IBHI vs. HYGH
IBHI (iShares iBonds 2029 Term High Yield and Income ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both High Yield Bonds funds from iShares - IBHI tracks the Bloomberg 2029 Term High Yield and Income Index - Benchmark TR Gross while HYGH tracks the Markit iBoxx USD Liquid High Yield Interest Hedged Index. Both are passively managed. Over the past 3 years, IBHI returned 9.23%/yr vs 9.89%/yr for HYGH. A 0.68 correlation means they provide meaningful diversification when combined. IBHI charges 0.35%/yr vs 0.52%/yr for HYGH.
Performance
IBHI vs. HYGH - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IBHI achieves a 1.80% return, which is significantly lower than HYGH's 3.37% return.
IBHI
- 1D
- 0.06%
- 1M
- 0.60%
- YTD
- 1.80%
- 6M
- 1.93%
- 1Y
- 6.83%
- 3Y*
- 9.23%
- 5Y*
- —
- 10Y*
- —
HYGH
- 1D
- -0.05%
- 1M
- 0.60%
- YTD
- 3.37%
- 6M
- 3.70%
- 1Y
- 7.78%
- 3Y*
- 9.89%
- 5Y*
- 6.94%
- 10Y*
- 6.48%
IBHI vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBHI iShares iBonds 2029 Term High Yield and Income ETF | 1.80% | 7.88% | 8.33% | 14.21% | -8.52% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.37% | 6.94% | 11.22% | 12.17% | 1.99% |
Correlation
The correlation between IBHI and HYGH is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2022 | 0.68 |
The correlation between IBHI and HYGH shifts across timeframes, from 0.56 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IBHI vs. HYGH — Risk / Return Rank
IBHI
HYGH
IBHI vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2029 Term High Yield and Income ETF (IBHI) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.
| IBHI | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.41 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | 4.82 | -1.57 |
| Martin ratioReturn relative to average drawdown | 14.21 | 18.86 | -4.65 |
Loading charts...
Drawdowns
IBHI vs. HYGH - Drawdown Comparison
The maximum IBHI drawdown since its inception was -13.65%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for IBHI and HYGH.
Loading charts...
Drawdown Indicators
| IBHI | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.65% | -23.88% | +10.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.11% | -1.62% | -0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -5.73% | -8.06% | +2.33% |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.88% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.05% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -2.22% | -0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.41% | +0.07% |
Volatility
IBHI vs. HYGH - Volatility Comparison
iShares iBonds 2029 Term High Yield and Income ETF (IBHI) has a higher volatility of 0.75% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.63%. This indicates that IBHI's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IBHI | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.63% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.80% | 2.81% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.79% | 3.65% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.94% | 7.08% | +0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.94% | 8.33% | -0.39% |
IBHI vs. HYGH - Expense Ratio Comparison
IBHI has a 0.35% expense ratio, which is lower than HYGH's 0.52% expense ratio.
Dividends
IBHI vs. HYGH - Dividend Comparison
IBHI's dividend yield for the trailing twelve months is around 6.67%, more than HYGH's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
IBHI iShares iBonds 2029 Term High Yield and Income ETF | 6.67% | 6.79% | 6.66% | 6.48% | 5.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBHI and HYGH have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBHI has higher volatility (0.75%) compared to HYGH (0.63%). In terms of maximum drawdown, IBHI dropped -13.65% vs HYGH's -23.88%.
On 3-year performance, HYGH leads with 9.89% vs 9.23% for IBHI. On fees, IBHI is cheaper at 0.35% per year. On volatility, HYGH has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYGH has performed better with a 9.89% return vs 9.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBHI is cheaper with a 0.35% expense ratio, compared with 0.52% for HYGH.
IBHI has the higher dividend yield at 6.67%, compared with 6.60% for HYGH.
IBHI tracks Bloomberg 2029 Term High Yield and Income Index - Benchmark TR Gross, while HYGH tracks Markit iBoxx USD Liquid High Yield Interest Hedged Index. Their fees differ too: 0.35% for IBHI and 0.52% for HYGH.
HYGH currently has the higher Sharpe Ratio (2.15 vs 1.81), 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.
Find the right allocation for IBHI and HYGH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer