HYGW vs. NHYB

Last updated Jun 26, 2026

HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and NHYB (Nuveen High Yield Corporate Bond ETF) are both High Yield Bonds funds - HYGW tracks the Cboe HYG BuyWrite Index while NHYB tracks the ICE BofA BB-B US Cash Pay High Yield Constrained Index. Both are passively managed. A 0.67 correlation means they provide meaningful diversification when combined. HYGW charges 0.69%/yr vs 0.08%/yr for NHYB.

Performance

HYGW vs. NHYB - 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 Nuveen High Yield Corporate Bond ETF (NHYB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYGW achieves a 2.21% return, which is significantly higher than NHYB's 1.96% return.

HYGW

• 1D: 0.03%
• 1M: 0.69%
• YTD: 2.21%
• 6M: 2.31%
• 1Y: 6.34%
• 3Y*: 5.88%
• 5Y*: —
• 10Y*: —

NHYB

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.96%
• 6M: 1.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYGW vs. NHYB - Yearly Performance Comparison

	2026 (YTD)	2025
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.21%	1.84%
NHYB Nuveen High Yield Corporate Bond ETF	1.96%	1.24%

Correlation

The correlation between HYGW and NHYB is 0.67, 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 24, 2025	0.67

Return for Risk

HYGW vs. NHYB — Risk / Return Rank

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

HYGW

HYGW Risk / Return Rank: 83
HYGW Sharpe Ratio Rank: 81
HYGW Sortino Ratio Rank: 84
HYGW Omega Ratio Rank: 88
HYGW Calmar Ratio Rank: 78
HYGW Martin Ratio Rank: 87

NHYB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. NHYB - 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 Nuveen High Yield Corporate Bond ETF (NHYB). 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	NHYB	Difference
Sharpe ratio: Return per unit of total volatility	2.23	—	—
Sortino ratio: Return per unit of downside risk	3.27	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	3.50	—	—
Martin ratio: Return relative to average drawdown	15.96	—	—

Drawdowns

HYGW vs. NHYB - Drawdown Comparison

The maximum HYGW drawdown since its inception was -5.49%, which is greater than NHYB's maximum drawdown of -2.40%. Use the drawdown chart below to compare losses from any high point for HYGW and NHYB.

Drawdown Indicators

	HYGW	NHYB	Difference
Max Drawdown Largest peak-to-trough decline	-5.49%	-2.40%	-3.09%
Max Drawdown (1Y) Largest decline over 1 year	-1.82%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.66%	—	—
Current Drawdown Current decline from peak	-0.03%	-0.15%	+0.12%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.36%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	—	—

Volatility

Volatility by Period

	HYGW	NHYB	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%	3.62%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.66%	3.62%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.66%	3.62%	+1.04%

HYGW vs. NHYB - Expense Ratio Comparison

HYGW has a 0.69% expense ratio, which is higher than NHYB's 0.08% expense ratio.

Dividends

HYGW vs. NHYB - Dividend Comparison

HYGW's dividend yield for the trailing twelve months is around 11.51%, more than NHYB's 4.24% 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%
NHYB Nuveen High Yield Corporate Bond ETF	4.24%	1.28%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYGW and NHYB in my portfolio?

HYGW and NHYB have a correlation of 0.67, 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 NHYB?

On fees, NHYB is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYGW or NHYB?

NHYB is cheaper with a 0.08% expense ratio, compared with 0.69% for HYGW.

Which ETF pays a higher dividend yield, HYGW or NHYB?

HYGW has the higher dividend yield at 11.51%, compared with 4.24% for NHYB.

What is the main difference between HYGW and NHYB?

HYGW tracks Cboe HYG BuyWrite Index, while NHYB tracks ICE BofA BB-B US Cash Pay High Yield Constrained Index. They also come from different issuers: iShares and Nuveen. Their fees differ too: 0.69% for HYGW and 0.08% for NHYB.