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PA=F vs. HYG
Performance
Return for Risk
Drawdowns
Volatility

PA=F vs. HYG

Last updated Jun 5, 2026

PA=F (Palladium) is an asset, while HYG (iShares iBoxx $ High Yield Corporate Bond ETF) is High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Over the past 10 years, PA=F returned 9.07%/yr vs 4.81%/yr for HYG. At a 0.23 correlation, their price movements are largely independent.

Performance

PA=F vs. HYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Palladium (PA=F) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PA=F achieves a -18.52% return, which is significantly lower than HYG's 1.00% return. Over the past 10 years, PA=F has outperformed HYG with an annualized return of 9.07%, while HYG has yielded a comparatively lower 4.81% annualized return.

PA=F

1D
0.79%
1M
-14.13%
YTD
-18.52%
6M
-11.63%
1Y
31.38%
3Y*
-1.66%
5Y*
-14.14%
10Y*
9.07%

HYG

1D
-0.50%
1M
-0.40%
YTD
1.00%
6M
1.33%
1Y
6.20%
3Y*
8.33%
5Y*
3.70%
10Y*
4.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PA=F vs. HYG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PA=F
Palladium		-18.52%79.07%-17.98%-38.30%-5.52%-22.50%28.42%59.67%13.49%54.27%
HYG
iShares iBoxx $ High Yield Corporate Bond ETF		1.00%8.59%7.97%11.54%-10.98%3.76%4.47%14.09%-2.02%6.07%

Correlation

The correlation between PA=F and HYG 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

0.19

Correlation (5Y)
Calculated over the trailing 5-year period

0.20

Correlation (10Y)
Calculated over the trailing 10-year period

0.20

Correlation (All Time)
Calculated using the full available price history since Apr 12, 2007

0.23

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Palladium

iShares iBoxx $ High Yield Corporate Bond ETF

Often compared with PA=F:
PA=F vs. BTC-USDPA=F vs. HG=FPA=F vs. GC=FPA=F vs. IAUPA=F vs. ^GSPCPA=F vs. UUPPA=F vs. XAUUSD=X
Often compared with HYG:
HYG vs. LQDHYG vs. JNKHYG vs. SPHYHYG vs. AGGHYG vs. USHYHYG vs. HYGHHYG vs. SHYG

Return for Risk

PA=F vs. HYG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PA=F
PA=F Risk / Return Rank: 77
Overall Rank
PA=F Sharpe Ratio Rank: 77
Sharpe Ratio Rank
PA=F Sortino Ratio Rank: 88
Sortino Ratio Rank
PA=F Omega Ratio Rank: 77
Omega Ratio Rank
PA=F Calmar Ratio Rank: 77
Calmar Ratio Rank
PA=F Martin Ratio Rank: 77
Martin Ratio Rank
HYG
HYG Risk / Return Rank: 5454
Overall Rank
HYG Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
HYG Sortino Ratio Rank: 5151
Sortino Ratio Rank
HYG Omega Ratio Rank: 5151
Omega Ratio Rank
HYG Calmar Ratio Rank: 5555
Calmar Ratio Rank
HYG Martin Ratio Rank: 6565
Martin Ratio Rank
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.

PA=F vs. HYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Palladium (PA=F) 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.

PA=FHYGDifference
Sharpe ratioReturn per unit of total volatility
0.53
1.63

-1.10

Sortino ratioReturn per unit of downside risk
0.99
2.43

-1.45

Omega ratioGain probability vs. loss probability

1.14

1.31

-0.17

Calmar ratioReturn relative to maximum drawdown

0.71

2.66

-1.95

Martin ratioReturn relative to average drawdown

1.51

11.73

-10.22

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PA=F vs. HYG - Sharpe Ratio Comparison

The current PA=F Sharpe Ratio is 0.53, which is lower than the HYG Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of PA=F and HYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PA=FHYGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.53

1.63

-1.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.29

0.49

-0.79

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.21

0.58

-0.37

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

0.46

-0.27

Drawdowns

PA=F vs. HYG - Drawdown Comparison

The maximum PA=F drawdown since its inception was -74.88%, which is greater than HYG's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for PA=F and HYG.

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Drawdown Indicators

PA=FHYGDifference

Max Drawdown

Largest peak-to-trough decline

-74.88%

-34.25%

-40.63%

Max Drawdown (1Y)

Largest decline over 1 year

-39.30%

-2.34%

-36.96%

Max Drawdown (3Y)

Largest decline over 3 years

-41.53%

-4.56%

-36.97%

Max Drawdown (5Y)

Largest decline over 5 years

-74.88%

-15.79%

-59.09%

Max Drawdown (10Y)

Largest decline over 10 years

-74.88%

-22.03%

-52.85%

Current Drawdown

Current decline from peak

-59.64%

-0.59%

-59.05%

Average Drawdown

Average peak-to-trough decline

-26.90%

-3.24%

-23.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

19.45%

0.53%

+18.92%

Volatility

PA=F vs. HYG - Volatility Comparison

Palladium (PA=F) has a higher volatility of 9.89% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.28%. This indicates that PA=F'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

PA=FHYGDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.89%

1.28%

+8.61%

Volatility (6M)

Calculated over the trailing 6-month period

47.86%

3.05%

+44.81%

Volatility (1Y)

Calculated over the trailing 1-year period

52.69%

3.84%

+48.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

44.23%

7.53%

+36.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.62%

8.29%

+29.33%

Frequently Asked Questions

PA=F and HYG 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.

PA=F has higher volatility (9.89%) compared to HYG (1.28%). In terms of maximum drawdown, PA=F dropped -74.88% vs HYG's -34.25%.

HYG currently has the higher Sharpe Ratio (1.63 vs 0.53), 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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