IHHG.L vs. HYGU.L
IHHG.L (iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and HYGU.L (iShares € High Yield Corp Bond UCITS ETF) are both High Yield Bonds funds from iShares - IHHG.L tracks the iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) while HYGU.L tracks the iShares € High Yield Corp Bond UCITS ETF. Both are passively managed. Over the past 5 years, IHHG.L returned 3.13%/yr vs 4.95%/yr for HYGU.L. At a 0.10 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.
Performance
IHHG.L vs. HYGU.L - Performance Comparison
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Different Trading Currencies
IHHG.L is traded in GBP, while HYGU.L is traded in USD. To make them comparable, the HYGU.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IHHG.L achieves a 1.69% return, which is significantly lower than HYGU.L's 1.79% return.
IHHG.L
- 1D
- 0.10%
- 1M
- 0.10%
- 6M
- 1.46%
- YTD
- 1.69%
- 1Y
- 5.89%
- 3Y*
- 7.61%
- 5Y*
- 3.13%
- 10Y*
- —
HYGU.L
- 1D
- 0.00%
- 1M
- -0.61%
- 6M
- 1.58%
- YTD
- 1.79%
- 1Y
- 4.13%
- 3Y*
- 6.96%
- 5Y*
- 4.95%
- 10Y*
- —
IHHG.L vs. HYGU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IHHG.L iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 1.69% | 9.03% | 6.38% | 9.77% | -10.41% | 3.44% | 2.55% | 10.54% | -1.67% |
HYGU.L iShares € High Yield Corp Bond UCITS ETF | 1.79% | -0.40% | 9.16% | 7.87% | 3.91% | 4.70% | -0.84% | 8.53% | 8.87% |
Correlation
The correlation between IHHG.L and HYGU.L is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2018 | 0.10 |
The correlation between IHHG.L and HYGU.L shifts across timeframes, from -0.03 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IHHG.L vs. HYGU.L — Risk / Return Rank
IHHG.L
HYGU.L
IHHG.L vs. HYGU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (IHHG.L) and iShares € High Yield Corp Bond UCITS ETF (HYGU.L). 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.
| IHHG.L | HYGU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.12 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 1.02 | +1.38 |
| Martin ratioReturn relative to average drawdown | 10.74 | 2.54 | +8.20 |
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Drawdowns
IHHG.L vs. HYGU.L - Drawdown Comparison
The maximum IHHG.L drawdown since its inception was -23.51%, which is greater than HYGU.L's maximum drawdown of -19.14%. Use the drawdown chart below to compare losses from any high point for IHHG.L and HYGU.L.
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Drawdown Indicators
| IHHG.L | HYGU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.51% | -19.14% | -4.37% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -4.27% | +1.73% |
Max Drawdown (3Y)Largest decline over 3 years | -4.38% | -8.35% | +3.97% |
Max Drawdown (5Y)Largest decline over 5 years | -14.78% | -9.08% | -5.70% |
Current DrawdownCurrent decline from peak | 0.00% | -2.40% | +2.40% |
Average DrawdownAverage peak-to-trough decline | -2.98% | -3.90% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 1.72% | -1.15% |
Volatility
IHHG.L vs. HYGU.L - Volatility Comparison
The current volatility for iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (IHHG.L) is 0.72%, while iShares € High Yield Corp Bond UCITS ETF (HYGU.L) has a volatility of 1.71%. This indicates that IHHG.L experiences smaller price fluctuations and is considered to be less risky than HYGU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IHHG.L | HYGU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 1.71% | -0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 5.08% | -2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 6.76% | -3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.70% | 8.40% | -1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.01% | 9.42% | -1.41% |
IHHG.L vs. HYGU.L - Expense Ratio Comparison
Both IHHG.L and HYGU.L have an expense ratio of 0.55%.
Dividends
IHHG.L vs. HYGU.L - Dividend Comparison
IHHG.L's dividend yield for the trailing twelve months is around 6.15%, while HYGU.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HYGU.L iShares € High Yield Corp Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IHHG.L iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 6.15% | 6.06% | 6.23% | 5.55% | 5.21% | 4.25% | 4.89% | 5.47% | 3.58% |
Frequently Asked Questions
IHHG.L and HYGU.L have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IHHG.L and HYGU.L have the same expense ratio: 0.55% per year.
IHHG.L tracks iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist), while HYGU.L tracks iShares € High Yield Corp Bond UCITS ETF.
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