JPHY vs. HYG
JPHY (JPMorgan High Yield Research Enhanced ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both High Yield Bonds funds. JPHY is actively managed, while HYG is passively managed. Over the past year, JPHY returned 6.32% vs 5.68% for HYG. Their correlation of 0.88 suggests significant overlap in exposure. JPHY charges 0.24%/yr vs 0.49%/yr for HYG.
Performance
JPHY vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, JPHY achieves a 2.24% return, which is significantly higher than HYG's 1.58% return.
JPHY
- 1D
- 0.02%
- 1M
- 0.26%
- YTD
- 2.24%
- 6M
- 2.21%
- 1Y
- 6.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYG
- 1D
- 0.04%
- 1M
- 0.14%
- YTD
- 1.58%
- 6M
- 1.56%
- 1Y
- 5.68%
- 3Y*
- 8.74%
- 5Y*
- 3.66%
- 10Y*
- 5.15%
JPHY vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JPHY JPMorgan High Yield Research Enhanced ETF | 2.24% | 4.06% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.58% | 4.02% |
Correlation
The correlation between JPHY and HYG is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025 | 0.88 |
The correlation between JPHY and HYG has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.
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Return for Risk
JPHY vs. HYG — Risk / Return Rank
JPHY
HYG
JPHY vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan High Yield Research Enhanced ETF (JPHY) 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.
| JPHY | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.28 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.85 | 2.44 | +1.41 |
| Martin ratioReturn relative to average drawdown | 17.77 | 10.70 | +7.07 |
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Drawdowns
JPHY vs. HYG - Drawdown Comparison
The maximum JPHY drawdown since its inception was -1.65%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for JPHY and HYG.
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Drawdown Indicators
| JPHY | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.65% | -34.25% | +32.60% |
Max Drawdown (1Y)Largest decline over 1 year | -1.65% | -2.34% | +0.69% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.56% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.79% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.03% | — |
Current DrawdownCurrent decline from peak | -0.13% | -0.20% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -3.23% | +3.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 0.53% | -0.17% |
Volatility
JPHY vs. HYG - Volatility Comparison
The current volatility for JPMorgan High Yield Research Enhanced ETF (JPHY) is 0.61%, while iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a volatility of 1.08%. This indicates that JPHY 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.
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Volatility by Period
| JPHY | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 1.08% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.31% | 3.11% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 3.87% | -0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.00% | 7.54% | -4.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.00% | 8.27% | -5.27% |
JPHY vs. HYG - Expense Ratio Comparison
JPHY has a 0.24% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
JPHY vs. HYG - Dividend Comparison
JPHY's dividend yield for the trailing twelve months is around 5.91%, which matches HYG's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
JPHY JPMorgan High Yield Research Enhanced ETF | 5.91% | 3.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JPHY and HYG have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYG has higher volatility (1.08%) compared to JPHY (0.61%). In terms of maximum drawdown, JPHY dropped -1.65% vs HYG's -34.25%.
On 1-year performance, JPHY leads with 6.32% vs 5.68% for HYG. On fees, JPHY is cheaper at 0.24% per year. On volatility, JPHY has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, JPHY has performed better with a 6.32% return vs 5.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPHY is cheaper with a 0.24% expense ratio, compared with 0.49% for HYG.
JPHY and HYG have nearly identical dividend yields, around 5.91%.
They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.24% for JPHY and 0.49% for HYG.
JPHY currently has the higher Sharpe Ratio (2.12 vs 1.48), 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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