MYI vs. HYGH
MYI (BlackRock MuniYield Quality Fund III) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both funds - MYI is a Municipal Bonds fund actively managed by BlackRock, while HYGH is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Interest Hedged Index. MYI is actively managed, while HYGH is passively managed. Over the past 10 years, MYI returned 1.61%/yr vs 6.46%/yr for HYGH. At a 0.09 correlation, their price movements are largely independent. MYI charges 2.16%/yr vs 0.52%/yr for HYGH.
Performance
MYI vs. HYGH - Performance Comparison
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Returns By Period
In the year-to-date period, MYI achieves a 4.49% return, which is significantly higher than HYGH's 3.09% return. Over the past 10 years, MYI has underperformed HYGH with an annualized return of 1.61%, while HYGH has yielded a comparatively higher 6.46% annualized return.
MYI
- 1D
- -0.09%
- 1M
- 3.71%
- YTD
- 4.49%
- 6M
- 5.85%
- 1Y
- 12.52%
- 3Y*
- 6.76%
- 5Y*
- -0.55%
- 10Y*
- 1.61%
HYGH
- 1D
- -0.24%
- 1M
- 0.32%
- YTD
- 3.09%
- 6M
- 2.99%
- 1Y
- 7.31%
- 3Y*
- 9.79%
- 5Y*
- 6.81%
- 10Y*
- 6.46%
MYI vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MYI BlackRock MuniYield Quality Fund III | 4.49% | 4.74% | 0.55% | 8.79% | -20.52% | 6.99% | 11.60% | 16.64% | -8.42% | 7.13% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.09% | 6.94% | 11.22% | 12.17% | -0.92% | 5.82% | 0.54% | 11.09% | -0.85% | 6.38% |
Correlation
The correlation between MYI and HYGH is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since May 29, 2014 | 0.09 |
The correlation between MYI and HYGH shifts across timeframes, from 0.09 (all time) to 0.23 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MYI vs. HYGH — Risk / Return Rank
MYI
HYGH
MYI vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniYield Quality Fund III (MYI) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.
| MYI | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.38 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 4.53 | -2.87 |
| Martin ratioReturn relative to average drawdown | 6.05 | 17.71 | -11.65 |
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Drawdowns
MYI vs. HYGH - Drawdown Comparison
The maximum MYI drawdown since its inception was -43.90%, which is greater than HYGH's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for MYI and HYGH.
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Drawdown Indicators
| MYI | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.90% | -23.88% | -20.02% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -1.62% | -5.96% |
Max Drawdown (3Y)Largest decline over 3 years | -15.07% | -8.06% | -7.01% |
Max Drawdown (5Y)Largest decline over 5 years | -31.84% | -8.24% | -23.60% |
Max Drawdown (10Y)Largest decline over 10 years | -31.84% | -23.88% | -7.96% |
Current DrawdownCurrent decline from peak | -5.68% | -0.32% | -5.36% |
Average DrawdownAverage peak-to-trough decline | -9.38% | -2.22% | -7.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 0.41% | +1.66% |
Volatility
MYI vs. HYGH - Volatility Comparison
BlackRock MuniYield Quality Fund III (MYI) has a higher volatility of 2.96% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.68%. This indicates that MYI's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MYI | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.96% | 0.68% | +2.28% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 2.80% | +4.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 3.65% | +5.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.00% | 7.08% | +3.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.39% | 8.30% | +3.09% |
MYI vs. HYGH - Expense Ratio Comparison
MYI has a 2.16% expense ratio, which is higher than HYGH's 0.52% expense ratio.
Dividends
MYI vs. HYGH - Dividend Comparison
MYI's dividend yield for the trailing twelve months is around 6.04%, less than HYGH's 6.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.61% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
MYI BlackRock MuniYield Quality Fund III | 6.04% | 6.13% | 6.03% | 4.30% | 5.22% | 4.17% | 3.84% | 3.89% | 5.01% | 5.88% | 6.20% | 6.03% |
Frequently Asked Questions
MYI and HYGH have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MYI has higher volatility (2.96%) compared to HYGH (0.68%). In terms of maximum drawdown, MYI dropped -43.90% vs HYGH's -23.88%.
HYGH currently has the higher Sharpe Ratio (2.01 vs 1.42), 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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