IYLD vs. HYG
Compare and contrast key facts about iShares Morningstar Multi-Asset Income ETF (IYLD) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG).
IYLD and HYG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IYLD is a passively managed fund by iShares that tracks the performance of the Morningstar Multi-Asset High Income Index. It was launched on Apr 5, 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 IYLD 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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: IYLD or HYG.
Key characteristics
| IYLD | HYG | |
|---|---|---|
| YTD Return | 4.21% | 8.47% |
| 1Y Return | 12.37% | 14.53% |
| 3Y Return (Ann) | -0.52% | 2.81% |
| 5Y Return (Ann) | 0.71% | 3.61% |
| 10Y Return (Ann) | 2.41% | 3.97% |
| Sharpe Ratio | 2.12 | 3.03 |
| Sortino Ratio | 3.15 | 4.79 |
| Omega Ratio | 1.41 | 1.60 |
| Calmar Ratio | 0.93 | 2.32 |
| Martin Ratio | 11.50 | 23.48 |
| Ulcer Index | 1.10% | 0.61% |
| Daily Std Dev | 5.93% | 4.76% |
| Max Drawdown | -30.23% | -34.24% |
| Current Drawdown | -2.79% | -0.51% |
Correlation
The correlation between IYLD and HYG is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
IYLD vs. HYG - Performance Comparison
In the year-to-date period, IYLD achieves a 4.21% return, which is significantly lower than HYG's 8.47% return. Over the past 10 years, IYLD has underperformed HYG with an annualized return of 2.41%, while HYG has yielded a comparatively higher 3.97% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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IYLD vs. HYG - Expense Ratio Comparison
IYLD has a 0.60% expense ratio, which is higher than HYG's 0.49% expense ratio.
Risk-Adjusted Performance
IYLD vs. HYG - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Multi-Asset Income ETF (IYLD) 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.
Dividends
IYLD vs. HYG - Dividend Comparison
IYLD's dividend yield for the trailing twelve months is around 5.17%, less than HYG's 5.89% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYLD iShares Morningstar Multi-Asset Income ETF | 5.17% | 5.76% | 5.44% | 3.47% | 4.94% | 5.25% | 5.78% | 4.22% | 5.32% | 4.93% | 5.56% | 6.16% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.89% | 5.75% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% | 5.69% | 6.10% |
Drawdowns
IYLD vs. HYG - Drawdown Comparison
The maximum IYLD drawdown since its inception was -30.23%, smaller than the maximum HYG drawdown of -34.24%. Use the drawdown chart below to compare losses from any high point for IYLD and HYG. For additional features, visit the drawdowns tool.
Volatility
IYLD vs. HYG - Volatility Comparison
iShares Morningstar Multi-Asset Income ETF (IYLD) has a higher volatility of 1.28% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.13%. This indicates that IYLD'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.