HYS vs. IBHG
HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) and IBHG (iShares iBonds 2027 Term High Yield and Income ETF) are both High Yield Bonds funds - HYS tracks the ICE BofA US High Yield Constrained (0-5 Y) while IBHG tracks the Bloomberg 2027 Term High Yield and Income Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, HYS returned 8.58%/yr vs 7.37%/yr for IBHG. Their correlation of 0.81 suggests significant overlap in exposure. HYS charges 0.56%/yr vs 0.35%/yr for IBHG.
Performance
HYS vs. IBHG - Performance Comparison
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Returns By Period
In the year-to-date period, HYS achieves a 1.33% return, which is significantly higher than IBHG's 0.96% return.
HYS
- 1D
- -0.09%
- 1M
- 0.47%
- YTD
- 1.33%
- 6M
- 1.83%
- 1Y
- 7.07%
- 3Y*
- 8.58%
- 5Y*
- 5.08%
- 10Y*
- 5.35%
IBHG
- 1D
- -0.09%
- 1M
- 0.21%
- YTD
- 0.96%
- 6M
- 1.46%
- 1Y
- 4.61%
- 3Y*
- 7.37%
- 5Y*
- —
- 10Y*
- —
HYS vs. IBHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 1.33% | 8.80% | 8.42% | 11.38% | -5.42% | 0.96% |
IBHG iShares iBonds 2027 Term High Yield and Income ETF | 0.96% | 6.90% | 7.42% | 11.27% | -8.88% | 1.07% |
Correlation
The correlation between HYS and IBHG is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2021 | 0.81 |
The correlation between HYS and IBHG shifts across timeframes, from 0.68 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYS vs. IBHG — Risk / Return Rank
HYS
IBHG
HYS vs. IBHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) and iShares iBonds 2027 Term High Yield and Income ETF (IBHG). 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.
| HYS | IBHG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.04 | 2.20 | -0.15 |
Sortino ratioReturn per unit of downside risk | 3.17 | 3.42 | -0.25 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.42 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 3.77 | 6.38 | -2.61 |
Martin ratioReturn relative to average drawdown | 15.35 | 23.30 | -7.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYS | IBHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 2.20 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.78 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.81 | 0.56 | +0.25 |
Drawdowns
HYS vs. IBHG - Drawdown Comparison
The maximum HYS drawdown since its inception was -20.91%, which is greater than IBHG's maximum drawdown of -13.85%. Use the drawdown chart below to compare losses from any high point for HYS and IBHG.
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Drawdown Indicators
| HYS | IBHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.91% | -13.85% | -7.06% |
Max Drawdown (1Y)Largest decline over 1 year | -1.88% | -0.73% | -1.15% |
Max Drawdown (3Y)Largest decline over 3 years | -4.98% | -3.39% | -1.59% |
Max Drawdown (5Y)Largest decline over 5 years | -10.61% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -20.91% | — | — |
Current DrawdownCurrent decline from peak | -0.14% | -0.22% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -1.53% | -2.67% | +1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 0.20% | +0.26% |
Volatility
HYS vs. IBHG - Volatility Comparison
PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) has a higher volatility of 1.23% compared to iShares iBonds 2027 Term High Yield and Income ETF (IBHG) at 0.58%. This indicates that HYS's price experiences larger fluctuations and is considered to be riskier than IBHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYS | IBHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 0.58% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | 1.53% | +1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.47% | 2.11% | +1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.26% | 6.37% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.84% | 6.37% | +0.47% |
HYS vs. IBHG - Expense Ratio Comparison
HYS has a 0.56% expense ratio, which is higher than IBHG's 0.35% expense ratio.
Dividends
HYS vs. IBHG - Dividend Comparison
HYS's dividend yield for the trailing twelve months is around 7.36%, more than IBHG's 6.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 7.36% | 7.20% | 7.43% | 6.44% | 5.01% | 3.74% | 4.52% | 4.98% | 4.64% | 5.01% | 5.13% | 5.22% |
IBHG iShares iBonds 2027 Term High Yield and Income ETF | 6.08% | 6.33% | 7.02% | 6.66% | 5.62% | 2.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYS and IBHG have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYS has higher volatility (1.23%) compared to IBHG (0.58%). In terms of maximum drawdown, HYS dropped -20.91% vs IBHG's -13.85%.
On 3-year performance, HYS leads with 8.58% vs 7.37% for IBHG. On fees, IBHG is cheaper at 0.35% per year. On volatility, IBHG has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYS has performed better with a 8.58% return vs 7.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBHG is cheaper with a 0.35% expense ratio, compared with 0.56% for HYS.
HYS has the higher dividend yield at 7.36%, compared with 6.08% for IBHG.
HYS tracks ICE BofA US High Yield Constrained (0-5 Y), while IBHG tracks Bloomberg 2027 Term High Yield and Income Index - Benchmark TR Gross. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.56% for HYS and 0.35% for IBHG.
IBHG currently has the higher Sharpe Ratio (2.20 vs 2.04), 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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