SCYB vs. HYG
SCYB (Schwab High Yield Bond ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both High Yield Bonds funds - SCYB tracks the ICE BofA US Cash Pay High Yield Constrained Index while HYG tracks the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past year, SCYB returned 6.36% vs 5.93% for HYG. With a 0.95 correlation, they move nearly in lockstep. SCYB charges 0.03%/yr vs 0.49%/yr for HYG.
Performance
SCYB vs. HYG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SCYB achieves a 1.84% return, which is significantly higher than HYG's 1.56% return.
SCYB
- 1D
- -0.08%
- 1M
- 0.42%
- YTD
- 1.84%
- 6M
- 1.96%
- 1Y
- 6.36%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYG
- 1D
- -0.09%
- 1M
- 0.46%
- YTD
- 1.56%
- 6M
- 1.74%
- 1Y
- 5.93%
- 3Y*
- 8.75%
- 5Y*
- 3.68%
- 10Y*
- 5.00%
SCYB vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SCYB Schwab High Yield Bond ETF | 1.84% | 8.33% | 8.15% | 7.29% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.56% | 8.59% | 7.97% | 7.39% |
Correlation
The correlation between SCYB and HYG is 0.95, 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 | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023 | 0.95 |
The correlation between SCYB and HYG has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SCYB vs. HYG — Risk / Return Rank
SCYB
HYG
SCYB vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab High Yield Bond ETF (SCYB) 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.
| SCYB | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.29 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 2.55 | +0.07 |
| Martin ratioReturn relative to average drawdown | 11.63 | 11.18 | +0.45 |
Loading charts...
Drawdowns
SCYB vs. HYG - Drawdown Comparison
The maximum SCYB drawdown since its inception was -4.92%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for SCYB and HYG.
Loading charts...
Drawdown Indicators
| SCYB | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.92% | -34.25% | +29.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -2.34% | -0.10% |
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 | -0.23% | -0.21% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -0.51% | -3.23% | +2.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.53% | +0.02% |
Volatility
SCYB vs. HYG - Volatility Comparison
The current volatility for Schwab High Yield Bond ETF (SCYB) is 1.01%, while iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a volatility of 1.13%. This indicates that SCYB 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.
Loading charts...
Volatility by Period
| SCYB | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 1.13% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.01% | 3.11% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.79% | 3.88% | -0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.11% | 7.54% | -2.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.11% | 8.27% | -3.16% |
SCYB vs. HYG - Expense Ratio Comparison
SCYB has a 0.03% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
SCYB vs. HYG - Dividend Comparison
SCYB's dividend yield for the trailing twelve months is around 6.92%, more than 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% |
SCYB Schwab High Yield Bond ETF | 6.92% | 6.99% | 7.06% | 3.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, SCYB and HYG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
HYG has higher volatility (1.13%) compared to SCYB (1.01%). In terms of maximum drawdown, SCYB dropped -4.92% vs HYG's -34.25%.
On 1-year performance, SCYB leads with 6.36% vs 5.93% for HYG. On fees, SCYB is cheaper at 0.03% per year. On volatility, SCYB has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SCYB has performed better with a 6.36% return vs 5.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCYB is cheaper with a 0.03% expense ratio, compared with 0.49% for HYG.
SCYB has the higher dividend yield at 6.92%, compared with 5.91% for HYG.
SCYB tracks ICE BofA US Cash Pay High Yield Constrained Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.03% for SCYB and 0.49% for HYG.
SCYB currently has the higher Sharpe Ratio (1.69 vs 1.54), 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.
Find the right allocation for SCYB and HYG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer