IYLD vs. HYG
IYLD (iShares Morningstar Multi-Asset Income ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - IYLD is a Diversified Portfolio fund tracking the Morningstar Multi-Asset High Income 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, IYLD returned 3.84%/yr vs 4.75%/yr for HYG. Their 0.73 correlation means they have sometimes moved together and sometimes differently. IYLD charges 0.60%/yr vs 0.49%/yr for HYG.
Performance
IYLD vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, IYLD achieves a 5.72% return, which is significantly higher than HYG's 1.54% return. Over the past 10 years, IYLD has underperformed HYG with an annualized return of 3.84%, while HYG has yielded a comparatively higher 4.75% annualized return.
IYLD
- 1D
- -0.18%
- 1M
- 0.34%
- 6M
- 2.24%
- YTD
- 5.72%
- 1Y
- 13.16%
- 3Y*
- 9.75%
- 5Y*
- 3.22%
- 10Y*
- 3.84%
- ALL TIME*
- 4.33%
HYG
- 1D
- 0.01%
- 1M
- -0.29%
- 6M
- 0.92%
- YTD
- 1.54%
- 1Y
- 4.84%
- 3Y*
- 8.09%
- 5Y*
- 3.61%
- 10Y*
- 4.75%
- ALL TIME*
- 4.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.79B | $2.50B | $2.68B | |
| $181.04K | $278.59K | $373.50K |
IYLD vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYLD iShares Morningstar Multi-Asset Income ETF | 5.72% | 15.44% | 2.00% | 12.55% | -16.80% | 3.37% | -1.18% | 15.82% | -4.77% | 10.90% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.54% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between IYLD and HYG is 0.74, 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. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2012 | 0.73 |
The correlation between IYLD and HYG has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.
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Return for Risk
IYLD vs. HYG — Risk / Return Rank
IYLD
HYG
IYLD vs. HYG - Risk-Adjusted Trends 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.
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.
| IYLD | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.24 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 2.08 | +0.77 |
| Martin ratioReturn relative to average drawdown | 11.17 | 8.96 | +2.21 |
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Drawdowns
IYLD vs. HYG - Drawdown Comparison
The maximum IYLD drawdown since its inception was -30.23%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for IYLD and HYG.
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Drawdown Indicators
| IYLD | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.23% | -34.25% | +4.02% |
Max Drawdown (1Y)Largest decline over 1 year | -4.63% | -2.34% | -2.29% |
Max Drawdown (3Y)Largest decline over 3 years | -5.20% | -4.56% | -0.64% |
Max Drawdown (5Y)Largest decline over 5 years | -22.57% | -15.79% | -6.78% |
Max Drawdown (10Y)Largest decline over 10 years | -30.23% | -22.03% | -8.20% |
Current DrawdownCurrent decline from peak | -0.18% | -0.49% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -4.49% | -3.22% | -1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 0.54% | +0.64% |
Volatility
IYLD vs. HYG - Volatility Comparison
iShares Morningstar Multi-Asset Income ETF (IYLD) has a higher volatility of 1.40% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 0.80%. 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.
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Volatility by Period
| IYLD | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 0.80% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 4.76% | 3.16% | +1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 3.85% | +1.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.88% | 7.53% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.54% | 8.21% | +1.33% |
IYLD vs. HYG - Expense Ratio Comparison
IYLD has a 0.60% expense ratio, which is higher than HYG's 0.49% expense ratio.
Dividends
IYLD vs. HYG - Dividend Comparison
IYLD's dividend yield for the trailing twelve months is around 4.61%, less than HYG's 5.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.41% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
IYLD iShares Morningstar Multi-Asset Income ETF | 4.61% | 4.72% | 5.32% | 5.76% | 5.45% | 3.47% | 4.38% | 5.25% | 5.78% | 4.22% | 4.84% | 5.26% |
Frequently Asked Questions
IYLD and HYG have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYLD has higher volatility (1.40%) compared to HYG (0.80%). In terms of maximum drawdown, IYLD dropped -30.23% vs HYG's -34.25%.
On 10-year performance, HYG leads with 4.75% vs 3.84% for IYLD. On fees, HYG is cheaper at 0.49% per year. On volatility, HYG has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYG has performed better with a 4.75% return vs 3.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYG is cheaper with a 0.49% expense ratio, compared with 0.60% for IYLD.
HYG has the higher dividend yield at 5.41%, compared with 4.61% for IYLD.
IYLD is categorized as Diversified Portfolio, while HYG is High Yield Bonds. IYLD tracks Morningstar Multi-Asset High Income Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. Their fees differ too: 0.60% for IYLD and 0.49% for HYG.
IYLD currently has the higher Sharpe Ratio (2.28 vs 1.26), 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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