HYGW vs. USHY
HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds from iShares - HYGW tracks the Cboe HYG BuyWrite Index while USHY tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 3 years, HYGW returned 5.74%/yr vs 9.01%/yr for USHY. A 0.80 correlation means they provide meaningful diversification when combined. HYGW charges 0.69%/yr vs 0.15%/yr for USHY.
Performance
HYGW vs. USHY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HYGW achieves a 1.89% return, which is significantly higher than USHY's 1.64% return.
HYGW
- 1D
- 0.20%
- 1M
- 0.66%
- YTD
- 1.89%
- 6M
- 2.47%
- 1Y
- 6.67%
- 3Y*
- 5.74%
- 5Y*
- —
- 10Y*
- —
USHY
- 1D
- 0.22%
- 1M
- 0.46%
- YTD
- 1.64%
- 6M
- 1.98%
- 1Y
- 6.99%
- 3Y*
- 9.01%
- 5Y*
- 4.29%
- 10Y*
- —
HYGW vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 1.89% | 6.19% | 6.99% | 7.31% | -0.12% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.64% | 8.81% | 8.45% | 12.73% | -1.07% |
Correlation
The correlation between HYGW and USHY is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.80 |
The correlation between HYGW and USHY has been stable across timeframes, ranging from 0.70 to 0.80 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HYGW vs. USHY — Risk / Return Rank
HYGW
USHY
HYGW vs. USHY - 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 iShares Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.37 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.69 | 2.89 | +0.80 |
| Martin ratioReturn relative to average drawdown | 16.88 | 12.99 | +3.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| HYGW | USHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.39 | 1.93 | +0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.59 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.26 | 0.58 | +0.68 |
Drawdowns
HYGW vs. USHY - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for HYGW and USHY.
Loading charts...
Drawdown Indicators
| HYGW | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -22.44% | +16.95% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -2.43% | +0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -4.66% | +1.00% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.56% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.06% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -0.61% | -2.66% | +2.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.54% | -0.14% |
Volatility
HYGW vs. USHY - Volatility Comparison
The current volatility for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is 0.88%, while iShares Broad USD High Yield Corporate Bond ETF (USHY) has a volatility of 1.14%. This indicates that HYGW experiences smaller price fluctuations and is considered to be less risky than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HYGW | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 1.14% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 2.92% | -0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.81% | 3.65% | -0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.68% | 7.34% | -2.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 8.25% | -3.57% |
HYGW vs. USHY - Expense Ratio Comparison
HYGW has a 0.69% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
HYGW vs. USHY - Dividend Comparison
HYGW's dividend yield for the trailing twelve months is around 11.54%, more than USHY's 6.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.54% | 12.53% | 12.30% | 15.98% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.91% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
HYGW and USHY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (1.14%) compared to HYGW (0.88%). In terms of maximum drawdown, HYGW dropped -5.49% vs USHY's -22.44%.
On 3-year performance, USHY leads with 9.01% vs 5.74% for HYGW. On fees, USHY is cheaper at 0.15% per year. On volatility, HYGW has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USHY has performed better with a 9.01% return vs 5.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.69% for HYGW.
HYGW has the higher dividend yield at 11.54%, compared with 6.91% for USHY.
HYGW tracks Cboe HYG BuyWrite Index, while USHY tracks ICE BofA US High Yield Constrained Index. Their fees differ too: 0.69% for HYGW and 0.15% for USHY.
HYGW currently has the higher Sharpe Ratio (2.39 vs 1.93), 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.
Find the right allocation for HYGW and USHY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer