IQHI vs. HYGW
IQHI (IQ MacKay ESG High Income ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both High Yield Bonds funds. IQHI is actively managed, while HYGW is passively managed. Over the past 3 years, IQHI returned 8.51%/yr vs 5.88%/yr for HYGW. A 0.55 correlation means they provide meaningful diversification when combined. IQHI charges 0.40%/yr vs 0.69%/yr for HYGW.
Performance
IQHI vs. HYGW - Performance Comparison
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Returns By Period
In the year-to-date period, IQHI achieves a 1.79% return, which is significantly lower than HYGW's 2.21% return.
IQHI
- 1D
- -0.15%
- 1M
- 0.07%
- YTD
- 1.79%
- 6M
- 1.99%
- 1Y
- 6.47%
- 3Y*
- 8.51%
- 5Y*
- —
- 10Y*
- —
HYGW
- 1D
- 0.03%
- 1M
- 0.69%
- YTD
- 2.21%
- 6M
- 2.31%
- 1Y
- 6.34%
- 3Y*
- 5.88%
- 5Y*
- —
- 10Y*
- —
IQHI vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IQHI IQ MacKay ESG High Income ETF | 1.79% | 8.59% | 6.98% | 12.40% | 2.78% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.21% | 6.19% | 6.99% | 7.31% | 2.28% |
Correlation
The correlation between IQHI and HYGW is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2022 | 0.55 |
The correlation between IQHI and HYGW shifts across timeframes, from 0.41 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IQHI vs. HYGW — Risk / Return Rank
IQHI
HYGW
IQHI vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay ESG High Income ETF (IQHI) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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.
| IQHI | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.48 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 3.50 | -0.86 |
| Martin ratioReturn relative to average drawdown | 11.25 | 15.96 | -4.71 |
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Drawdowns
IQHI vs. HYGW - Drawdown Comparison
The maximum IQHI drawdown since its inception was -4.19%, smaller than the maximum HYGW drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for IQHI and HYGW.
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Drawdown Indicators
| IQHI | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.19% | -5.49% | +1.30% |
Max Drawdown (1Y)Largest decline over 1 year | -2.46% | -1.82% | -0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -3.97% | -3.66% | -0.31% |
Current DrawdownCurrent decline from peak | -0.44% | -0.03% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -0.62% | -0.60% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 0.40% | +0.18% |
Volatility
IQHI vs. HYGW - Volatility Comparison
IQ MacKay ESG High Income ETF (IQHI) has a higher volatility of 0.85% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.78%. This indicates that IQHI's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IQHI | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 0.78% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 2.23% | +0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 2.85% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 4.66% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.87% | 4.66% | +0.21% |
IQHI vs. HYGW - Expense Ratio Comparison
IQHI has a 0.40% expense ratio, which is lower than HYGW's 0.69% expense ratio.
Dividends
IQHI vs. HYGW - Dividend Comparison
IQHI's dividend yield for the trailing twelve months is around 7.57%, less than HYGW's 11.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.51% | 12.53% | 12.30% | 15.98% | 8.71% |
IQHI IQ MacKay ESG High Income ETF | 7.57% | 7.88% | 8.83% | 6.92% | 1.29% |
Frequently Asked Questions
IQHI and HYGW have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IQHI has higher volatility (0.85%) compared to HYGW (0.78%). In terms of maximum drawdown, IQHI dropped -4.19% vs HYGW's -5.49%.
On 3-year performance, IQHI leads with 8.51% vs 5.88% for HYGW. On fees, IQHI is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IQHI has performed better with a 8.51% return vs 5.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IQHI is cheaper with a 0.40% expense ratio, compared with 0.69% for HYGW.
HYGW has the higher dividend yield at 11.51%, compared with 7.57% for IQHI.
They also come from different issuers: IndexIQ and iShares. Their fees differ too: 0.40% for IQHI and 0.69% for HYGW.
HYGW currently has the higher Sharpe Ratio (2.23 vs 1.74), 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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