IWY vs. HYG
IWY (iShares Russell Top 200 Growth ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 10 years, IWY returned 19.59%/yr vs 5.03%/yr for HYG. A 0.65 correlation means they provide meaningful diversification when combined. IWY charges 0.20%/yr vs 0.49%/yr for HYG.
Performance
IWY vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, IWY achieves a 5.40% return, which is significantly higher than HYG's 1.78% return. Over the past 10 years, IWY has outperformed HYG with an annualized return of 19.59%, while HYG has yielded a comparatively lower 5.03% annualized return.
IWY
- 1D
- 2.34%
- 1M
- -0.22%
- YTD
- 5.40%
- 6M
- 6.65%
- 1Y
- 24.23%
- 3Y*
- 23.50%
- 5Y*
- 15.67%
- 10Y*
- 19.59%
HYG
- 1D
- 0.13%
- 1M
- 1.25%
- YTD
- 1.78%
- 6M
- 2.29%
- 1Y
- 6.95%
- 3Y*
- 8.47%
- 5Y*
- 3.83%
- 10Y*
- 5.03%
IWY vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWY iShares Russell Top 200 Growth ETF | 5.40% | 18.19% | 34.89% | 46.49% | -29.91% | 31.05% | 39.01% | 36.20% | -0.72% | 31.69% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.78% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between IWY and HYG is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009 | 0.65 |
The correlation between IWY and HYG has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.
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Return for Risk
IWY vs. HYG — Risk / Return Rank
IWY
HYG
IWY vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Growth ETF (IWY) 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.
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.
| IWY | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.35 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 2.98 | -1.52 |
| Martin ratioReturn relative to average drawdown | 4.70 | 13.11 | -8.40 |
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Drawdowns
IWY vs. HYG - Drawdown Comparison
The maximum IWY drawdown since its inception was -32.68%, roughly equal to the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for IWY and HYG.
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Drawdown Indicators
| IWY | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.68% | -34.25% | +1.57% |
Max Drawdown (1Y)Largest decline over 1 year | -16.63% | -2.34% | -14.29% |
Max Drawdown (3Y)Largest decline over 3 years | -23.22% | -4.56% | -18.66% |
Max Drawdown (5Y)Largest decline over 5 years | -32.68% | -15.79% | -16.89% |
Max Drawdown (10Y)Largest decline over 10 years | -32.68% | -22.03% | -10.65% |
Current DrawdownCurrent decline from peak | -3.47% | 0.00% | -3.47% |
Average DrawdownAverage peak-to-trough decline | -4.75% | -3.24% | -1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.17% | 0.53% | +4.64% |
Volatility
IWY vs. HYG - Volatility Comparison
iShares Russell Top 200 Growth ETF (IWY) has a higher volatility of 5.68% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.31%. This indicates that IWY'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.
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Volatility by Period
| IWY | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.68% | 1.31% | +4.37% |
Volatility (6M)Calculated over the trailing 6-month period | 12.59% | 3.08% | +9.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.14% | 3.87% | +12.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.57% | 7.53% | +14.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.03% | 8.29% | +12.74% |
IWY vs. HYG - Expense Ratio Comparison
IWY has a 0.20% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
IWY vs. HYG - Dividend Comparison
IWY's dividend yield for the trailing twelve months is around 0.43%, less than HYG's 5.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.89% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
IWY iShares Russell Top 200 Growth ETF | 0.43% | 0.36% | 0.42% | 0.68% | 0.88% | 0.50% | 0.71% | 1.06% | 1.32% | 1.26% | 1.51% | 1.58% |
Frequently Asked Questions
IWY and HYG have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWY has higher volatility (5.68%) compared to HYG (1.31%). In terms of maximum drawdown, IWY dropped -32.68% vs HYG's -34.25%.
On 10-year performance, IWY leads with 19.59% vs 5.03% for HYG. On fees, IWY is cheaper at 0.20% per year. On volatility, HYG has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWY has performed better with a 19.59% return vs 5.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWY is cheaper with a 0.20% expense ratio, compared with 0.49% for HYG.
HYG has the higher dividend yield at 5.89%, compared with 0.43% for IWY.
IWY is categorized as Large Cap Growth Equities, while HYG is High Yield Bonds. IWY tracks Russell Top 200 Growth Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. Their fees differ too: 0.20% for IWY and 0.49% for HYG.
HYG currently has the higher Sharpe Ratio (1.81 vs 1.51), 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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