IGBH vs. HYGH

Last updated Jun 3, 2026

IGBH (iShares Interest Rate Hedged Long-Term Corporate Bond ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both exchange-traded funds - IGBH is a Corporate Bonds fund tracking the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index, while HYGH is a High Yield Bonds fund actively managed by iShares. IGBH is passively managed, while HYGH is actively managed. Over the past 10 years, IGBH returned 5.05%/yr vs 6.37%/yr for HYGH. At a 0.45 correlation, their price movements are largely independent. IGBH charges 0.16%/yr vs 0.53%/yr for HYGH.

Performance

IGBH vs. HYGH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Interest Rate Hedged Long-Term Corporate Bond ETF (IGBH) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IGBH achieves a 2.43% return, which is significantly lower than HYGH's 2.93% return. Over the past 10 years, IGBH has underperformed HYGH with an annualized return of 5.05%, while HYGH has yielded a comparatively higher 6.37% annualized return.

IGBH

• 1D: -0.08%
• 1M: 1.79%
• YTD: 2.43%
• 6M: 3.28%
• 1Y: 9.61%
• 3Y*: 9.00%
• 5Y*: 5.37%
• 10Y*: 5.05%

HYGH

• 1D: -0.01%
• 1M: 0.79%
• YTD: 2.93%
• 6M: 3.63%
• 1Y: 7.98%
• 3Y*: 9.74%
• 5Y*: 6.95%
• 10Y*: 6.37%

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

IGBH vs. HYGH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGBH iShares Interest Rate Hedged Long-Term Corporate Bond ETF	2.43%	7.90%	7.80%	12.12%	-2.82%	2.20%	1.09%	9.62%	-4.54%	9.36%
HYGH iShares Interest Rate Hedged High Yield Bond ETF	2.93%	6.94%	11.22%	12.17%	-0.92%	5.82%	0.54%	11.09%	-0.85%	6.38%

Correlation

The correlation between IGBH and HYGH is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Sep 14, 2015	0.45

The correlation between IGBH and HYGH shifts across timeframes, from 0.45 (all time) to 0.57 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

IGBH vs. HYGH — Risk / Return Rank

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

IGBH

IGBH Risk / Return Rank: 65
IGBH Sharpe Ratio Rank: 72
IGBH Sortino Ratio Rank: 79
IGBH Omega Ratio Rank: 77
IGBH Calmar Ratio Rank: 47
IGBH Martin Ratio Rank: 50

HYGH

HYGH Risk / Return Rank: 76
HYGH Sharpe Ratio Rank: 65
HYGH Sortino Ratio Rank: 73
HYGH Omega Ratio Rank: 68
HYGH Calmar Ratio Rank: 87
HYGH Martin Ratio Rank: 89

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.

IGBH vs. HYGH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Interest Rate Hedged Long-Term Corporate Bond ETF (IGBH) 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.

	IGBH	HYGH	Difference
Sharpe ratio Return per unit of total volatility	2.38	2.19	+0.19
Sortino ratio Return per unit of downside risk	3.58	3.34	+0.24
Omega ratio Gain probability vs. loss probability	1.46	1.41	+0.05
Calmar ratio Return relative to maximum drawdown	2.35	5.08	-2.73
Martin ratio Return relative to average drawdown	8.63	19.91	-11.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGBH vs. HYGH - Sharpe Ratio Comparison

The current IGBH Sharpe Ratio is 2.38, which is comparable to the HYGH Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of IGBH and HYGH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IGBH	HYGH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.19	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.99	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.77	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.56	-0.04

Drawdowns

IGBH vs. HYGH - Drawdown Comparison

The maximum IGBH drawdown since its inception was -33.67%, which is greater than HYGH's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for IGBH and HYGH.

Drawdown Indicators

	IGBH	HYGH	Difference
Max Drawdown Largest peak-to-trough decline	-33.67%	-23.88%	-9.79%
Max Drawdown (1Y) Largest decline over 1 year	-4.24%	-1.62%	-2.62%
Max Drawdown (3Y) Largest decline over 3 years	-6.93%	-8.06%	+1.13%
Max Drawdown (5Y) Largest decline over 5 years	-10.48%	-8.24%	-2.24%
Max Drawdown (10Y) Largest decline over 10 years	-33.67%	-23.88%	-9.79%
Current Drawdown Current decline from peak	-0.08%	-0.14%	+0.06%
Average Drawdown Average peak-to-trough decline	-2.67%	-2.23%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	0.41%	+0.74%

Volatility

IGBH vs. HYGH - Volatility Comparison

iShares Interest Rate Hedged Long-Term Corporate Bond ETF (IGBH) has a higher volatility of 0.87% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.62%. This indicates that IGBH'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.

Volatility by Period

	IGBH	HYGH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	0.62%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	3.14%	2.84%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	3.66%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.13%	7.07%	-0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.21%	8.35%	+0.86%

IGBH vs. HYGH - Expense Ratio Comparison

IGBH has a 0.16% expense ratio, which is lower than HYGH's 0.53% expense ratio.

Dividends

IGBH vs. HYGH - Dividend Comparison

IGBH's dividend yield for the trailing twelve months is around 6.19%, less than HYGH's 7.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYGH iShares Interest Rate Hedged High Yield Bond ETF	7.21%	6.86%	7.85%	8.95%	6.21%	3.74%	4.06%	4.89%	6.45%	4.79%	4.60%	5.75%
IGBH iShares Interest Rate Hedged Long-Term Corporate Bond ETF	6.19%	6.23%	6.88%	7.32%	3.84%	2.71%	2.39%	3.40%	5.56%	2.87%	2.62%	1.12%

Frequently Asked Questions

Can I hold both IGBH and HYGH in my portfolio?

IGBH and HYGH have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGBH or HYGH?

IGBH has higher volatility (0.87%) compared to HYGH (0.62%). In terms of maximum drawdown, IGBH dropped -33.67% vs HYGH's -23.88%.

Which ETF is better, IGBH or HYGH?

On 10-year performance, HYGH leads with 6.37% vs 5.05% for IGBH. On fees, IGBH is cheaper at 0.16% per year. On volatility, HYGH has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGBH or HYGH?

Over the 10-year period, HYGH has performed better with a 6.37% return vs 5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGBH or HYGH?

IGBH is cheaper with a 0.16% expense ratio, compared with 0.53% for HYGH.

Which ETF pays a higher dividend yield, IGBH or HYGH?

HYGH has the higher dividend yield at 7.21%, compared with 6.19% for IGBH.

What is the main difference between IGBH and HYGH?

IGBH is categorized as Corporate Bonds, while HYGH is High Yield Bonds. Their fees differ too: 0.16% for IGBH and 0.53% for HYGH.

Which has better risk-adjusted returns?

IGBH currently has the higher Sharpe Ratio (2.38 vs 2.19), 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.