HYS vs. SHYG

Last updated Jun 4, 2026

HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) and SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) are both High Yield Bonds funds - HYS tracks the ICE BofA US High Yield Constrained (0-5 Y) while SHYG tracks the Markit iBoxx USD Liquid High Yield 0-5 Index. Both are passively managed. Over the past 10 years, HYS returned 5.35%/yr vs 5.18%/yr for SHYG. Their correlation of 0.85 suggests significant overlap in exposure. HYS charges 0.56%/yr vs 0.30%/yr for SHYG.

Performance

HYS vs. SHYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) and iShares 0-5 Year High Yield Corporate Bond ETF (SHYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYS achieves a 1.33% return, which is significantly lower than SHYG's 1.44% return. Both investments have delivered pretty close results over the past 10 years, with HYS having a 5.35% annualized return and SHYG not far behind at 5.18%.

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%

SHYG

• 1D: -0.24%
• 1M: 0.35%
• YTD: 1.44%
• 6M: 1.95%
• 1Y: 6.50%
• 3Y*: 8.12%
• 5Y*: 4.83%
• 10Y*: 5.18%

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

HYS vs. SHYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	1.33%	8.80%	8.42%	11.38%	-5.42%	4.77%	3.27%	10.22%	-1.05%	5.75%
SHYG iShares 0-5 Year High Yield Corporate Bond ETF	1.44%	7.94%	8.17%	10.38%	-4.71%	4.60%	3.15%	9.93%	0.02%	5.11%

Correlation

The correlation between HYS and SHYG is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 18, 2013	0.85

The correlation between HYS and SHYG has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

HYS vs. SHYG - Sectors Allocation Comparison

Sectors	HYS	SHYG
Communication Services	100.0%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	0.7%
Technology	-	-
Utilities	-	99.3%

Return for Risk

HYS vs. SHYG — Risk / Return Rank

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

HYS

HYS Risk / Return Rank: 68
HYS Sharpe Ratio Rank: 59
HYS Sortino Ratio Rank: 68
HYS Omega Ratio Rank: 63
HYS Calmar Ratio Rank: 74
HYS Martin Ratio Rank: 78

SHYG

SHYG Risk / Return Rank: 70
SHYG Sharpe Ratio Rank: 60
SHYG Sortino Ratio Rank: 68
SHYG Omega Ratio Rank: 67
SHYG Calmar Ratio Rank: 74
SHYG Martin Ratio Rank: 80

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.

HYS vs. SHYG - 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 0-5 Year High Yield Corporate Bond ETF (SHYG). 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	SHYG	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.07	-0.02
Sortino ratio: Return per unit of downside risk	3.17	3.17	0.00
Omega ratio: Gain probability vs. loss probability	1.39	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	3.77	3.73	+0.04
Martin ratio: Return relative to average drawdown	15.35	16.23	-0.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYS vs. SHYG - Sharpe Ratio Comparison

The current HYS Sharpe Ratio is 2.04, which is comparable to the SHYG Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of HYS and SHYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYS	SHYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	2.07	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.85	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.81	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.73	+0.09

Drawdowns

HYS vs. SHYG - Drawdown Comparison

The maximum HYS drawdown since its inception was -20.91%, which is greater than SHYG's maximum drawdown of -19.26%. Use the drawdown chart below to compare losses from any high point for HYS and SHYG.

Drawdown Indicators

	HYS	SHYG	Difference
Max Drawdown Largest peak-to-trough decline	-20.91%	-19.26%	-1.65%
Max Drawdown (1Y) Largest decline over 1 year	-1.88%	-1.75%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-4.98%	-4.53%	-0.45%
Max Drawdown (5Y) Largest decline over 5 years	-10.61%	-9.39%	-1.22%
Max Drawdown (10Y) Largest decline over 10 years	-20.91%	-19.26%	-1.65%
Current Drawdown Current decline from peak	-0.14%	-0.24%	+0.10%
Average Drawdown Average peak-to-trough decline	-1.53%	-1.44%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.40%	+0.06%

Volatility

HYS vs. SHYG - Volatility Comparison

PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) has a higher volatility of 1.23% compared to iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) at 0.94%. This indicates that HYS's price experiences larger fluctuations and is considered to be riskier than SHYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYS	SHYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	0.94%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	2.51%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	3.16%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.26%	5.73%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.84%	6.42%	+0.42%

HYS vs. SHYG - Expense Ratio Comparison

HYS has a 0.56% expense ratio, which is higher than SHYG's 0.30% expense ratio.

Dividends

HYS vs. SHYG - Dividend Comparison

HYS's dividend yield for the trailing twelve months is around 7.36%, more than SHYG's 7.02% 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%
SHYG iShares 0-5 Year High Yield Corporate Bond ETF	7.02%	7.03%	6.93%	6.54%	5.57%	4.83%	5.07%	5.33%	5.90%	5.49%	5.53%	5.17%

Frequently Asked Questions

Can I hold both HYS and SHYG in my portfolio?

With a correlation of 0.90, HYS and SHYG 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.

Which is riskier, HYS or SHYG?

HYS has higher volatility (1.23%) compared to SHYG (0.94%). In terms of maximum drawdown, HYS dropped -20.91% vs SHYG's -19.26%.

Which ETF is better, HYS or SHYG?

On 10-year performance, HYS leads with 5.35% vs 5.18% for SHYG. On fees, SHYG is cheaper at 0.30% per year. On volatility, SHYG has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYS or SHYG?

Over the 10-year period, HYS has performed better with a 5.35% return vs 5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYS or SHYG?

SHYG is cheaper with a 0.30% expense ratio, compared with 0.56% for HYS.

Which ETF pays a higher dividend yield, HYS or SHYG?

HYS has the higher dividend yield at 7.36%, compared with 7.02% for SHYG.

What is the main difference between HYS and SHYG?

HYS tracks ICE BofA US High Yield Constrained (0-5 Y), while SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.56% for HYS and 0.30% for SHYG.

Which has better risk-adjusted returns?

SHYG currently has the higher Sharpe Ratio (2.07 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.