IGCB vs. HYBX

Last updated Jun 24, 2026

IGCB (TCW Corporate Bond ETF) and HYBX (TCW High Yield Bond ETF) are both exchange-traded funds - IGCB is a Corporate Bonds fund tracking the Actively Managed, while HYBX is a High Yield Bonds fund actively managed by TCW. IGCB is passively managed, while HYBX is actively managed. Over the past year, IGCB returned 4.47% vs 5.19% for HYBX. At a 0.23 correlation, their price movements are largely independent. IGCB charges 0.35%/yr vs 0.50%/yr for HYBX.

Performance

IGCB vs. HYBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Corporate Bond ETF (IGCB) and TCW High Yield Bond ETF (HYBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IGCB achieves a 0.26% return, which is significantly lower than HYBX's 2.52% return.

IGCB

• 1D: 0.10%
• 1M: 0.69%
• YTD: 0.26%
• 6M: 0.52%
• 1Y: 4.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYBX

• 1D: 0.03%
• 1M: 0.15%
• YTD: 2.52%
• 6M: 1.94%
• 1Y: 5.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IGCB vs. HYBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IGCB TCW Corporate Bond ETF	0.26%	8.42%	-0.26%
HYBX TCW High Yield Bond ETF	2.52%	6.26%	-0.04%

Correlation

The correlation between IGCB and HYBX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.23

Return for Risk

IGCB vs. HYBX — Risk / Return Rank

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

IGCB

IGCB Risk / Return Rank: 34
IGCB Sharpe Ratio Rank: 35
IGCB Sortino Ratio Rank: 34
IGCB Omega Ratio Rank: 33
IGCB Calmar Ratio Rank: 33
IGCB Martin Ratio Rank: 33

HYBX

HYBX Risk / Return Rank: 35
HYBX Sharpe Ratio Rank: 23
HYBX Sortino Ratio Rank: 24
HYBX Omega Ratio Rank: 23
HYBX Calmar Ratio Rank: 54
HYBX Martin Ratio Rank: 50

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.

IGCB vs. HYBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Corporate Bond ETF (IGCB) and TCW High Yield Bond ETF (HYBX). 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.

	IGCB	HYBX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	0.79	+0.38
Sortino ratio: Return per unit of downside risk	1.67	1.25	+0.41
Omega ratio: Gain probability vs. loss probability	1.21	1.15	+0.06
Calmar ratio: Return relative to maximum drawdown	1.54	2.42	-0.88
Martin ratio: Return relative to average drawdown	4.55	7.77	-3.22

IGCB vs. HYBX - Sharpe Ratio Comparison

The current IGCB Sharpe Ratio is 1.17, which is higher than the HYBX Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of IGCB and HYBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IGCB vs. HYBX - Drawdown Comparison

The maximum IGCB drawdown since its inception was -4.20%, which is greater than HYBX's maximum drawdown of -3.93%. Use the drawdown chart below to compare losses from any high point for IGCB and HYBX.

Drawdown Indicators

	IGCB	HYBX	Difference
Max Drawdown Largest peak-to-trough decline	-4.20%	-3.93%	-0.27%
Max Drawdown (1Y) Largest decline over 1 year	-2.91%	-2.15%	-0.76%
Current Drawdown Current decline from peak	-1.13%	-0.59%	-0.54%
Average Drawdown Average peak-to-trough decline	-0.93%	-0.56%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.67%	+0.31%

Volatility

IGCB vs. HYBX - Volatility Comparison

TCW Corporate Bond ETF (IGCB) and TCW High Yield Bond ETF (HYBX) have volatilities of 1.07% and 1.08%, 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.

Volatility by Period

	IGCB	HYBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	1.08%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	4.94%	-2.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.86%	6.62%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.79%	7.57%	-2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.79%	7.57%	-2.78%

IGCB vs. HYBX - Expense Ratio Comparison

IGCB has a 0.35% expense ratio, which is lower than HYBX's 0.50% expense ratio.

Dividends

IGCB vs. HYBX - Dividend Comparison

IGCB's dividend yield for the trailing twelve months is around 4.74%, less than HYBX's 7.71% yield.

Position	TTM	2025	2024
HYBX TCW High Yield Bond ETF	7.71%	7.82%	1.08%
IGCB TCW Corporate Bond ETF	4.74%	4.52%	0.66%

Frequently Asked Questions

Can I hold both IGCB and HYBX in my portfolio?

IGCB and HYBX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGCB or HYBX?

HYBX has higher volatility (1.08%) compared to IGCB (1.07%). In terms of maximum drawdown, IGCB dropped -4.20% vs HYBX's -3.93%.

Which ETF is better, IGCB or HYBX?

On 1-year performance, HYBX leads with 5.19% vs 4.47% for IGCB. On fees, IGCB is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGCB or HYBX?

Over the 1-year period, HYBX has performed better with a 5.19% return vs 4.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGCB or HYBX?

IGCB is cheaper with a 0.35% expense ratio, compared with 0.50% for HYBX.

Which ETF pays a higher dividend yield, IGCB or HYBX?

HYBX has the higher dividend yield at 7.71%, compared with 4.74% for IGCB.

What is the main difference between IGCB and HYBX?

IGCB is categorized as Corporate Bonds, while HYBX is High Yield Bonds. Their fees differ too: 0.35% for IGCB and 0.50% for HYBX.

Which has better risk-adjusted returns?

IGCB currently has the higher Sharpe Ratio (1.17 vs 0.79), 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.