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IHYG.L vs. USD=X
Performance
Return for Risk
Drawdowns
Volatility

IHYG.L vs. USD=X

Last updated Jun 9, 2026

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 3.09%/yr vs -0.25%/yr for USD=X. At a correlation of -0.08, they often move in opposite directions.

Performance

IHYG.L vs. USD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) and USD Cash (USD=X). The values are adjusted to include any dividend payments, if applicable.

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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 0.54% return, which is significantly lower than USD=X's 1.84% return. Over the past 10 years, IHYG.L has outperformed USD=X with an annualized return of 3.09%, while USD=X has yielded a comparatively lower -0.25% annualized return.

IHYG.L

1D
-0.07%
1M
0.31%
YTD
0.54%
6M
1.38%
1Y
2.99%
3Y*
6.08%
5Y*
2.59%
10Y*
3.09%

USD=X

1D
0.00%
1M
2.18%
YTD
1.84%
6M
0.90%
1Y
-1.05%
3Y*
-2.31%
5Y*
1.09%
10Y*
-0.25%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IHYG.L vs. USD=X - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IHYG.L
iShares € High Yield Corp Bond UCITS ETF EUR (Dist)		0.54%5.32%5.71%11.34%-9.47%3.04%1.14%9.70%-3.57%4.81%
USD=X
USD Cash		1.84%-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

-0.14

Correlation (All Time)
Calculated using the full available price history since Sep 4, 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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iShares € High Yield Corp Bond UCITS ETF EUR (Dist)

USD Cash

Often compared with IHYG.L:
IHYG.L vs. IEAC.ASIHYG.L vs. XHYA.DEIHYG.L vs. XAT1.DEIHYG.L vs. GLDIHYG.L vs. SDHA.LIHYG.L vs. YIEL.LIHYG.L vs. XHYG.L
Often compared with USD=X:
USD=X vs. UUPUSD=X vs. EUR=XUSD=X vs. XRP-USDUSD=X vs. BTC-USDUSD=X vs. QQQUSD=X vs. TSLAUSD=X vs. USDX

Return for Risk

IHYG.L vs. USD=X — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IHYG.L
IHYG.L Risk / Return Rank: 2828
Overall Rank
IHYG.L Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
IHYG.L Sortino Ratio Rank: 2828
Sortino Ratio Rank
IHYG.L Omega Ratio Rank: 2626
Omega Ratio Rank
IHYG.L Calmar Ratio Rank: 2525
Calmar Ratio Rank
IHYG.L Martin Ratio Rank: 3333
Martin Ratio Rank
USD=X
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

IHYG.LUSD=XDifference
Sharpe ratioReturn per unit of total volatility
0.84
-0.15

+0.98

Sortino ratioReturn per unit of downside risk
1.36
-0.16

+1.52

Omega ratioGain probability vs. loss probability

1.16

0.98

+0.18

Calmar ratioReturn relative to maximum drawdown

1.08

-0.18

+1.26

Martin ratioReturn relative to average drawdown

4.47

-0.39

+4.87

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHYG.L vs. USD=X - Sharpe Ratio Comparison

The current IHYG.L Sharpe Ratio is 0.84, which is higher than the USD=X Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of IHYG.L and USD=X, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IHYG.LUSD=XDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.84

-0.15

+0.98

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.48

0.14

+0.34

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

-0.03

+0.49

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.10

+0.54

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.LUSD=XDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-0.32%

-16.81%

+16.49%

Average Drawdown

Average peak-to-trough decline

-2.04%

-9.48%

+7.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.67%

1.89%

-1.22%

Volatility

IHYG.L vs. USD=X - Volatility Comparison

The current volatility for iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) is 0.94%, while USD Cash (USD=X) has a volatility of 1.33%. 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.LUSD=XDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.94%

1.33%

-0.39%

Volatility (6M)

Calculated over the trailing 6-month period

3.07%

4.59%

-1.52%

Volatility (1Y)

Calculated over the trailing 1-year period

3.56%

5.45%

-1.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.44%

6.44%

-1.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.79%

6.20%

+0.59%

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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