HYGW vs. RISR
HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and RISR (FolioBeyond Alternative Income and Interest Rate Hedge ETF) are both exchange-traded funds - HYGW is a Derivative Income fund tracking the Cboe HYG BuyWrite Index, while RISR is a Nontraditional Bonds fund actively managed by FolioBeyond. HYGW is passively managed, while RISR is actively managed. Over the past 3 years, HYGW returned 5.49%/yr vs 10.07%/yr for RISR. Their -0.17 correlation means they have often moved in opposite directions in the past. HYGW charges 0.69%/yr vs 1.13%/yr for RISR.
Performance
HYGW vs. RISR - Performance Comparison
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Returns By Period
In the year-to-date period, HYGW achieves a 2.68% return, which is significantly lower than RISR's 4.75% return.
HYGW
- 1D
- 0.31%
- 1M
- 0.35%
- 6M
- 2.13%
- YTD
- 2.68%
- 1Y
- 6.23%
- 3Y*
- 5.49%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.75%
RISR
- 1D
- -0.15%
- 1M
- 1.47%
- 6M
- 4.83%
- YTD
- 4.75%
- 1Y
- 6.29%
- 3Y*
- 10.07%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $507.28K | $613.90K | $793.25K | |
| $3.20M | $3.07M | $3.51M |
HYGW vs. RISR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.68% | 6.19% | 6.99% | 7.31% | -0.39% |
RISR FolioBeyond Alternative Income and Interest Rate Hedge ETF | 4.75% | 4.63% | 24.20% | 7.02% | 7.82% |
Correlation
The correlation between HYGW and RISR is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.21 |
Correlation (3Y) Balances recent behavior with more history. | -0.20 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | -0.18 |
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Return for Risk
HYGW vs. RISR — Risk / Return Rank
HYGW
RISR
HYGW vs. RISR - 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 FolioBeyond Alternative Income and Interest Rate Hedge ETF (RISR). 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 | RISR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.22 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 2.42 | +1.02 |
| Martin ratioReturn relative to average drawdown | 15.37 | 5.79 | +9.58 |
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Drawdowns
HYGW vs. RISR - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum RISR drawdown of -14.31%. Use the drawdown chart below to compare losses from any high point for HYGW and RISR.
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Drawdown Indicators
| HYGW | RISR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -14.31% | +8.82% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -2.61% | +0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -3.42% | -8.07% | +4.65% |
Current DrawdownCurrent decline from peak | 0.00% | -0.15% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -0.59% | -2.12% | +1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 1.09% | -0.68% |
Volatility
HYGW vs. RISR - Volatility Comparison
The current volatility for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is 0.86%, while FolioBeyond Alternative Income and Interest Rate Hedge ETF (RISR) has a volatility of 1.13%. This indicates that HYGW experiences smaller price fluctuations and is considered to be less risky than RISR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGW | RISR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 1.13% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.34% | 3.57% | -1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.94% | 5.25% | -2.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.62% | 11.67% | -7.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 11.67% | -7.05% |
HYGW vs. RISR - Expense Ratio Comparison
HYGW has a 0.69% expense ratio, which is lower than RISR's 1.13% expense ratio.
Dividends
HYGW vs. RISR - Dividend Comparison
HYGW's dividend yield for the trailing twelve months is around 10.67%, more than RISR's 5.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 10.67% | 12.53% | 12.30% | 15.98% | 8.71% | 0.00% |
RISR FolioBeyond Alternative Income and Interest Rate Hedge ETF | 5.88% | 5.95% | 5.67% | 7.96% | 4.26% | 0.30% |
Frequently Asked Questions
HYGW and RISR have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RISR has higher volatility (1.13%) compared to HYGW (0.86%). In terms of maximum drawdown, HYGW dropped -5.49% vs RISR's -14.31%.
On 3-year performance, RISR leads with 10.07% vs 5.49% for HYGW. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, RISR has performed better with a 10.07% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGW is cheaper with a 0.69% expense ratio, compared with 1.13% for RISR.
HYGW has the higher dividend yield at 10.67%, compared with 5.88% for RISR.
HYGW is categorized as Derivative Income, while RISR is Nontraditional Bonds. They also come from different issuers: iShares and FolioBeyond. Their fees differ too: 0.69% for HYGW and 1.13% for RISR.
HYGW currently has the higher Sharpe Ratio (2.13 vs 1.20), 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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