HYUP vs. USHY
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 Index. Both are passively managed. Over the past 5 years, HYUP returned 4.24%/yr vs 4.12%/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
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Returns By Period
The year-to-date returns for both stocks are quite close, with HYUP having a 1.75% return and USHY slightly lower at 1.70%.
HYUP
- 1D
- -0.08%
- 1M
- 0.34%
- YTD
- 1.75%
- 6M
- 1.80%
- 1Y
- 6.17%
- 3Y*
- 10.27%
- 5Y*
- 4.24%
- 10Y*
- —
USHY
- 1D
- 0.00%
- 1M
- 0.48%
- YTD
- 1.70%
- 6M
- 1.66%
- 1Y
- 6.07%
- 3Y*
- 9.18%
- 5Y*
- 4.12%
- 10Y*
- —
HYUP vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HYUP Xtrackers High Beta High Yield Bond ETF | 1.75% | 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 | 1.70% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.86% |
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 11, 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.
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Return for Risk
HYUP vs. USHY — Risk / Return Rank
HYUP
USHY
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.
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.
| HYUP | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.32 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | 2.51 | -0.48 |
| Martin ratioReturn relative to average drawdown | 8.63 | 11.22 | -2.59 |
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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.
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Drawdown Indicators
| HYUP | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.46% | -0.19% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -3.40% | -2.65% | -0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 0.54% | +0.18% |
Volatility
HYUP vs. USHY - Volatility Comparison
Xtrackers High Beta High Yield Bond ETF (HYUP) has a higher volatility of 1.12% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 0.95%. 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.
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Volatility by Period
| HYUP | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 0.95% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 3.42% | 2.96% | +0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.27% | 3.67% | +0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.29% | 7.35% | +0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.72% | 8.23% | +1.49% |
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 7.32%, more than USHY's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HYUP Xtrackers High Beta High Yield Bond ETF | 7.32% | 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 | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
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.
HYUP has higher volatility (1.12%) compared to USHY (0.95%). In terms of maximum drawdown, HYUP dropped -24.79% vs USHY's -22.44%.
On 5-year performance, HYUP leads with 4.24% vs 4.12% for USHY. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYUP has performed better with a 4.24% return vs 4.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.20% for HYUP.
HYUP has the higher dividend yield at 7.32%, compared with 6.90% for USHY.
HYUP tracks Solactive USD High Yield Corporates Total Market High Beta Index, while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.20% for HYUP and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.66 vs 1.45), 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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