IJT vs. HYG

Last updated Jun 3, 2026

IJT (iShares S&P SmallCap 600 Growth ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - IJT is a Small Cap Growth Equities fund tracking the S&P SmallCap 600 Growth Index, while HYG is a High Yield Bonds fund tracking the iBoxx $ Liquid High Yield Index. Both are passively managed. Over the past 10 years, IJT returned 10.80%/yr vs 4.97%/yr for HYG. A 0.60 correlation means they provide meaningful diversification when combined. IJT charges 0.18%/yr vs 0.49%/yr for HYG.

Performance

IJT vs. HYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P SmallCap 600 Growth ETF (IJT) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IJT achieves a 16.04% return, which is significantly higher than HYG's 1.60% return. Over the past 10 years, IJT has outperformed HYG with an annualized return of 10.80%, while HYG has yielded a comparatively lower 4.97% annualized return.

IJT

• 1D: 0.68%
• 1M: 0.94%
• YTD: 16.04%
• 6M: 15.93%
• 1Y: 28.51%
• 3Y*: 14.61%
• 5Y*: 5.70%
• 10Y*: 10.80%

HYG

• 1D: 0.08%
• 1M: 0.31%
• YTD: 1.60%
• 6M: 2.09%
• 1Y: 7.00%
• 3Y*: 8.58%
• 5Y*: 3.87%
• 10Y*: 4.97%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IJT vs. HYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IJT iShares S&P SmallCap 600 Growth ETF	16.04%	5.26%	9.33%	17.11%	-21.32%	22.37%	19.22%	20.98%	-4.40%	14.47%
HYG iShares iBoxx $ High Yield Corporate Bond ETF	1.60%	8.59%	7.97%	11.54%	-10.98%	3.76%	4.47%	14.09%	-2.02%	6.07%

Correlation

The correlation between IJT and HYG is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Apr 12, 2007	0.60

The correlation between IJT and HYG has been stable across timeframes, ranging from 0.60 to 0.70 - a consistent structural relationship.

IJT vs. HYG - Sectors Allocation Comparison

Sectors	IJT	HYG
Technology	20.1%	-
Industrials	20.0%	-
Healthcare	14.5%	-
Financial Services	13.6%	-
Consumer Cyclical	9.8%	-
Real Estate	6.3%	0.4%
Energy	4.9%	-
Basic Materials	2.8%	-
Consumer Defensive	2.8%	-
Communication Services	2.7%	-
Utilities	1.9%	99.6%

Return for Risk

IJT vs. HYG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IJT

IJT Risk / Return Rank: 53
IJT Sharpe Ratio Rank: 46
IJT Sortino Ratio Rank: 49
IJT Omega Ratio Rank: 44
IJT Calmar Ratio Rank: 63
IJT Martin Ratio Rank: 61

HYG

HYG Risk / Return Rank: 60
HYG Sharpe Ratio Rank: 53
HYG Sortino Ratio Rank: 59
HYG Omega Ratio Rank: 58
HYG Calmar Ratio Rank: 59
HYG Martin Ratio Rank: 70

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.

IJT vs. HYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P SmallCap 600 Growth ETF (IJT) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.

	IJT	HYG	Difference
Sharpe ratio Return per unit of total volatility	1.63	1.85	-0.22
Sortino ratio Return per unit of downside risk	2.40	2.80	-0.40
Omega ratio Gain probability vs. loss probability	1.29	1.36	-0.07
Calmar ratio Return relative to maximum drawdown	3.15	2.99	+0.17
Martin ratio Return relative to average drawdown	10.95	13.22	-2.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IJT vs. HYG - Sharpe Ratio Comparison

The current IJT Sharpe Ratio is 1.63, which is comparable to the HYG Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of IJT and HYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IJT	HYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	1.85	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.52	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.60	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.46	-0.06

Drawdowns

IJT vs. HYG - Drawdown Comparison

The maximum IJT drawdown since its inception was -57.61%, which is greater than HYG's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for IJT and HYG.

Drawdown Indicators

	IJT	HYG	Difference
Max Drawdown Largest peak-to-trough decline	-57.61%	-34.25%	-23.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.08%	-2.34%	-6.74%
Max Drawdown (3Y) Largest decline over 3 years	-27.41%	-4.56%	-22.85%
Max Drawdown (5Y) Largest decline over 5 years	-29.24%	-15.79%	-13.45%
Max Drawdown (10Y) Largest decline over 10 years	-42.03%	-22.03%	-20.00%
Current Drawdown Current decline from peak	-0.90%	-0.00%	-0.90%
Average Drawdown Average peak-to-trough decline	-10.31%	-3.24%	-7.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	0.53%	+2.08%

Volatility

IJT vs. HYG - Volatility Comparison

iShares S&P SmallCap 600 Growth ETF (IJT) has a higher volatility of 4.61% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.22%. This indicates that IJT's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IJT	HYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	1.22%	+3.39%
Volatility (6M) Calculated over the trailing 6-month period	12.49%	3.00%	+9.49%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	3.79%	+13.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.50%	7.52%	+13.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.03%	8.29%	+14.74%

IJT vs. HYG - Expense Ratio Comparison

IJT has a 0.18% expense ratio, which is lower than HYG's 0.49% expense ratio.

Dividends

IJT vs. HYG - Dividend Comparison

IJT's dividend yield for the trailing twelve months is around 0.76%, less than HYG's 5.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYG iShares iBoxx $ High Yield Corporate Bond ETF	5.90%	5.71%	6.01%	5.74%	5.30%	4.02%	4.88%	4.99%	5.54%	5.12%	5.27%	5.90%
IJT iShares S&P SmallCap 600 Growth ETF	0.76%	0.91%	1.06%	1.02%	1.08%	0.63%	0.68%	0.92%	0.92%	0.86%	1.03%	1.14%

Frequently Asked Questions

Can I hold both IJT and HYG in my portfolio?

IJT and HYG have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IJT or HYG?

IJT has higher volatility (4.61%) compared to HYG (1.22%). In terms of maximum drawdown, IJT dropped -57.61% vs HYG's -34.25%.

Which ETF is better, IJT or HYG?

On 10-year performance, IJT leads with 10.80% vs 4.97% for HYG. On fees, IJT is cheaper at 0.18% per year. On volatility, HYG has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IJT or HYG?

Over the 10-year period, IJT has performed better with a 10.80% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IJT or HYG?

IJT is cheaper with a 0.18% expense ratio, compared with 0.49% for HYG.

Which ETF pays a higher dividend yield, IJT or HYG?

HYG has the higher dividend yield at 5.90%, compared with 0.76% for IJT.

What is the main difference between IJT and HYG?

IJT is categorized as Small Cap Growth Equities, while HYG is High Yield Bonds. IJT tracks S&P SmallCap 600 Growth Index, while HYG tracks iBoxx $ Liquid High Yield Index. Their fees differ too: 0.18% for IJT and 0.49% for HYG.

Which has better risk-adjusted returns?

HYG currently has the higher Sharpe Ratio (1.85 vs 1.63), 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.