ODHY vs. USHY

Last updated Jul 17, 2026

ODHY (Obra Defensive High Yield ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds. Over the past year, ODHY returned 5.10% vs 6.23% for USHY. Their correlation of 0.89 suggests significant overlap in exposure. ODHY charges 0.50%/yr vs 0.15%/yr for USHY.

Performance

ODHY vs. USHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Obra Defensive High Yield ETF (ODHY) and iShares Broad USD High Yield Corporate Bond ETF (USHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ODHY achieves a 1.57% return, which is significantly lower than USHY's 2.16% return.

ODHY

• 1D: -0.05%
• 1M: 0.13%
• 6M: 1.27%
• YTD: 1.57%
• 1Y: 5.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USHY

• 1D: 0.01%
• 1M: 0.26%
• 6M: 1.60%
• YTD: 2.16%
• 1Y: 6.23%
• 3Y*: 8.60%
• 5Y*: 4.17%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ODHY vs. USHY - Yearly Performance Comparison

	2026 (YTD)	2025
ODHY Obra Defensive High Yield ETF	1.57%	2.15%
USHY iShares Broad USD High Yield Corporate Bond ETF	2.16%	4.05%

Correlation

The correlation between ODHY and USHY is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.89

The correlation between ODHY and USHY has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

ODHY vs. USHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ODHY

ODHY Risk / Return Rank: 79
ODHY Sharpe Ratio Rank: 79
ODHY Sortino Ratio Rank: 85
ODHY Omega Ratio Rank: 87
ODHY Calmar Ratio Rank: 65
ODHY Martin Ratio Rank: 80

USHY

USHY Risk / Return Rank: 70
USHY Sharpe Ratio Rank: 65
USHY Sortino Ratio Rank: 71
USHY Omega Ratio Rank: 71
USHY Calmar Ratio Rank: 64
USHY Martin Ratio Rank: 78

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ODHY vs. USHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Obra Defensive High Yield ETF (ODHY) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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.

	ODHY	USHY	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.72	+0.29
Sortino ratio: Return per unit of downside risk	3.11	2.59	+0.52
Omega ratio: Gain probability vs. loss probability	1.43	1.33	+0.09
Calmar ratio: Return relative to maximum drawdown	2.61	2.58	+0.03
Martin ratio: Return relative to average drawdown	12.10	11.58	+0.52

ODHY vs. USHY - Sharpe Ratio Comparison

The current ODHY Sharpe Ratio is 2.02, which is comparable to the USHY Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of ODHY and USHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ODHY vs. USHY - Drawdown Comparison

The maximum ODHY drawdown since its inception was -1.96%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for ODHY and USHY.

Drawdown Indicators

	ODHY	USHY	Difference
Max Drawdown Largest peak-to-trough decline	-1.96%	-22.44%	+20.48%
Max Drawdown (1Y) Largest decline over 1 year	-1.96%	-2.43%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.56%	—
Current Drawdown Current decline from peak	-0.10%	-0.11%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.31%	-2.63%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	0.54%	-0.12%

Volatility

ODHY vs. USHY - Volatility Comparison

The current volatility for Obra Defensive High Yield ETF (ODHY) is 0.57%, while iShares Broad USD High Yield Corporate Bond ETF (USHY) has a volatility of 0.65%. This indicates that ODHY experiences smaller price fluctuations and is considered to be less risky than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ODHY	USHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	0.65%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	2.98%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	2.55%	3.64%	-1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.67%	7.35%	-4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.67%	8.20%	-5.53%

ODHY vs. USHY - Expense Ratio Comparison

ODHY has a 0.50% expense ratio, which is higher than USHY's 0.15% expense ratio.

Dividends

ODHY vs. USHY - Dividend Comparison

ODHY's dividend yield for the trailing twelve months is around 5.21%, less than USHY's 6.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ODHY Obra Defensive High Yield ETF	5.21%	2.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USHY iShares Broad USD High Yield Corporate Bond ETF	6.90%	6.79%	6.89%	6.63%	6.08%	5.07%	5.30%	5.92%	6.30%	0.73%

Frequently Asked Questions

Can I hold both ODHY and USHY in my portfolio?

ODHY and USHY have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ODHY or USHY?

USHY has higher volatility (0.65%) compared to ODHY (0.57%). In terms of maximum drawdown, ODHY dropped -1.96% vs USHY's -22.44%.

Which ETF is better, ODHY or USHY?

On 1-year performance, USHY leads with 6.23% vs 5.10% for ODHY. On fees, USHY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ODHY or USHY?

Over the 1-year period, USHY has performed better with a 6.23% return vs 5.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ODHY or USHY?

USHY is cheaper with a 0.15% expense ratio, compared with 0.50% for ODHY.

Which ETF pays a higher dividend yield, ODHY or USHY?

USHY has the higher dividend yield at 6.90%, compared with 5.21% for ODHY.

What is the main difference between ODHY and USHY?

They also come from different issuers: Obra and iShares. Their fees differ too: 0.50% for ODHY and 0.15% for USHY.

Which has better risk-adjusted returns?

ODHY currently has the higher Sharpe Ratio (2.02 vs 1.72), 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.