HYLS vs. HYGH
HYLS (First Trust Tactical High Yield ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both High Yield Bonds funds. HYLS is actively managed, while HYGH is passively managed. Over the past 10 years, HYLS returned 4.45%/yr vs 6.48%/yr for HYGH. A 0.61 correlation means they provide meaningful diversification when combined. HYLS charges 1.01%/yr vs 0.52%/yr for HYGH.
Performance
HYLS vs. HYGH - Performance Comparison
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Returns By Period
In the year-to-date period, HYLS achieves a 0.45% return, which is significantly lower than HYGH's 3.37% return. Over the past 10 years, HYLS has underperformed HYGH with an annualized return of 4.45%, while HYGH has yielded a comparatively higher 6.48% annualized return.
HYLS
- 1D
- 0.05%
- 1M
- 0.44%
- YTD
- 0.45%
- 6M
- 0.74%
- 1Y
- 5.02%
- 3Y*
- 8.01%
- 5Y*
- 2.94%
- 10Y*
- 4.45%
HYGH
- 1D
- -0.05%
- 1M
- 0.60%
- YTD
- 3.37%
- 6M
- 3.70%
- 1Y
- 7.78%
- 3Y*
- 9.89%
- 5Y*
- 6.94%
- 10Y*
- 6.48%
HYLS vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYLS First Trust Tactical High Yield ETF | 0.45% | 8.00% | 5.85% | 13.66% | -12.83% | 3.69% | 5.32% | 14.66% | -2.46% | 6.39% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.37% | 6.94% | 11.22% | 12.17% | -0.92% | 5.82% | 0.54% | 11.09% | -0.85% | 6.38% |
Correlation
The correlation between HYLS and HYGH is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 29, 2014 | 0.61 |
The correlation between HYLS and HYGH has been stable across timeframes, ranging from 0.56 to 0.65 - a consistent structural relationship.
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Return for Risk
HYLS vs. HYGH — Risk / Return Rank
HYLS
HYGH
HYLS vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Tactical High Yield ETF (HYLS) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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 | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.41 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 4.82 | -3.19 |
| Martin ratioReturn relative to average drawdown | 6.91 | 18.86 | -11.94 |
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Drawdowns
HYLS vs. HYGH - Drawdown Comparison
The maximum HYLS drawdown since its inception was -22.99%, roughly equal to the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for HYLS and HYGH.
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Drawdown Indicators
| HYLS | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.99% | -23.88% | +0.89% |
Max Drawdown (1Y)Largest decline over 1 year | -3.09% | -1.62% | -1.47% |
Max Drawdown (3Y)Largest decline over 3 years | -3.96% | -8.06% | +4.10% |
Max Drawdown (5Y)Largest decline over 5 years | -15.75% | -8.24% | -7.51% |
Max Drawdown (10Y)Largest decline over 10 years | -22.99% | -23.88% | +0.89% |
Current DrawdownCurrent decline from peak | -0.14% | -0.05% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -2.15% | -2.22% | +0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.41% | +0.32% |
Volatility
HYLS vs. HYGH - Volatility Comparison
First Trust Tactical High Yield ETF (HYLS) has a higher volatility of 0.85% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.63%. This indicates that HYLS's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYLS | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 0.63% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 2.81% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.55% | 3.65% | -0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.62% | 7.08% | -0.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.71% | 8.33% | -1.62% |
HYLS vs. HYGH - Expense Ratio Comparison
HYLS has a 1.01% expense ratio, which is higher than HYGH's 0.52% expense ratio.
Dividends
HYLS vs. HYGH - Dividend Comparison
HYLS's dividend yield for the trailing twelve months is around 6.69%, more than HYGH's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
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
HYLS and HYGH have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYLS has higher volatility (0.85%) compared to HYGH (0.63%). In terms of maximum drawdown, HYLS dropped -22.99% vs HYGH's -23.88%.
On 10-year performance, HYGH leads with 6.48% vs 4.45% for HYLS. On fees, HYGH is cheaper at 0.52% per year. On volatility, HYGH has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYGH has performed better with a 6.48% return vs 4.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGH is cheaper with a 0.52% expense ratio, compared with 1.01% for HYLS.
HYLS has the higher dividend yield at 6.69%, compared with 6.60% for HYGH.
They also come from different issuers: First Trust and iShares. Their fees differ too: 1.01% for HYLS and 0.52% for HYGH.
HYGH currently has the higher Sharpe Ratio (2.15 vs 1.42), 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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