IQHI vs. JPHY

Last updated Jun 26, 2026

IQHI (IQ MacKay ESG High Income ETF) and JPHY (JPMorgan High Yield Research Enhanced ETF) are both High Yield Bonds funds. Both are actively managed. Over the past year, IQHI returned 6.47% vs 6.32% for JPHY. A 0.56 correlation means they provide meaningful diversification when combined. IQHI charges 0.40%/yr vs 0.24%/yr for JPHY.

Performance

IQHI vs. JPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay ESG High Income ETF (IQHI) and JPMorgan High Yield Research Enhanced ETF (JPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IQHI achieves a 1.79% return, which is significantly lower than JPHY's 2.24% return.

IQHI

• 1D: -0.15%
• 1M: 0.07%
• YTD: 1.79%
• 6M: 1.99%
• 1Y: 6.47%
• 3Y*: 8.51%
• 5Y*: —
• 10Y*: —

JPHY

• 1D: 0.02%
• 1M: 0.26%
• YTD: 2.24%
• 6M: 2.21%
• 1Y: 6.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IQHI vs. JPHY - Yearly Performance Comparison

	2026 (YTD)	2025
IQHI IQ MacKay ESG High Income ETF	1.79%	4.56%
JPHY JPMorgan High Yield Research Enhanced ETF	2.24%	4.06%

Correlation

The correlation between IQHI and JPHY is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.56

The correlation between IQHI and JPHY has been stable across timeframes, ranging from 0.56 to 0.57 - a consistent structural relationship.

Return for Risk

IQHI vs. JPHY — Risk / Return Rank

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

IQHI

IQHI Risk / Return Rank: 63
IQHI Sharpe Ratio Rank: 59
IQHI Sortino Ratio Rank: 64
IQHI Omega Ratio Rank: 64
IQHI Calmar Ratio Rank: 61
IQHI Martin Ratio Rank: 70

JPHY

JPHY Risk / Return Rank: 84
JPHY Sharpe Ratio Rank: 76
JPHY Sortino Ratio Rank: 86
JPHY Omega Ratio Rank: 84
JPHY Calmar Ratio Rank: 82
JPHY Martin Ratio Rank: 90

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.

IQHI vs. JPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay ESG High Income ETF (IQHI) and JPMorgan High Yield Research Enhanced ETF (JPHY). 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	JPHY	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.12	-0.38
Sortino ratio: Return per unit of downside risk	2.59	3.36	-0.76
Omega ratio: Gain probability vs. loss probability	1.34	1.44	-0.10
Calmar ratio: Return relative to maximum drawdown	2.64	3.85	-1.21
Martin ratio: Return relative to average drawdown	11.25	17.77	-6.52

IQHI vs. JPHY - Sharpe Ratio Comparison

The current IQHI Sharpe Ratio is 1.74, which is comparable to the JPHY Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of IQHI and JPHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IQHI vs. JPHY - Drawdown Comparison

The maximum IQHI drawdown since its inception was -4.19%, which is greater than JPHY's maximum drawdown of -1.65%. Use the drawdown chart below to compare losses from any high point for IQHI and JPHY.

Drawdown Indicators

	IQHI	JPHY	Difference
Max Drawdown Largest peak-to-trough decline	-4.19%	-1.65%	-2.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-1.65%	-0.81%
Max Drawdown (3Y) Largest decline over 3 years	-3.97%	—	—
Current Drawdown Current decline from peak	-0.44%	-0.13%	-0.31%
Average Drawdown Average peak-to-trough decline	-0.62%	-0.21%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.36%	+0.22%

Volatility

IQHI vs. JPHY - Volatility Comparison

IQ MacKay ESG High Income ETF (IQHI) has a higher volatility of 0.85% compared to JPMorgan High Yield Research Enhanced ETF (JPHY) at 0.61%. This indicates that IQHI's price experiences larger fluctuations and is considered to be riskier than JPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQHI	JPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	0.61%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	3.11%	2.31%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	3.74%	3.00%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.87%	3.00%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.87%	3.00%	+1.87%

IQHI vs. JPHY - Expense Ratio Comparison

IQHI has a 0.40% expense ratio, which is higher than JPHY's 0.24% expense ratio.

Dividends

IQHI vs. JPHY - Dividend Comparison

IQHI's dividend yield for the trailing twelve months is around 7.57%, more than JPHY's 5.91% yield.

Position	TTM	2025	2024	2023	2022
IQHI IQ MacKay ESG High Income ETF	7.57%	7.88%	8.83%	6.92%	1.29%
JPHY JPMorgan High Yield Research Enhanced ETF	5.91%	3.32%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IQHI and JPHY in my portfolio?

IQHI and JPHY have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQHI or JPHY?

IQHI has higher volatility (0.85%) compared to JPHY (0.61%). In terms of maximum drawdown, IQHI dropped -4.19% vs JPHY's -1.65%.

Which ETF is better, IQHI or JPHY?

On 1-year performance, IQHI leads with 6.47% vs 6.32% for JPHY. On fees, JPHY is cheaper at 0.24% per year. On volatility, JPHY has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQHI or JPHY?

Over the 1-year period, IQHI has performed better with a 6.47% return vs 6.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQHI or JPHY?

JPHY is cheaper with a 0.24% expense ratio, compared with 0.40% for IQHI.

Which ETF pays a higher dividend yield, IQHI or JPHY?

IQHI has the higher dividend yield at 7.57%, compared with 5.91% for JPHY.

What is the main difference between IQHI and JPHY?

They also come from different issuers: IndexIQ and JPMorgan. Their fees differ too: 0.40% for IQHI and 0.24% for JPHY.

Which has better risk-adjusted returns?

JPHY currently has the higher Sharpe Ratio (2.12 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.