IHYG.L vs. SPICHA.SW
IHYG.L (iShares € High Yield Corp Bond UCITS ETF EUR (Dist)) and SPICHA.SW (UBS ETF (CH) – SPI® (CHF) A-dis) are both exchange-traded funds - IHYG.L is a European High Yield Bonds fund tracking the Markit iBoxx Euro Liquid High Yield Index, while SPICHA.SW is a Europe Equities fund tracking the SPI® Index. Both are passively managed. Over the past 10 years, IHYG.L returned 3.09%/yr vs 9.70%/yr for SPICHA.SW. At a 0.43 correlation, their price movements are largely independent. IHYG.L charges 0.50%/yr vs 0.10%/yr for SPICHA.SW.
Performance
IHYG.L vs. SPICHA.SW - Performance Comparison
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Different Trading Currencies
IHYG.L is traded in EUR, while SPICHA.SW is traded in CHF. To make them comparable, the SPICHA.SW values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, IHYG.L achieves a 0.69% return, which is significantly lower than SPICHA.SW's 4.76% return. Over the past 10 years, IHYG.L has underperformed SPICHA.SW with an annualized return of 3.09%, while SPICHA.SW has yielded a comparatively higher 9.70% 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%
SPICHA.SW
- 1D
- 1.05%
- 1M
- 0.22%
- YTD
- 4.76%
- 6M
- 8.08%
- 1Y
- 13.54%
- 3Y*
- 9.74%
- 5Y*
- 8.43%
- 10Y*
- 9.70%
IHYG.L vs. SPICHA.SW - 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% |
SPICHA.SW UBS ETF (CH) – SPI® (CHF) A-dis | 4.76% | 19.01% | 4.69% | 12.74% | -12.90% | 29.18% | 3.98% | 34.89% | -4.87% | 9.52% |
Correlation
The correlation between IHYG.L and SPICHA.SW is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2011 | 0.43 |
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Return for Risk
IHYG.L vs. SPICHA.SW — Risk / Return Rank
IHYG.L
SPICHA.SW
IHYG.L vs. SPICHA.SW - 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 UBS ETF (CH) – SPI® (CHF) A-dis (SPICHA.SW). 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 | SPICHA.SW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.20 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 1.21 | -0.08 |
| Martin ratioReturn relative to average drawdown | 4.71 | 4.07 | +0.65 |
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 | SPICHA.SW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 1.09 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.62 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.69 | -0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.65 | -0.02 |
Drawdowns
IHYG.L vs. SPICHA.SW - Drawdown Comparison
The maximum IHYG.L drawdown since its inception was -25.61%, roughly equal to the maximum SPICHA.SW drawdown of -26.51%. Use the drawdown chart below to compare losses from any high point for IHYG.L and SPICHA.SW.
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Drawdown Indicators
| IHYG.L | SPICHA.SW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.61% | -26.51% | +0.90% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -11.11% | +8.35% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -15.90% | +12.01% |
Max Drawdown (5Y)Largest decline over 5 years | -14.59% | -17.58% | +2.99% |
Max Drawdown (10Y)Largest decline over 10 years | -25.61% | -26.51% | +0.90% |
Current DrawdownCurrent decline from peak | -0.16% | -3.00% | +2.84% |
Average DrawdownAverage peak-to-trough decline | -2.05% | -4.99% | +2.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 3.29% | -2.62% |
Volatility
IHYG.L vs. SPICHA.SW - Volatility Comparison
The current volatility for iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) is 1.01%, while UBS ETF (CH) – SPI® (CHF) A-dis (SPICHA.SW) has a volatility of 3.72%. This indicates that IHYG.L experiences smaller price fluctuations and is considered to be less risky than SPICHA.SW 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 | SPICHA.SW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 3.72% | -2.71% |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | 9.84% | -6.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.56% | 12.35% | -8.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.44% | 13.71% | -8.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.79% | 14.14% | -7.35% |
IHYG.L vs. SPICHA.SW - Expense Ratio Comparison
IHYG.L has a 0.50% expense ratio, which is higher than SPICHA.SW's 0.10% expense ratio.
Dividends
IHYG.L vs. SPICHA.SW - Dividend Comparison
IHYG.L's dividend yield for the trailing twelve months is around 5.17%, more than SPICHA.SW's 2.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPICHA.SW UBS ETF (CH) – SPI® (CHF) A-dis | 2.20% | 2.64% | 2.96% | 2.94% | 2.83% | 2.26% | 2.55% | 2.60% | 3.21% | 2.62% | 3.04% | 2.87% |
Frequently Asked Questions
IHYG.L and SPICHA.SW have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPICHA.SW is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPICHA.SW is cheaper with a 0.10% expense ratio, compared with 0.50% for IHYG.L.
IHYG.L is categorized as European High Yield Bonds, while SPICHA.SW is Europe Equities. IHYG.L tracks Markit iBoxx Euro Liquid High Yield Index, while SPICHA.SW tracks SPI® Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.50% for IHYG.L and 0.10% for SPICHA.SW.
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