HYUS.L vs. ^TNX

Last updated Jul 16, 2026

HYUS.L (iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist)) is High Yield Bonds fund tracking the Bloomberg US Corporate High Yield TR USD, while ^TNX (Cboe 10-Year Treasury Note Yield Index) is an index. Over the past 3 years, HYUS.L returned 8.37%/yr vs 5.97%/yr for ^TNX. At a correlation of -0.32, they often move in opposite directions.

Performance

HYUS.L vs. ^TNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) (HYUS.L) and Cboe 10-Year Treasury Note Yield Index (^TNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYUS.L achieves a 1.44% return, which is significantly lower than ^TNX's 9.18% return.

HYUS.L

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.44%
• YTD: 1.44%
• 1Y: 5.89%
• 3Y*: 8.37%
• 5Y*: —
• 10Y*: —

^TNX

• 1D: -0.87%
• 1M: 1.70%
• 6M: 9.78%
• YTD: 9.18%
• 1Y: 1.25%
• 3Y*: 5.97%
• 5Y*: 28.45%
• 10Y*: 11.05%

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

HYUS.L vs. ^TNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYUS.L iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist)	1.44%	8.55%	8.46%	12.87%	-6.58%
^TNX Cboe 10-Year Treasury Note Yield Index	9.18%	-8.97%	18.29%	-0.34%	60.82%

Correlation

The correlation between HYUS.L and ^TNX is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.36
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	-0.32

Return for Risk

HYUS.L vs. ^TNX — Risk / Return Rank

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

HYUS.L

HYUS.L Risk / Return Rank: 58
HYUS.L Sharpe Ratio Rank: 47
HYUS.L Sortino Ratio Rank: 51
HYUS.L Omega Ratio Rank: 49
HYUS.L Calmar Ratio Rank: 69
HYUS.L Martin Ratio Rank: 73

^TNX

^TNX Risk / Return Rank: 7
^TNX Sharpe Ratio Rank: 8
^TNX Sortino Ratio Rank: 5
^TNX Omega Ratio Rank: 5
^TNX Calmar Ratio Rank: 8
^TNX Martin Ratio Rank: 8

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.

HYUS.L vs. ^TNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) (HYUS.L) and Cboe 10-Year Treasury Note Yield Index (^TNX). 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.

	HYUS.L	^TNX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	0.08	+1.28
Sortino ratio: Return per unit of downside risk	2.07	0.22	+1.85
Omega ratio: Gain probability vs. loss probability	1.26	1.03	+0.23
Calmar ratio: Return relative to maximum drawdown	2.79	0.11	+2.68
Martin ratio: Return relative to average drawdown	10.82	0.20	+10.62

HYUS.L vs. ^TNX - Sharpe Ratio Comparison

The current HYUS.L Sharpe Ratio is 1.37, which is higher than the ^TNX Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of HYUS.L and ^TNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HYUS.L vs. ^TNX - Drawdown Comparison

The maximum HYUS.L drawdown since its inception was -11.00%, smaller than the maximum ^TNX drawdown of -96.85%. Use the drawdown chart below to compare losses from any high point for HYUS.L and ^TNX.

Drawdown Indicators

	HYUS.L	^TNX	Difference
Max Drawdown Largest peak-to-trough decline	-11.00%	-96.85%	+85.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-11.43%	+9.33%
Max Drawdown (3Y) Largest decline over 3 years	-5.23%	-27.41%	+22.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.41%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-84.57%	—
Current Drawdown Current decline from peak	-0.63%	-71.31%	+70.68%
Average Drawdown Average peak-to-trough decline	-1.84%	-55.03%	+53.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	6.65%	-6.11%

Volatility

HYUS.L vs. ^TNX - Volatility Comparison

The current volatility for iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) (HYUS.L) is 1.17%, while Cboe 10-Year Treasury Note Yield Index (^TNX) has a volatility of 4.00%. This indicates that HYUS.L experiences smaller price fluctuations and is considered to be less risky than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYUS.L	^TNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	4.00%	-2.83%
Volatility (6M) Calculated over the trailing 6-month period	3.27%	11.02%	-7.75%
Volatility (1Y) Calculated over the trailing 1-year period	4.29%	15.02%	-10.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.86%	31.70%	-24.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.86%	47.66%	-40.80%

Frequently Asked Questions

Can I hold both HYUS.L and ^TNX in my portfolio?

HYUS.L and ^TNX have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.