SCYB vs. HYGH
SCYB (Schwab High Yield Bond ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both High Yield Bonds funds - SCYB tracks the ICE BofA US Cash Pay High Yield Constrained Index while HYGH tracks the Markit iBoxx USD Liquid High Yield Interest Hedged Index. Both are passively managed. Over the past 3 years, SCYB returned 8.18%/yr vs 9.30%/yr for HYGH. A 0.63 correlation means they provide meaningful diversification when combined. SCYB charges 0.03%/yr vs 0.52%/yr for HYGH.
Performance
SCYB vs. HYGH - Performance Comparison
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Returns By Period
In the year-to-date period, SCYB achieves a 1.87% return, which is significantly lower than HYGH's 3.61% return.
SCYB
- 1D
- -0.23%
- 1M
- 0.01%
- 6M
- 1.30%
- YTD
- 1.87%
- 1Y
- 5.87%
- 3Y*
- 8.18%
- 5Y*
- —
- 10Y*
- —
HYGH
- 1D
- 0.03%
- 1M
- 0.36%
- 6M
- 3.14%
- YTD
- 3.61%
- 1Y
- 7.17%
- 3Y*
- 9.30%
- 5Y*
- 6.95%
- 10Y*
- 6.18%
SCYB vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SCYB Schwab High Yield Bond ETF | 1.87% | 8.33% | 8.15% | 7.29% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.61% | 6.94% | 11.22% | 6.40% |
Correlation
The correlation between SCYB and HYGH is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023 | 0.63 |
The correlation between SCYB and HYGH has been stable across timeframes, ranging from 0.62 to 0.63 - a consistent structural relationship.
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Return for Risk
SCYB vs. HYGH — Risk / Return Rank
SCYB
HYGH
SCYB vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab High Yield Bond ETF (SCYB) 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.
| SCYB | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.37 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 4.44 | -2.03 |
| Martin ratioReturn relative to average drawdown | 10.78 | 17.40 | -6.62 |
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Drawdowns
SCYB vs. HYGH - Drawdown Comparison
The maximum SCYB drawdown since its inception was -4.92%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for SCYB and HYGH.
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Drawdown Indicators
| SCYB | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.92% | -23.88% | +18.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -1.62% | -0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -4.92% | -8.06% | +3.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.88% | — |
Current DrawdownCurrent decline from peak | -0.46% | -0.01% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -0.50% | -2.21% | +1.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.41% | +0.14% |
Volatility
SCYB vs. HYGH - Volatility Comparison
Schwab High Yield Bond ETF (SCYB) has a higher volatility of 0.85% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.60%. This indicates that SCYB'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
| SCYB | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 0.60% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 3.01% | 2.74% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.75% | 3.63% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 7.07% | -1.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 8.22% | -3.14% |
SCYB vs. HYGH - Expense Ratio Comparison
SCYB has a 0.03% expense ratio, which is lower than HYGH's 0.52% expense ratio.
Dividends
SCYB vs. HYGH - Dividend Comparison
SCYB's dividend yield for the trailing twelve months is around 6.94%, more than HYGH's 6.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.57% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
SCYB Schwab High Yield Bond ETF | 6.94% | 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
SCYB and HYGH have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCYB has higher volatility (0.85%) compared to HYGH (0.60%). In terms of maximum drawdown, SCYB dropped -4.92% vs HYGH's -23.88%.
On 3-year performance, HYGH leads with 9.30% vs 8.18% for SCYB. On fees, SCYB is cheaper at 0.03% per year. On volatility, HYGH has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYGH has performed better with a 9.30% return vs 8.18%. 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 0.52% for HYGH.
SCYB has the higher dividend yield at 6.94%, compared with 6.57% for HYGH.
SCYB tracks ICE BofA US Cash Pay High Yield Constrained Index, while HYGH tracks Markit iBoxx USD Liquid High Yield Interest Hedged Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.03% for SCYB and 0.52% for HYGH.
HYGH currently has the higher Sharpe Ratio (1.99 vs 1.58), 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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