IHY vs. USHY
IHY (VanEck Vectors International High Yield Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - IHY tracks the Bank of America Merrill Lynch Global Ex-‐US Issuers High Yield Constrained Index while USHY tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, IHY returned 1.76%/yr vs 4.29%/yr for USHY. A 0.59 correlation means they provide meaningful diversification when combined. IHY charges 0.40%/yr vs 0.15%/yr for USHY.
Performance
IHY vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, IHY achieves a 1.35% return, which is significantly lower than USHY's 1.64% return.
IHY
- 1D
- 0.19%
- 1M
- 0.40%
- YTD
- 1.35%
- 6M
- 2.41%
- 1Y
- 6.67%
- 3Y*
- 9.16%
- 5Y*
- 1.76%
- 10Y*
- 4.06%
USHY
- 1D
- 0.22%
- 1M
- 0.46%
- YTD
- 1.64%
- 6M
- 1.98%
- 1Y
- 6.99%
- 3Y*
- 9.01%
- 5Y*
- 4.29%
- 10Y*
- —
IHY vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IHY VanEck Vectors International High Yield Bond ETF | 1.35% | 13.39% | 3.55% | 12.11% | -14.34% | -2.82% | 8.65% | 12.77% | -4.52% | 0.96% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.64% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between IHY and USHY is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.59 |
The correlation between IHY and USHY has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.
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Return for Risk
IHY vs. USHY — Risk / Return Rank
IHY
USHY
IHY vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors International High Yield Bond ETF (IHY) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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.
| IHY | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.37 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | 2.89 | -1.48 |
| Martin ratioReturn relative to average drawdown | 5.07 | 12.99 | -7.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IHY | USHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 1.93 | -0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 0.59 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.58 | -0.04 |
Drawdowns
IHY vs. USHY - Drawdown Comparison
The maximum IHY drawdown since its inception was -27.63%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for IHY and USHY.
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Drawdown Indicators
| IHY | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.63% | -22.44% | -5.19% |
Max Drawdown (1Y)Largest decline over 1 year | -4.75% | -2.43% | -2.32% |
Max Drawdown (3Y)Largest decline over 3 years | -4.75% | -4.66% | -0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -15.56% | -12.07% |
Max Drawdown (10Y)Largest decline over 10 years | -27.63% | — | — |
Current DrawdownCurrent decline from peak | -0.72% | -0.06% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -5.28% | -2.66% | -2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.32% | 0.54% | +0.78% |
Volatility
IHY vs. USHY - Volatility Comparison
VanEck Vectors International High Yield Bond ETF (IHY) has a higher volatility of 1.32% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 1.14%. This indicates that IHY's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IHY | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 1.14% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 3.93% | 2.92% | +1.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.39% | 3.65% | +1.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.73% | 7.34% | +0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.72% | 8.25% | -0.53% |
IHY vs. USHY - Expense Ratio Comparison
IHY has a 0.40% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
IHY vs. USHY - Dividend Comparison
IHY's dividend yield for the trailing twelve months is around 5.67%, less than USHY's 6.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IHY VanEck Vectors International High Yield Bond ETF | 5.67% | 5.31% | 5.60% | 5.26% | 4.97% | 4.55% | 4.65% | 4.86% | 4.70% | 4.36% | 5.11% | 5.79% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.91% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
IHY and USHY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IHY has higher volatility (1.32%) compared to USHY (1.14%). In terms of maximum drawdown, IHY dropped -27.63% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.29% vs 1.76% for IHY. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USHY has performed better with a 4.29% return vs 1.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.40% for IHY.
USHY has the higher dividend yield at 6.91%, compared with 5.67% for IHY.
IHY tracks Bank of America Merrill Lynch Global Ex-‐US Issuers High Yield Constrained Index, while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.40% for IHY and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.93 vs 1.24), 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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