INVG vs. HYGH
INVG (GMO Systematic Investment Grade Credit ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both exchange-traded funds - INVG is a Corporate Bonds fund actively managed by GMO, while HYGH is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Interest Hedged Index. INVG is actively managed, while HYGH is passively managed. Over the past year, INVG returned 5.23% vs 7.74% for HYGH. At a 0.22 correlation, their price movements are largely independent. INVG charges 0.25%/yr vs 0.52%/yr for HYGH.
Performance
INVG vs. HYGH - Performance Comparison
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Returns By Period
In the year-to-date period, INVG achieves a 0.96% return, which is significantly lower than HYGH's 3.33% return.
INVG
- 1D
- 0.16%
- 1M
- 0.87%
- YTD
- 0.96%
- 6M
- 1.01%
- 1Y
- 5.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYGH
- 1D
- -0.03%
- 1M
- 0.56%
- YTD
- 3.33%
- 6M
- 3.56%
- 1Y
- 7.74%
- 3Y*
- 9.87%
- 5Y*
- 6.91%
- 10Y*
- 6.48%
INVG vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
INVG GMO Systematic Investment Grade Credit ETF | 0.96% | 5.03% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.33% | 4.63% |
Correlation
The correlation between INVG and HYGH is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025 | 0.22 |
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Return for Risk
INVG vs. HYGH — Risk / Return Rank
INVG
HYGH
INVG vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GMO Systematic Investment Grade Credit ETF (INVG) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.
| INVG | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.40 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 4.80 | -3.13 |
| Martin ratioReturn relative to average drawdown | 5.31 | 18.77 | -13.46 |
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Drawdowns
INVG vs. HYGH - Drawdown Comparison
The maximum INVG drawdown since its inception was -3.15%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for INVG and HYGH.
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Drawdown Indicators
| INVG | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.15% | -23.88% | +20.73% |
Max Drawdown (1Y)Largest decline over 1 year | -3.15% | -1.62% | -1.53% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.88% | — |
Current DrawdownCurrent decline from peak | -0.61% | -0.08% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -0.71% | -2.22% | +1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 0.41% | +0.58% |
Volatility
INVG vs. HYGH - Volatility Comparison
GMO Systematic Investment Grade Credit ETF (INVG) has a higher volatility of 1.26% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.63%. This indicates that INVG's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INVG | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 0.63% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 3.41% | 2.81% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 3.64% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.45% | 7.08% | -2.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.45% | 8.30% | -3.85% |
INVG vs. HYGH - Expense Ratio Comparison
INVG has a 0.25% expense ratio, which is lower than HYGH's 0.52% expense ratio.
Dividends
INVG vs. HYGH - Dividend Comparison
INVG's dividend yield for the trailing twelve months is around 4.66%, less than HYGH's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
INVG GMO Systematic Investment Grade Credit ETF | 4.66% | 2.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
INVG and HYGH have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INVG has higher volatility (1.26%) compared to HYGH (0.63%). In terms of maximum drawdown, INVG dropped -3.15% vs HYGH's -23.88%.
On 1-year performance, HYGH leads with 7.74% vs 5.23% for INVG. On fees, INVG is cheaper at 0.25% per year. On volatility, HYGH has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HYGH has performed better with a 7.74% return vs 5.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INVG is cheaper with a 0.25% expense ratio, compared with 0.52% for HYGH.
HYGH has the higher dividend yield at 6.60%, compared with 4.66% for INVG.
INVG is categorized as Corporate Bonds, while HYGH is High Yield Bonds. They also come from different issuers: GMO and iShares. Their fees differ too: 0.25% for INVG and 0.52% for HYGH.
HYGH currently has the higher Sharpe Ratio (2.14 vs 1.18), 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.
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