HYLS vs. GIOIX

Last updated Jun 24, 2026

HYLS (First Trust Tactical High Yield ETF) and GIOIX (Guggenheim Macro Opportunities Fund) are both funds - HYLS is a High Yield Bonds fund actively managed by First Trust, while GIOIX is a Nontraditional Bonds fund actively managed by Guggenheim. Both are actively managed. Over the past 10 years, HYLS returned 4.44%/yr vs 4.29%/yr for GIOIX. At a 0.47 correlation, their price movements are largely independent. HYLS charges 1.01%/yr vs 0.96%/yr for GIOIX.

Performance

HYLS vs. GIOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Tactical High Yield ETF (HYLS) and Guggenheim Macro Opportunities Fund (GIOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYLS achieves a 0.43% return, which is significantly lower than GIOIX's 0.79% return. Both investments have delivered pretty close results over the past 10 years, with HYLS having a 4.44% annualized return and GIOIX not far behind at 4.29%.

HYLS

• 1D: -0.02%
• 1M: 0.42%
• YTD: 0.43%
• 6M: 0.59%
• 1Y: 4.69%
• 3Y*: 8.00%
• 5Y*: 2.88%
• 10Y*: 4.44%

GIOIX

• 1D: -0.16%
• 1M: 0.57%
• YTD: 0.79%
• 6M: 1.29%
• 1Y: 5.39%
• 3Y*: 7.56%
• 5Y*: 3.25%
• 10Y*: 4.29%

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

HYLS vs. GIOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYLS First Trust Tactical High Yield ETF	0.43%	8.00%	5.85%	13.66%	-12.83%	3.69%	5.32%	14.66%	-2.46%	6.39%
GIOIX Guggenheim Macro Opportunities Fund	0.79%	7.64%	7.78%	9.69%	-9.57%	1.71%	11.09%	2.25%	0.46%	5.32%

Correlation

The correlation between HYLS and GIOIX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Feb 27, 2013	0.47

The correlation between HYLS and GIOIX shifts across timeframes, from 0.47 (all time) to 0.65 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

HYLS vs. GIOIX — Risk / Return Rank

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

HYLS

HYLS Risk / Return Rank: 40
HYLS Sharpe Ratio Rank: 40
HYLS Sortino Ratio Rank: 44
HYLS Omega Ratio Rank: 41
HYLS Calmar Ratio Rank: 32
HYLS Martin Ratio Rank: 42

GIOIX

GIOIX Risk / Return Rank: 71
GIOIX Sharpe Ratio Rank: 66
GIOIX Sortino Ratio Rank: 88
GIOIX Omega Ratio Rank: 84
GIOIX Calmar Ratio Rank: 50
GIOIX Martin Ratio Rank: 67

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.

HYLS vs. GIOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Tactical High Yield ETF (HYLS) and Guggenheim Macro Opportunities Fund (GIOIX). 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.

	HYLS	GIOIX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	2.18	-0.85
Sortino ratio: Return per unit of downside risk	2.06	3.94	-1.88
Omega ratio: Gain probability vs. loss probability	1.25	1.53	-0.27
Calmar ratio: Return relative to maximum drawdown	1.52	2.60	-1.07
Martin ratio: Return relative to average drawdown	6.46	12.22	-5.76

HYLS vs. GIOIX - Sharpe Ratio Comparison

The current HYLS Sharpe Ratio is 1.33, which is lower than the GIOIX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of HYLS and GIOIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HYLS vs. GIOIX - Drawdown Comparison

The maximum HYLS drawdown since its inception was -22.99%, which is greater than GIOIX's maximum drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for HYLS and GIOIX.

Drawdown Indicators

	HYLS	GIOIX	Difference
Max Drawdown Largest peak-to-trough decline	-22.99%	-13.38%	-9.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-2.12%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-3.96%	-2.12%	-1.84%
Max Drawdown (5Y) Largest decline over 5 years	-15.75%	-13.38%	-2.37%
Max Drawdown (10Y) Largest decline over 10 years	-22.99%	-13.38%	-9.61%
Current Drawdown Current decline from peak	-0.17%	-0.41%	+0.24%
Average Drawdown Average peak-to-trough decline	-2.15%	-1.42%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.45%	+0.28%

Volatility

HYLS vs. GIOIX - Volatility Comparison

The current volatility for First Trust Tactical High Yield ETF (HYLS) is 0.85%, while Guggenheim Macro Opportunities Fund (GIOIX) has a volatility of 0.92%. This indicates that HYLS experiences smaller price fluctuations and is considered to be less risky than GIOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYLS	GIOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	0.92%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	2.08%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	3.54%	2.54%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.62%	3.19%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.70%	2.90%	+3.80%

HYLS vs. GIOIX - Expense Ratio Comparison

HYLS has a 1.01% expense ratio, which is higher than GIOIX's 0.96% expense ratio.

Dividends

HYLS vs. GIOIX - Dividend Comparison

HYLS's dividend yield for the trailing twelve months is around 6.69%, more than GIOIX's 6.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIOIX Guggenheim Macro Opportunities Fund	6.11%	5.86%	5.88%	6.45%	3.78%	3.10%	3.61%	3.29%	3.55%	3.54%	5.38%	5.82%
HYLS First Trust Tactical High Yield ETF	6.69%	6.38%	6.25%	5.98%	7.38%	5.48%	5.09%	5.17%	5.81%	5.53%	5.37%	6.11%

Frequently Asked Questions

Can I hold both HYLS and GIOIX in my portfolio?

HYLS and GIOIX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYLS or GIOIX?

GIOIX has higher volatility (0.92%) compared to HYLS (0.85%). In terms of maximum drawdown, HYLS dropped -22.99% vs GIOIX's -13.38%.

Which has better risk-adjusted returns?

GIOIX currently has the higher Sharpe Ratio (2.18 vs 1.33), 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.