IGBH vs. HYS
IGBH (iShares Interest Rate Hedged Long-Term Corporate Bond ETF) and HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) are both exchange-traded funds - IGBH is a Corporate Bonds fund tracking the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index, while HYS is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained (0-5 Y). Both are passively managed. Over the past 10 years, IGBH returned 5.03%/yr vs 5.54%/yr for HYS. At a 0.41 correlation, their price movements are largely independent. IGBH charges 0.16%/yr vs 0.56%/yr for HYS.
Performance
IGBH vs. HYS - Performance Comparison
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Returns By Period
In the year-to-date period, IGBH achieves a 2.13% return, which is significantly higher than HYS's 1.54% return. Over the past 10 years, IGBH has underperformed HYS with an annualized return of 5.03%, while HYS has yielded a comparatively higher 5.54% annualized return.
IGBH
- 1D
- -0.06%
- 1M
- -0.07%
- YTD
- 2.13%
- 6M
- 2.01%
- 1Y
- 9.10%
- 3Y*
- 8.54%
- 5Y*
- 5.24%
- 10Y*
- 5.03%
HYS
- 1D
- 0.03%
- 1M
- 0.25%
- YTD
- 1.54%
- 6M
- 1.56%
- 1Y
- 6.27%
- 3Y*
- 8.66%
- 5Y*
- 5.00%
- 10Y*
- 5.54%
IGBH vs. HYS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGBH iShares Interest Rate Hedged Long-Term Corporate Bond ETF | 2.13% | 7.90% | 7.80% | 12.12% | -2.82% | 2.20% | 1.09% | 9.62% | -4.54% | 9.36% |
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 1.54% | 8.80% | 8.42% | 11.38% | -5.42% | 4.77% | 3.27% | 10.22% | -1.05% | 5.75% |
Correlation
The correlation between IGBH and HYS is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2015 | 0.41 |
Over the past year, IGBH and HYS have become more correlated (0.61) than their long-term average of 0.41, meaning their price movements have been converging.
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Return for Risk
IGBH vs. HYS — Risk / Return Rank
IGBH
HYS
IGBH vs. HYS - 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 PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). 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.
| IGBH | HYS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.34 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 3.34 | -1.19 |
| Martin ratioReturn relative to average drawdown | 7.91 | 13.57 | -5.65 |
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Drawdowns
IGBH vs. HYS - Drawdown Comparison
The maximum IGBH drawdown since its inception was -33.67%, which is greater than HYS's maximum drawdown of -20.91%. Use the drawdown chart below to compare losses from any high point for IGBH and HYS.
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Drawdown Indicators
| IGBH | HYS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.67% | -20.91% | -12.76% |
Max Drawdown (1Y)Largest decline over 1 year | -4.24% | -1.88% | -2.36% |
Max Drawdown (3Y)Largest decline over 3 years | -6.93% | -4.98% | -1.95% |
Max Drawdown (5Y)Largest decline over 5 years | -10.48% | -10.61% | +0.13% |
Max Drawdown (10Y)Largest decline over 10 years | -33.67% | -20.91% | -12.76% |
Current DrawdownCurrent decline from peak | -0.55% | -0.16% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -2.65% | -1.53% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 0.46% | +0.69% |
Volatility
IGBH vs. HYS - Volatility Comparison
iShares Interest Rate Hedged Long-Term Corporate Bond ETF (IGBH) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) have volatilities of 0.71% and 0.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGBH | HYS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.71% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 3.15% | 2.75% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.03% | 3.47% | +0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.05% | 6.27% | -0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.20% | 6.83% | +2.37% |
IGBH vs. HYS - Expense Ratio Comparison
IGBH has a 0.16% expense ratio, which is lower than HYS's 0.56% expense ratio.
Dividends
IGBH vs. HYS - Dividend Comparison
IGBH's dividend yield for the trailing twelve months is around 5.67%, less than HYS's 7.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 7.34% | 7.20% | 7.43% | 6.44% | 5.01% | 3.74% | 4.52% | 4.98% | 4.64% | 5.01% | 5.13% | 5.22% |
IGBH iShares Interest Rate Hedged Long-Term Corporate Bond ETF | 5.67% | 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
IGBH and HYS have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYS has higher volatility (0.71%) compared to IGBH (0.71%). In terms of maximum drawdown, IGBH dropped -33.67% vs HYS's -20.91%.
On 10-year performance, HYS leads with 5.54% vs 5.03% for IGBH. On fees, IGBH is cheaper at 0.16% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYS has performed better with a 5.54% return vs 5.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGBH is cheaper with a 0.16% expense ratio, compared with 0.56% for HYS.
HYS has the higher dividend yield at 7.34%, compared with 5.67% for IGBH.
IGBH is categorized as Corporate Bonds, while HYS is High Yield Bonds. IGBH tracks BlackRock Interest Rate Hedged Long-Term Corporate Bond Index, while HYS tracks ICE BofA US High Yield Constrained (0-5 Y). They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.16% for IGBH and 0.56% for HYS.
IGBH currently has the higher Sharpe Ratio (2.28 vs 1.82), 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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