HYZD vs. BKHY
HYZD (WisdomTree Interest Rate Hedged High Yield Bond Fund) and BKHY (BNY Mellon High Yield Beta ETF) are both High Yield Bonds funds - HYZD tracks the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index while BKHY tracks the Bloomberg US Corporate High Yield Index. Both are passively managed. Over the past 5 years, HYZD returned 6.20%/yr vs 4.26%/yr for BKHY. A 0.56 correlation means they provide meaningful diversification when combined. HYZD charges 0.43%/yr vs 0.22%/yr for BKHY.
Performance
HYZD vs. BKHY - Performance Comparison
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Returns By Period
In the year-to-date period, HYZD achieves a 2.42% return, which is significantly higher than BKHY's 2.00% return.
HYZD
- 1D
- -0.11%
- 1M
- 0.58%
- YTD
- 2.42%
- 6M
- 3.22%
- 1Y
- 7.66%
- 3Y*
- 9.25%
- 5Y*
- 6.20%
- 10Y*
- 5.56%
BKHY
- 1D
- 0.15%
- 1M
- 0.50%
- YTD
- 2.00%
- 6M
- 2.32%
- 1Y
- 7.78%
- 3Y*
- 8.93%
- 5Y*
- 4.26%
- 10Y*
- —
HYZD vs. BKHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 2.42% | 7.67% | 9.39% | 11.17% | -2.35% | 6.27% | 14.00% |
BKHY BNY Mellon High Yield Beta ETF | 2.00% | 8.48% | 8.37% | 12.40% | -10.97% | 4.75% | 17.83% |
Correlation
The correlation between HYZD and BKHY is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020 | 0.56 |
Over the past year, the correlation between HYZD and BKHY has dropped to 0.31 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
HYZD vs. BKHY — Risk / Return Rank
HYZD
BKHY
HYZD vs. BKHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) and BNY Mellon High Yield Beta ETF (BKHY). 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.
| HYZD | BKHY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.44 | 2.12 | +0.32 |
Sortino ratioReturn per unit of downside risk | 3.91 | 3.21 | +0.70 |
Omega ratioGain probability vs. loss probability | 1.50 | 1.43 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 3.96 | 3.07 | +0.89 |
Martin ratioReturn relative to average drawdown | 16.83 | 14.14 | +2.69 |
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
| HYZD | BKHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.44 | 2.12 | +0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.93 | 0.57 | +0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.91 | -0.40 |
Drawdowns
HYZD vs. BKHY - Drawdown Comparison
The maximum HYZD drawdown since its inception was -25.66%, which is greater than BKHY's maximum drawdown of -15.89%. Use the drawdown chart below to compare losses from any high point for HYZD and BKHY.
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Drawdown Indicators
| HYZD | BKHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.66% | -15.89% | -9.77% |
Max Drawdown (1Y)Largest decline over 1 year | -1.91% | -2.53% | +0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -5.85% | -4.87% | -0.98% |
Max Drawdown (5Y)Largest decline over 5 years | -8.97% | -15.89% | +6.92% |
Max Drawdown (10Y)Largest decline over 10 years | -25.66% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | 0.00% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -2.20% | -2.98% | +0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.45% | 0.55% | -0.10% |
Volatility
HYZD vs. BKHY - Volatility Comparison
The current volatility for WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) is 0.96%, while BNY Mellon High Yield Beta ETF (BKHY) has a volatility of 1.13%. This indicates that HYZD experiences smaller price fluctuations and is considered to be less risky than BKHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYZD | BKHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 1.13% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 2.96% | -0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.15% | 3.68% | -0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.70% | 7.58% | -0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.57% | 7.37% | +1.20% |
HYZD vs. BKHY - Expense Ratio Comparison
HYZD has a 0.43% expense ratio, which is higher than BKHY's 0.22% expense ratio.
Dividends
HYZD vs. BKHY - Dividend Comparison
HYZD's dividend yield for the trailing twelve months is around 5.89%, less than BKHY's 7.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKHY BNY Mellon High Yield Beta ETF | 7.44% | 7.33% | 7.34% | 8.67% | 6.59% | 6.78% | 4.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 5.89% | 6.05% | 6.08% | 5.94% | 5.14% | 4.02% | 5.13% | 5.50% | 5.58% | 4.94% | 5.07% | 4.38% |
Frequently Asked Questions
HYZD and BKHY have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BKHY has higher volatility (1.13%) compared to HYZD (0.96%). In terms of maximum drawdown, HYZD dropped -25.66% vs BKHY's -15.89%.
On 5-year performance, HYZD leads with 6.20% vs 4.26% for BKHY. On fees, BKHY is cheaper at 0.22% per year. On volatility, HYZD has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYZD has performed better with a 6.20% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKHY is cheaper with a 0.22% expense ratio, compared with 0.43% for HYZD.
BKHY has the higher dividend yield at 7.44%, compared with 5.89% for HYZD.
HYZD tracks WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index, while BKHY tracks Bloomberg US Corporate High Yield Index. They also come from different issuers: WisdomTree and BNY Mellon. Their fees differ too: 0.43% for HYZD and 0.22% for BKHY.
HYZD currently has the higher Sharpe Ratio (2.44 vs 2.12), 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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