IWY vs. HYGV
IWY (iShares Russell Top 200 Growth ETF) and HYGV (FlexShares High Yield Value-Scored Bond Index Fund) are both exchange-traded funds - IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index, while HYGV is a High Yield Bonds fund tracking the Northern Trust High Yield Value-Scored US Corporate Bond Index. Both are passively managed. Over the past 5 years, IWY returned 13.56%/yr vs 3.55%/yr for HYGV. Their 0.66 correlation means they have sometimes moved together and sometimes differently. IWY charges 0.20%/yr vs 0.37%/yr for HYGV.
Performance
IWY vs. HYGV - Performance Comparison
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Returns By Period
In the year-to-date period, IWY achieves a 4.76% return, which is significantly higher than HYGV's 2.60% return.
IWY
- 1D
- -0.31%
- 1M
- 0.64%
- 6M
- 9.38%
- YTD
- 4.76%
- 1Y
- 14.76%
- 3Y*
- 22.64%
- 5Y*
- 13.56%
- 10Y*
- 18.79%
- ALL TIME*
- 17.00%
HYGV
- 1D
- 0.01%
- 1M
- 0.32%
- 6M
- 1.96%
- YTD
- 2.60%
- 1Y
- 5.81%
- 3Y*
- 8.17%
- 5Y*
- 3.55%
- 10Y*
- —
- ALL TIME*
- 5.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.07M | $3.90M | $4.17M | |
| $105.51M | $107.89M | $113.92M |
IWY vs. HYGV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IWY iShares Russell Top 200 Growth ETF | 4.76% | 18.19% | 34.89% | 46.49% | -29.91% | 31.05% | 39.01% | 36.20% | -11.62% |
HYGV FlexShares High Yield Value-Scored Bond Index Fund | 2.60% | 7.92% | 8.02% | 12.11% | -12.60% | 5.93% | 8.01% | 15.76% | -4.15% |
Correlation
The correlation between IWY and HYGV is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2018 | 0.66 |
The correlation between IWY and HYGV has been stable across timeframes, ranging from 0.57 to 0.66 - a consistent structural relationship.
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Return for Risk
IWY vs. HYGV — Risk / Return Rank
IWY
HYGV
IWY vs. HYGV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Growth ETF (IWY) and FlexShares High Yield Value-Scored Bond Index Fund (HYGV). 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 | HYGV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.29 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | 2.17 | -1.28 |
| Martin ratioReturn relative to average drawdown | 2.58 | 9.34 | -6.76 |
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Drawdowns
IWY vs. HYGV - Drawdown Comparison
The maximum IWY drawdown since its inception was -32.68%, which is greater than HYGV's maximum drawdown of -23.47%. Use the drawdown chart below to compare losses from any high point for IWY and HYGV.
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Drawdown Indicators
| IWY | HYGV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.68% | -23.47% | -9.21% |
Max Drawdown (1Y)Largest decline over 1 year | -16.63% | -2.68% | -13.95% |
Max Drawdown (3Y)Largest decline over 3 years | -23.22% | -5.56% | -17.66% |
Max Drawdown (5Y)Largest decline over 5 years | -32.68% | -17.12% | -15.56% |
Max Drawdown (10Y)Largest decline over 10 years | -32.68% | — | — |
Current DrawdownCurrent decline from peak | -4.06% | 0.00% | -4.06% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -3.25% | -1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.73% | 0.62% | +5.11% |
Volatility
IWY vs. HYGV - Volatility Comparison
iShares Russell Top 200 Growth ETF (IWY) has a higher volatility of 7.41% compared to FlexShares High Yield Value-Scored Bond Index Fund (HYGV) at 0.87%. This indicates that IWY's price experiences larger fluctuations and is considered to be riskier than HYGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWY | HYGV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.41% | 0.87% | +6.54% |
Volatility (6M)Calculated over the trailing 6-month period | 14.54% | 3.17% | +11.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.89% | 3.87% | +14.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.87% | 7.59% | +14.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.16% | 9.11% | +12.05% |
IWY vs. HYGV - Expense Ratio Comparison
IWY has a 0.20% expense ratio, which is lower than HYGV's 0.37% expense ratio.
Dividends
IWY vs. HYGV - Dividend Comparison
IWY's dividend yield for the trailing twelve months is around 0.35%, less than HYGV's 7.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGV FlexShares High Yield Value-Scored Bond Index Fund | 7.41% | 7.48% | 8.20% | 8.77% | 7.64% | 6.07% | 6.18% | 7.95% | 5.63% | 0.00% | 0.00% | 0.00% |
IWY iShares Russell Top 200 Growth ETF | 0.35% | 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 HYGV have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWY has higher volatility (7.41%) compared to HYGV (0.87%). In terms of maximum drawdown, IWY dropped -32.68% vs HYGV's -23.47%.
On 5-year performance, IWY leads with 13.56% vs 3.55% for HYGV. On fees, IWY is cheaper at 0.20% per year. On volatility, HYGV has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IWY has performed better with a 13.56% return vs 3.55%. 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 0.37% for HYGV.
HYGV has the higher dividend yield at 7.41%, compared with 0.35% for IWY.
IWY is categorized as Large Cap Growth Equities, while HYGV is High Yield Bonds. IWY tracks Russell Top 200 Growth Index, while HYGV tracks Northern Trust High Yield Value-Scored US Corporate Bond Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.20% for IWY and 0.37% for HYGV.
HYGV currently has the higher Sharpe Ratio (1.51 vs 0.83), 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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