IBHM vs. HYGW

Last updated Jul 11, 2026

IBHM (iShares iBonds 2033 Term High Yield and Income ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both High Yield Bonds funds from iShares - IBHM tracks the Bloomberg 2033 Term High Yield and Income Index while HYGW tracks the Cboe HYG BuyWrite Index. Both are passively managed. A 0.69 correlation means they provide meaningful diversification when combined. IBHM charges 0.35%/yr vs 0.69%/yr for HYGW.

Performance

IBHM vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds 2033 Term High Yield and Income ETF (IBHM) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBHM

• 1D: -0.14%
• 1M: 0.35%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYGW

• 1D: -0.00%
• 1M: 0.53%
• 6M: 2.23%
• YTD: 2.50%
• 1Y: 6.36%
• 3Y*: 5.66%
• 5Y*: —
• 10Y*: —

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

IBHM vs. HYGW - Yearly Performance Comparison

	2026 (YTD)
IBHM iShares iBonds 2033 Term High Yield and Income ETF	2.84%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.58%

Correlation

The correlation between IBHM and HYGW is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 26, 2026	0.69

Return for Risk

IBHM vs. HYGW — Risk / Return Rank

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

IBHM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

HYGW

HYGW Risk / Return Rank: 88
HYGW Sharpe Ratio Rank: 87
HYGW Sortino Ratio Rank: 89
HYGW Omega Ratio Rank: 91
HYGW Calmar Ratio Rank: 82
HYGW Martin Ratio Rank: 90

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.

IBHM vs. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2033 Term High Yield and Income ETF (IBHM) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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.

	IBHM	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	—	2.25	—
Sortino ratio: Return per unit of downside risk	—	3.29	—
Omega ratio: Gain probability vs. loss probability	—	1.48	—
Calmar ratio: Return relative to maximum drawdown	—	3.52	—
Martin ratio: Return relative to average drawdown	—	16.02	—

Drawdowns

IBHM vs. HYGW - Drawdown Comparison

The maximum IBHM drawdown since its inception was -1.67%, smaller than the maximum HYGW drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for IBHM and HYGW.

Drawdown Indicators

	IBHM	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-1.67%	-5.49%	+3.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.82%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.66%	—
Current Drawdown Current decline from peak	-0.22%	-0.00%	-0.22%
Average Drawdown Average peak-to-trough decline	-0.38%	-0.60%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.40%	—

Volatility

Volatility by Period

	IBHM	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.63%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.24%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.92%	2.85%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.92%	4.64%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.92%	4.64%	+0.28%

IBHM vs. HYGW - Expense Ratio Comparison

IBHM has a 0.35% expense ratio, which is lower than HYGW's 0.69% expense ratio.

Dividends

IBHM vs. HYGW - Dividend Comparison

IBHM's dividend yield for the trailing twelve months is around 1.57%, less than HYGW's 10.69% yield.

Position	TTM	2025	2024	2023	2022
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	10.69%	12.53%	12.30%	15.98%	8.71%
IBHM iShares iBonds 2033 Term High Yield and Income ETF	1.57%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBHM and HYGW in my portfolio?

IBHM and HYGW have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBHM or HYGW?

On fees, IBHM is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBHM or HYGW?

IBHM is cheaper with a 0.35% expense ratio, compared with 0.69% for HYGW.

Which ETF pays a higher dividend yield, IBHM or HYGW?

HYGW has the higher dividend yield at 10.69%, compared with 1.57% for IBHM.

What is the main difference between IBHM and HYGW?

IBHM tracks Bloomberg 2033 Term High Yield and Income Index, while HYGW tracks Cboe HYG BuyWrite Index. Their fees differ too: 0.35% for IBHM and 0.69% for HYGW.