IS0Z.DE vs. HYG

Last updated Apr 3, 2026

Compare and contrast key facts about iShares Global AAA-AA Government Bond UCITS ETF (Dist) (IS0Z.DE) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG).

IS0Z.DE and HYG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IS0Z.DE is a passively managed fund by iShares that tracks the performance of the Bloomberg Global Government AAA-AA Capped Bond. It was launched on Oct 3, 2012. HYG is a passively managed fund by iShares that tracks the performance of the iBoxx $ Liquid High Yield Index. It was launched on Apr 11, 2007. Both IS0Z.DE and HYG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IS0Z.DE vs. HYG - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares Global AAA-AA Government Bond UCITS ETF (Dist) (IS0Z.DE) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). The values are adjusted to include any dividend payments, if applicable.

IS0Z.DE vs. HYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IS0Z.DE iShares Global AAA-AA Government Bond UCITS ETF (Dist)	0.54%	-1.88%	0.75%	4.39%	-16.12%	-0.07%	2.03%	7.04%	1.73%	-3.57%
HYG iShares iBoxx $ High Yield Corporate Bond ETF	1.94%	-4.29%	15.09%	8.19%	-5.46%	11.52%	-4.14%	16.67%	2.58%	-6.96%

Different Trading Currencies

IS0Z.DE is traded in EUR, while HYG is traded in USD. To make them comparable, the HYG values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, IS0Z.DE achieves a 0.54% return, which is significantly lower than HYG's 1.94% return. Over the past 10 years, IS0Z.DE has underperformed HYG with an annualized return of -0.59%, while HYG has yielded a comparatively higher 5.08% annualized return.

IS0Z.DE

• 1D: 0.08%
• 1M: -1.60%
• YTD: 0.54%
• 6M: 0.63%
• 1Y: -0.16%
• 3Y*: 0.51%
• 5Y*: -2.49%
• 10Y*: -0.59%

HYG

• 1D: 0.69%
• 1M: 0.43%
• YTD: 1.94%
• 6M: 2.81%
• 1Y: 0.38%
• 3Y*: 6.08%
• 5Y*: 4.14%
• 10Y*: 5.08%

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

IS0Z.DE vs. HYG - Expense Ratio Comparison

IS0Z.DE has a 0.20% expense ratio, which is lower than HYG's 0.49% expense ratio.

HYG

iShares iBoxx $ High Yield Corporate Bond ETF

IS0Z.DE

iShares Global AAA-AA Government Bond UCITS ETF (Dist)

Return for Risk

IS0Z.DE vs. HYG — Risk / Return Rank

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

IS0Z.DE

IS0Z.DE Risk / Return Rank: 9
IS0Z.DE Sharpe Ratio Rank: 11
IS0Z.DE Sortino Ratio Rank: 9
IS0Z.DE Omega Ratio Rank: 9
IS0Z.DE Calmar Ratio Rank: 9
IS0Z.DE Martin Ratio Rank: 8

HYG

HYG Risk / Return Rank: 70
HYG Sharpe Ratio Rank: 67
HYG Sortino Ratio Rank: 70
HYG Omega Ratio Rank: 73
HYG Calmar Ratio Rank: 62
HYG Martin Ratio Rank: 78

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.

IS0Z.DE vs. HYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global AAA-AA Government Bond UCITS ETF (Dist) (IS0Z.DE) 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.

	IS0Z.DE	HYG	Difference
Sharpe ratio Return per unit of total volatility	-0.04	0.04	-0.08
Sortino ratio Return per unit of downside risk	-0.03	0.12	-0.14
Omega ratio Gain probability vs. loss probability	1.00	1.02	-0.02
Calmar ratio Return relative to maximum drawdown	-0.17	0.03	-0.20
Martin ratio Return relative to average drawdown	-0.36	0.08	-0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IS0Z.DE vs. HYG - Sharpe Ratio Comparison

The current IS0Z.DE Sharpe Ratio is -0.04, which is lower than the HYG Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of IS0Z.DE and HYG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IS0Z.DE	HYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.04	0.04	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.40	0.48	-0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	0.52	-0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.46	-0.42

Correlation

The correlation between IS0Z.DE and HYG is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

IS0Z.DE vs. HYG - Dividend Comparison

IS0Z.DE's dividend yield for the trailing twelve months is around 2.50%, less than HYG's 5.87% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IS0Z.DE iShares Global AAA-AA Government Bond UCITS ETF (Dist)	2.50%	2.51%	2.30%	1.57%	0.80%	0.47%	0.62%	0.88%	0.90%	0.82%	0.84%	1.06%
HYG iShares iBoxx $ High Yield Corporate Bond ETF	5.87%	5.71%	6.01%	5.74%	5.30%	4.02%	4.88%	4.99%	5.54%	5.12%	5.27%	5.90%

Drawdowns

IS0Z.DE vs. HYG - Drawdown Comparison

The maximum IS0Z.DE drawdown since its inception was -21.02%, smaller than the maximum HYG drawdown of -31.66%. Use the drawdown chart below to compare losses from any high point for IS0Z.DE and HYG.

Drawdown Indicators

	IS0Z.DE	HYG	Difference
Max Drawdown Largest peak-to-trough decline	-21.02%	-34.25%	+13.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.50%	-2.72%	+0.22%
Max Drawdown (5Y) Largest decline over 5 years	-19.65%	-15.79%	-3.86%
Max Drawdown (10Y) Largest decline over 10 years	-21.02%	-22.03%	+1.01%
Current Drawdown Current decline from peak	-15.69%	-0.82%	-14.87%
Average Drawdown Average peak-to-trough decline	-7.38%	-3.27%	-4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	0.75%	+0.41%

Volatility

IS0Z.DE vs. HYG - Volatility Comparison

The current volatility for iShares Global AAA-AA Government Bond UCITS ETF (Dist) (IS0Z.DE) is 1.51%, while iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a volatility of 1.99%. This indicates that IS0Z.DE experiences smaller price fluctuations and is considered to be less risky than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IS0Z.DE	HYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	1.99%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	4.57%	-2.22%
Volatility (1Y) Calculated over the trailing 1-year period	3.89%	9.64%	-5.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.14%	8.63%	-2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.64%	9.85%	-4.21%