HYLD.L vs. IHYE.L
HYLD.L (iShares Global High Yield Corp Bond UCITS ETF USD (Dist)) and IHYE.L (iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist)) are both exchange-traded funds - HYLD.L is a Global Corporate Bonds fund tracking the Markit iBoxx Global Developed Markets Liquid High Yield Capped (USD) Index, while IHYE.L is a Corporate Bonds fund tracking the iBoxx USD Liquid High Yield Capped (USD). Both are passively managed. Over the past 5 years, HYLD.L returned 3.03%/yr vs 1.03%/yr for IHYE.L. A 0.75 correlation means they provide meaningful diversification when combined. HYLD.L charges 0.50%/yr vs 0.55%/yr for IHYE.L.
Performance
HYLD.L vs. IHYE.L - Performance Comparison
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Different Trading Currencies
HYLD.L is traded in USD, while IHYE.L is traded in EUR. To make them comparable, the IHYE.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, HYLD.L achieves a 0.39% return, which is significantly higher than IHYE.L's -1.67% return.
HYLD.L
- 1D
- -0.18%
- 1M
- -0.54%
- 6M
- 0.72%
- YTD
- 0.39%
- 1Y
- 4.18%
- 3Y*
- 7.53%
- 5Y*
- 3.03%
- 10Y*
- 4.32%
IHYE.L
- 1D
- -0.04%
- 1M
- -0.30%
- 6M
- -0.92%
- YTD
- -1.67%
- 1Y
- 2.44%
- 3Y*
- 6.43%
- 5Y*
- 1.03%
- 10Y*
- —
HYLD.L vs. IHYE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HYLD.L iShares Global High Yield Corp Bond UCITS ETF USD (Dist) | 0.39% | 14.42% | 2.61% | 13.55% | -11.99% | -0.90% | 8.32% | 11.99% | -4.33% |
IHYE.L iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) | -1.67% | 21.11% | -1.39% | 11.47% | -16.91% | -4.15% | 12.17% | 6.98% | -10.52% |
Correlation
The correlation between HYLD.L and IHYE.L is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2018 | 0.75 |
The correlation between HYLD.L and IHYE.L has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.
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Return for Risk
HYLD.L vs. IHYE.L — Risk / Return Rank
HYLD.L
IHYE.L
HYLD.L vs. IHYE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global High Yield Corp Bond UCITS ETF USD (Dist) (HYLD.L) and iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) (IHYE.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.
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.
| HYLD.L | IHYE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.06 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | 0.36 | +0.63 |
| Martin ratioReturn relative to average drawdown | 3.27 | 0.83 | +2.44 |
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Drawdowns
HYLD.L vs. IHYE.L - Drawdown Comparison
The maximum HYLD.L drawdown since its inception was -23.53%, smaller than the maximum IHYE.L drawdown of -32.48%. Use the drawdown chart below to compare losses from any high point for HYLD.L and IHYE.L.
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Drawdown Indicators
| HYLD.L | IHYE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.53% | -32.48% | +8.95% |
Max Drawdown (1Y)Largest decline over 1 year | -4.21% | -6.84% | +2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -5.36% | -9.59% | +4.23% |
Max Drawdown (5Y)Largest decline over 5 years | -22.52% | -31.79% | +9.27% |
Max Drawdown (10Y)Largest decline over 10 years | -23.53% | — | — |
Current DrawdownCurrent decline from peak | -1.25% | -4.55% | +3.30% |
Average DrawdownAverage peak-to-trough decline | -3.79% | -9.53% | +5.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 2.93% | -1.65% |
Volatility
HYLD.L vs. IHYE.L - Volatility Comparison
The current volatility for iShares Global High Yield Corp Bond UCITS ETF USD (Dist) (HYLD.L) is 1.25%, while iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) (IHYE.L) has a volatility of 1.75%. This indicates that HYLD.L experiences smaller price fluctuations and is considered to be less risky than IHYE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYLD.L | IHYE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 1.75% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 4.20% | 5.83% | -1.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.49% | 7.84% | -2.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.30% | 11.69% | -3.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.57% | 12.03% | -3.46% |
HYLD.L vs. IHYE.L - Expense Ratio Comparison
HYLD.L has a 0.50% expense ratio, which is lower than IHYE.L's 0.55% expense ratio.
Dividends
HYLD.L vs. IHYE.L - Dividend Comparison
HYLD.L's dividend yield for the trailing twelve months is around 7.11%, more than IHYE.L's 6.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYLD.L iShares Global High Yield Corp Bond UCITS ETF USD (Dist) | 7.11% | 5.32% | 5.61% | 4.70% | 4.01% | 3.95% | 4.42% | 4.77% | 4.98% | 4.73% | 5.08% | 5.31% |
IHYE.L iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) | 6.19% | 6.07% | 6.32% | 5.59% | 5.13% | 4.35% | 4.82% | 5.59% | 3.88% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYLD.L and IHYE.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HYLD.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HYLD.L is cheaper with a 0.50% expense ratio, compared with 0.55% for IHYE.L.
HYLD.L is categorized as Global Corporate Bonds, while IHYE.L is Corporate Bonds. HYLD.L tracks Markit iBoxx Global Developed Markets Liquid High Yield Capped (USD) Index, while IHYE.L tracks iBoxx USD Liquid High Yield Capped (USD). Their fees differ too: 0.50% for HYLD.L and 0.55% for IHYE.L.
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