HYLB vs. USHY
HYLB (Xtrackers USD High Yield Corporate Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - HYLB tracks the Solactive USD High Yield Corporates Total Market Index while USHY tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, HYLB returned 3.99%/yr vs 4.21%/yr for USHY. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.
Performance
HYLB vs. USHY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HYLB having a 1.79% return and USHY slightly lower at 1.78%.
HYLB
- 1D
- -0.03%
- 1M
- 0.57%
- YTD
- 1.79%
- 6M
- 2.03%
- 1Y
- 6.49%
- 3Y*
- 9.00%
- 5Y*
- 3.99%
- 10Y*
- —
USHY
- 1D
- -0.05%
- 1M
- 0.57%
- YTD
- 1.78%
- 6M
- 2.04%
- 1Y
- 6.67%
- 3Y*
- 9.21%
- 5Y*
- 4.21%
- 10Y*
- —
HYLB vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYLB Xtrackers USD High Yield Corporate Bond ETF | 1.79% | 8.74% | 8.14% | 12.03% | -10.80% | 3.94% | 5.04% | 14.06% | -1.80% | -0.25% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.78% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between HYLB and USHY is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.94 |
The correlation between HYLB and USHY has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
HYLB vs. USHY — Risk / Return Rank
HYLB
USHY
HYLB vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers USD High Yield Corporate Bond ETF (HYLB) 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.
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.
| HYLB | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.35 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 2.76 | +0.11 |
| Martin ratioReturn relative to average drawdown | 12.26 | 12.34 | -0.08 |
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Drawdowns
HYLB vs. USHY - Drawdown Comparison
The maximum HYLB drawdown since its inception was -22.91%, roughly equal to the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for HYLB and USHY.
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Drawdown Indicators
| HYLB | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.91% | -22.44% | -0.47% |
Max Drawdown (1Y)Largest decline over 1 year | -2.27% | -2.43% | +0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -4.51% | -4.66% | +0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -15.54% | -15.56% | +0.02% |
Current DrawdownCurrent decline from peak | -0.11% | -0.11% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.42% | -2.65% | +0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.54% | -0.01% |
Volatility
HYLB vs. USHY - Volatility Comparison
Xtrackers USD High Yield Corporate Bond ETF (HYLB) has a higher volatility of 1.06% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 0.94%. This indicates that HYLB's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYLB | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.94% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 2.97% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 3.68% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.48% | 7.35% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.16% | 8.23% | -0.07% |
HYLB vs. USHY - Expense Ratio Comparison
Both HYLB and USHY have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
HYLB vs. USHY - Dividend Comparison
HYLB's dividend yield for the trailing twelve months is around 6.47%, less than USHY's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HYLB Xtrackers USD High Yield Corporate Bond ETF | 6.47% | 6.29% | 6.31% | 5.84% | 5.53% | 4.45% | 5.22% | 5.71% | 5.95% | 5.85% | 0.27% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, HYLB and USHY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
HYLB has higher volatility (1.06%) compared to USHY (0.94%). In terms of maximum drawdown, HYLB dropped -22.91% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.21% vs 3.99% for HYLB. Both ETFs have the same 0.15% expense ratio. On volatility, USHY has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USHY has performed better with a 4.21% return vs 3.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYLB and USHY have the same expense ratio: 0.15% per year.
USHY has the higher dividend yield at 6.90%, compared with 6.47% for HYLB.
HYLB tracks Solactive USD High Yield Corporates Total Market Index, while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: DWS and iShares.
USHY currently has the higher Sharpe Ratio (1.82 vs 1.73), 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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