IHYG.L vs. USD=X
IHYG.L (iShares € High Yield Corp Bond UCITS ETF EUR (Dist)) is European High Yield Bonds fund tracking the Markit iBoxx Euro Liquid High Yield Index, while USD=X (USD Cash) is a currency. Over the past 10 years, IHYG.L returned 2.98%/yr vs -0.38%/yr for USD=X. At a correlation of -0.08, they often move in opposite directions.
Performance
IHYG.L vs. USD=X - Performance Comparison
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Different Trading Currencies
IHYG.L is traded in EUR, while USD=X is traded in USD. To make them comparable, the USD=X 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 1.08% return, which is significantly lower than USD=X's 2.97% return. Over the past 10 years, IHYG.L has outperformed USD=X with an annualized return of 2.98%, while USD=X has yielded a comparatively lower -0.38% annualized return.
IHYG.L
- 1D
- 0.12%
- 1M
- -0.07%
- 6M
- 1.38%
- YTD
- 1.08%
- 1Y
- 3.12%
- 3Y*
- 6.24%
- 5Y*
- 2.72%
- 10Y*
- 2.98%
- ALL TIME*
- 4.10%
USD=X
- 1D
- 0.00%
- 1M
- 0.46%
- 6M
- 2.78%
- YTD
- 2.97%
- 1Y
- 2.50%
- 3Y*
- -0.83%
- 5Y*
- 0.63%
- 10Y*
- -0.38%
- ALL TIME*
- 1.17%
IHYG.L vs. USD=X - 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) | 1.08% | 5.32% | 5.71% | 11.34% | -9.47% | 3.04% | 1.14% | 9.70% | -3.57% | 4.81% |
USD=X USD Cash | 2.97% | -11.87% | 6.60% | -3.00% | 6.20% | 7.48% | -8.24% | 2.26% | 4.69% | -12.29% |
Correlation
The correlation between IHYG.L and USD=X is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2010 | -0.08 |
The correlation between IHYG.L and USD=X shifts across timeframes, from -0.22 (5 years) to -0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IHYG.L vs. USD=X — Risk / Return Rank
IHYG.L
USD=X
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IHYG.L vs. USD=X - 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 USD Cash (USD=X). 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.
| IHYG.L | USD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.08 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 0.57 | +0.56 |
| Martin ratioReturn relative to average drawdown | 4.67 | 1.30 | +3.37 |
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Drawdowns
IHYG.L vs. USD=X - Drawdown Comparison
The maximum IHYG.L drawdown since its inception was -25.61%, which is greater than USD=X's maximum drawdown of -20.32%. Use the drawdown chart below to compare losses from any high point for IHYG.L and USD=X.
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Drawdown Indicators
| IHYG.L | USD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.61% | -20.32% | -5.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -5.33% | +2.57% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -15.23% | +11.34% |
Max Drawdown (5Y)Largest decline over 5 years | -14.59% | -20.32% | +5.73% |
Max Drawdown (10Y)Largest decline over 10 years | -25.61% | -20.32% | -5.29% |
Current DrawdownCurrent decline from peak | -0.44% | -15.88% | +15.44% |
Average DrawdownAverage peak-to-trough decline | -2.03% | -9.38% | +7.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 1.77% | -1.10% |
Volatility
IHYG.L vs. USD=X - Volatility Comparison
The current volatility for iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) is 0.60%, while USD Cash (USD=X) has a volatility of 1.08%. This indicates that IHYG.L experiences smaller price fluctuations and is considered to be less risky than USD=X 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 | USD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.60% | 1.08% | -0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 3.04% | 4.62% | -1.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.54% | 5.30% | -1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.44% | 6.42% | -0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.75% | 6.14% | +0.61% |
Frequently Asked Questions
IHYG.L and USD=X have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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