1.11	+17.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYGW vs. NGAS.L - Sharpe Ratio Comparison

The current HYGW Sharpe Ratio is 2.36, which is higher than the NGAS.L Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of HYGW and NGAS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYGW	NGAS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	-0.66	+3.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.44	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	-0.59	+1.84

Drawdowns

HYGW vs. NGAS.L - Drawdown Comparison

The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum NGAS.L drawdown of -99.91%. Use the drawdown chart below to compare losses from any high point for HYGW and NGAS.L.

Drawdown Indicators

	HYGW	NGAS.L	Difference
Max Drawdown Largest peak-to-trough decline	-5.49%	-99.91%	+94.42%
Max Drawdown (1Y) Largest decline over 1 year	-1.82%	-47.73%	+45.91%
Max Drawdown (3Y) Largest decline over 3 years	-3.66%	-70.31%	+66.65%
Max Drawdown (5Y) Largest decline over 5 years	—	-93.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-94.91%	—
Current Drawdown Current decline from peak	-0.16%	-99.91%	+99.75%
Average Drawdown Average peak-to-trough decline	-0.61%	-89.09%	+88.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	33.25%	-32.85%

Volatility

HYGW vs. NGAS.L - Volatility Comparison

The current volatility for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is 0.88%, while WisdomTree Natural Gas ETF (NGAS.L) has a volatility of 11.19%. This indicates that HYGW experiences smaller price fluctuations and is considered to be less risky than NGAS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGW	NGAS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	11.19%	-10.31%
Volatility (6M) Calculated over the trailing 6-month period	2.21%	47.23%	-45.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	55.38%	-52.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.68%	59.00%	-54.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.68%	50.65%	-45.97%

HYGW vs. NGAS.L - Expense Ratio Comparison

HYGW has a 0.69% expense ratio, which is higher than NGAS.L's 0.49% expense ratio.

Dividends

HYGW vs. NGAS.L - Dividend Comparison

HYGW's dividend yield for the trailing twelve months is around 11.56%, while NGAS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	11.56%	12.53%	12.30%	15.98%	8.71%
NGAS.L WisdomTree Natural Gas ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYGW and NGAS.L in my portfolio?

HYGW and NGAS.L have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYGW or NGAS.L?

On fees, NGAS.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYGW or NGAS.L?

NGAS.L is cheaper with a 0.49% expense ratio, compared with 0.69% for HYGW.

What is the main difference between HYGW and NGAS.L?

HYGW is categorized as High Yield Bonds, while NGAS.L is Commodities. HYGW tracks Cboe HYG BuyWrite Index, while NGAS.L tracks Bloomberg Natural Gas Sub Total Return Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.69% for HYGW and 0.49% for NGAS.L.