HYUP vs. USHY

Last updated Jun 4, 2026

HYUP (Xtrackers High Beta High Yield Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - HYUP tracks the Solactive USD High Yield Corporates Total Market High Beta Index while USHY tracks the ICE BofA US High Yield Constrained. Both are passively managed. Over the past 5 years, HYUP returned 4.39%/yr vs 4.24%/yr for USHY. Their correlation of 0.89 suggests significant overlap in exposure. HYUP charges 0.20%/yr vs 0.15%/yr for USHY.

Performance

HYUP vs. USHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers High Beta High Yield Bond ETF (HYUP) and iShares Broad USD High Yield Corporate Bond ETF (USHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYUP achieves a 1.63% return, which is significantly higher than USHY's 1.42% return.

HYUP

• 1D: -0.33%
• 1M: 0.54%
• YTD: 1.63%
• 6M: 2.12%
• 1Y: 7.43%
• 3Y*: 10.16%
• 5Y*: 4.39%
• 10Y*: —

USHY

• 1D: -0.27%
• 1M: 0.40%
• YTD: 1.42%
• 6M: 1.77%
• 1Y: 7.02%
• 3Y*: 8.91%
• 5Y*: 4.24%
• 10Y*: —

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

HYUP vs. USHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HYUP Xtrackers High Beta High Yield Bond ETF	1.63%	8.83%	10.30%	14.56%	-13.30%	5.13%	5.73%	16.54%	-3.90%
USHY iShares Broad USD High Yield Corporate Bond ETF	1.42%	8.81%	8.45%	12.73%	-11.18%	5.02%	6.17%	14.24%	-2.98%

Correlation

The correlation between HYUP and USHY 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	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018	0.89

The correlation between HYUP and USHY has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

Return for Risk

HYUP vs. USHY — Risk / Return Rank

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

HYUP

HYUP Risk / Return Rank: 54
HYUP Sharpe Ratio Rank: 51
HYUP Sortino Ratio Rank: 55
HYUP Omega Ratio Rank: 54
HYUP Calmar Ratio Rank: 49
HYUP Martin Ratio Rank: 59

USHY

USHY Risk / Return Rank: 60
USHY Sharpe Ratio Rank: 55
USHY Sortino Ratio Rank: 61
USHY Omega Ratio Rank: 60
USHY Calmar Ratio Rank: 58
USHY Martin Ratio Rank: 69

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.

HYUP vs. USHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers High Beta High Yield Bond ETF (HYUP) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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.

	HYUP	USHY	Difference
Sharpe ratio Return per unit of total volatility	1.76	1.93	-0.17
Sortino ratio Return per unit of downside risk	2.68	2.91	-0.24
Omega ratio Gain probability vs. loss probability	1.34	1.37	-0.03
Calmar ratio Return relative to maximum drawdown	2.45	2.90	-0.45
Martin ratio Return relative to average drawdown	10.46	13.03	-2.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYUP vs. USHY - Sharpe Ratio Comparison

The current HYUP Sharpe Ratio is 1.76, which is comparable to the USHY Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of HYUP and USHY, 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

	HYUP	USHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.93	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.58	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.58	-0.06

Drawdowns

HYUP vs. USHY - Drawdown Comparison

The maximum HYUP drawdown since its inception was -24.79%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for HYUP and USHY.

Drawdown Indicators

	HYUP	USHY	Difference
Max Drawdown Largest peak-to-trough decline	-24.79%	-22.44%	-2.35%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-2.43%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-6.03%	-4.66%	-1.37%
Max Drawdown (5Y) Largest decline over 5 years	-18.06%	-15.56%	-2.50%
Current Drawdown Current decline from peak	-0.36%	-0.27%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.42%	-2.67%	-0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.54%	+0.17%

Volatility

HYUP vs. USHY - Volatility Comparison

Xtrackers High Beta High Yield Bond ETF (HYUP) has a higher volatility of 1.35% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 1.13%. This indicates that HYUP's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYUP	USHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	1.13%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	3.35%	2.91%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	4.24%	3.65%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.27%	7.34%	+0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.75%	8.25%	+1.50%

HYUP vs. USHY - Expense Ratio Comparison

HYUP has a 0.20% expense ratio, which is higher than USHY's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HYUP vs. USHY - Dividend Comparison

HYUP's dividend yield for the trailing twelve months is around 7.33%, more than USHY's 6.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYUP Xtrackers High Beta High Yield Bond ETF	7.33%	7.44%	7.78%	7.48%	7.15%	6.19%	6.89%	6.77%	6.98%	0.00%
USHY iShares Broad USD High Yield Corporate Bond ETF	6.92%	6.79%	6.89%	6.63%	6.08%	5.07%	5.30%	5.92%	6.30%	0.73%

Frequently Asked Questions

Can I hold both HYUP and USHY in my portfolio?

With a correlation of 0.90, HYUP and USHY 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, HYUP or USHY?

HYUP has higher volatility (1.35%) compared to USHY (1.13%). In terms of maximum drawdown, HYUP dropped -24.79% vs USHY's -22.44%.

Which ETF is better, HYUP or USHY?

On 5-year performance, HYUP leads with 4.39% vs 4.24% for USHY. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYUP or USHY?

Over the 5-year period, HYUP has performed better with a 4.39% return vs 4.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYUP or USHY?

USHY is cheaper with a 0.15% expense ratio, compared with 0.20% for HYUP.

Which ETF pays a higher dividend yield, HYUP or USHY?

HYUP has the higher dividend yield at 7.33%, compared with 6.92% for USHY.

What is the main difference between HYUP and USHY?

HYUP tracks Solactive USD High Yield Corporates Total Market High Beta Index, while USHY tracks ICE BofA US High Yield Constrained. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.20% for HYUP and 0.15% for USHY.

Which has better risk-adjusted returns?

USHY currently has the higher Sharpe Ratio (1.93 vs 1.76), 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.