IHYG.L vs. ETSZ.DE
IHYG.L (iShares € High Yield Corp Bond UCITS ETF EUR (Dist)) and ETSZ.DE (BNP Paribas Easy STOXX Europe 600 UCITS ETF) are both exchange-traded funds - IHYG.L is a European High Yield Bonds fund tracking the Markit iBoxx Euro Liquid High Yield Index, while ETSZ.DE is a Europe Equities fund tracking the STOXX® Europe 600. Both are passively managed. Over the past 10 years, IHYG.L returned 3.09%/yr vs 9.16%/yr for ETSZ.DE. A 0.63 correlation means they provide meaningful diversification when combined. IHYG.L charges 0.50%/yr vs 0.20%/yr for ETSZ.DE.
Performance
IHYG.L vs. ETSZ.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IHYG.L achieves a 0.69% return, which is significantly lower than ETSZ.DE's 7.24% return. Over the past 10 years, IHYG.L has underperformed ETSZ.DE with an annualized return of 3.09%, while ETSZ.DE has yielded a comparatively higher 9.16% annualized return.
IHYG.L
- 1D
- 0.07%
- 1M
- 0.48%
- YTD
- 0.69%
- 6M
- 1.34%
- 1Y
- 3.29%
- 3Y*
- 6.31%
- 5Y*
- 2.68%
- 10Y*
- 3.09%
ETSZ.DE
- 1D
- 0.59%
- 1M
- 0.81%
- YTD
- 7.24%
- 6M
- 9.81%
- 1Y
- 15.98%
- 3Y*
- 13.72%
- 5Y*
- 9.62%
- 10Y*
- 9.16%
IHYG.L vs. ETSZ.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IHYG.L iShares € High Yield Corp Bond UCITS ETF EUR (Dist) | 0.69% | 5.32% | 5.71% | 11.34% | -9.47% | 3.04% | 1.14% | 9.71% | -3.57% | 4.81% |
ETSZ.DE BNP Paribas Easy STOXX Europe 600 UCITS ETF | 7.24% | 20.43% | 8.21% | 15.61% | -10.31% | 24.89% | -1.49% | 28.86% | -11.18% | 10.63% |
Correlation
The correlation between IHYG.L and ETSZ.DE 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 | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2013 | 0.63 |
The correlation between IHYG.L and ETSZ.DE has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.
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Return for Risk
IHYG.L vs. ETSZ.DE — Risk / Return Rank
IHYG.L
ETSZ.DE
IHYG.L vs. ETSZ.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) and BNP Paribas Easy STOXX Europe 600 UCITS ETF (ETSZ.DE). 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.
| IHYG.L | ETSZ.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.24 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 1.72 | -0.58 |
| Martin ratioReturn relative to average drawdown | 4.71 | 6.45 | -1.74 |
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
| IHYG.L | ETSZ.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 1.26 | -0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.66 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.59 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.52 | +0.11 |
Drawdowns
IHYG.L vs. ETSZ.DE - Drawdown Comparison
The maximum IHYG.L drawdown since its inception was -25.61%, smaller than the maximum ETSZ.DE drawdown of -35.51%. Use the drawdown chart below to compare losses from any high point for IHYG.L and ETSZ.DE.
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Drawdown Indicators
| IHYG.L | ETSZ.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.61% | -35.51% | +9.90% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -9.39% | +6.63% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -16.35% | +12.46% |
Max Drawdown (5Y)Largest decline over 5 years | -14.59% | -20.55% | +5.96% |
Max Drawdown (10Y)Largest decline over 10 years | -25.61% | -35.51% | +9.90% |
Current DrawdownCurrent decline from peak | -0.16% | -1.70% | +1.54% |
Average DrawdownAverage peak-to-trough decline | -2.05% | -5.41% | +3.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 2.51% | -1.84% |
Volatility
IHYG.L vs. ETSZ.DE - Volatility Comparison
The current volatility for iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) is 1.01%, while BNP Paribas Easy STOXX Europe 600 UCITS ETF (ETSZ.DE) has a volatility of 4.34%. This indicates that IHYG.L experiences smaller price fluctuations and is considered to be less risky than ETSZ.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IHYG.L | ETSZ.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 4.34% | -3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | 10.64% | -7.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.56% | 12.84% | -9.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.44% | 14.39% | -8.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.79% | 15.54% | -8.75% |
IHYG.L vs. ETSZ.DE - Expense Ratio Comparison
IHYG.L has a 0.50% expense ratio, which is higher than ETSZ.DE's 0.20% expense ratio.
Dividends
IHYG.L vs. ETSZ.DE - Dividend Comparison
IHYG.L's dividend yield for the trailing twelve months is around 5.17%, while ETSZ.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETSZ.DE BNP Paribas Easy STOXX Europe 600 UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IHYG.L iShares € High Yield Corp Bond UCITS ETF EUR (Dist) | 5.17% | 5.44% | 6.10% | 5.41% | 3.70% | 3.07% | 3.67% | 3.76% | 3.68% | 3.77% | 4.03% | 4.59% |
Frequently Asked Questions
IHYG.L and ETSZ.DE 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.
On fees, ETSZ.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETSZ.DE is cheaper with a 0.20% expense ratio, compared with 0.50% for IHYG.L.
IHYG.L is categorized as European High Yield Bonds, while ETSZ.DE is Europe Equities. IHYG.L tracks Markit iBoxx Euro Liquid High Yield Index, while ETSZ.DE tracks STOXX® Europe 600. They also come from different issuers: iShares and BNP Paribas. Their fees differ too: 0.50% for IHYG.L and 0.20% for ETSZ.DE.
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