SHYG.L vs. XZHE.L

Last updated Jun 5, 2026

SHYG.L (iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist)) and XZHE.L (Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C) are both European High Yield Bonds funds tracking the Bloomberg Pan Euro HY Euro TR EUR, from iShares and DWS respectively. Both are passively managed. Their correlation of 0.81 suggests significant overlap in exposure. SHYG.L charges 0.50%/yr vs 0.25%/yr for XZHE.L.

Performance

SHYG.L vs. XZHE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist) (SHYG.L) and Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C (XZHE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SHYG.L is traded in GBP, while XZHE.L is traded in EUR. To make them comparable, the XZHE.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

SHYG.L

• 1D: 0.24%
• 1M: 1.24%
• YTD: -2.59%
• 6M: -1.99%
• 1Y: 0.73%
• 3Y*: 4.65%
• 5Y*: 1.78%
• 10Y*: 3.56%

XZHE.L

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SHYG.L vs. XZHE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SHYG.L iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist)	-2.59%	7.69%	0.97%	9.31%	8.81%
XZHE.L Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C	-0.63%	11.10%	1.12%	7.71%	7.98%

Correlation

The correlation between SHYG.L and XZHE.L is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022	0.81

The correlation between SHYG.L and XZHE.L has been stable across timeframes, ranging from 0.71 to 0.81 - a consistent structural relationship.

Return for Risk

SHYG.L vs. XZHE.L — Risk / Return Rank

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

SHYG.L

SHYG.L Risk / Return Rank: 10
SHYG.L Sharpe Ratio Rank: 11
SHYG.L Sortino Ratio Rank: 9
SHYG.L Omega Ratio Rank: 10
SHYG.L Calmar Ratio Rank: 11
SHYG.L Martin Ratio Rank: 10

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.

SHYG.L vs. XZHE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist) (SHYG.L) and Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C (XZHE.L). 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.

	SHYG.L	XZHE.L	Difference
Sharpe ratio: Return per unit of total volatility	0.12	—	—
Sortino ratio: Return per unit of downside risk	0.18	—	—
Omega ratio: Gain probability vs. loss probability	1.03	—	—
Calmar ratio: Return relative to maximum drawdown	0.11	—	—
Martin ratio: Return relative to average drawdown	0.29	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SHYG.L	XZHE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.12	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	—	—

Drawdowns

Drawdown Indicators

	SHYG.L	XZHE.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.96%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.43%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.43%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.33%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.96%	—	—
Current Drawdown Current decline from peak	-3.57%	—	—
Average Drawdown Average peak-to-trough decline	-4.87%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	—	—

Volatility

Volatility by Period

	SHYG.L	XZHE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.28%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.15%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.69%	—	—

SHYG.L vs. XZHE.L - Expense Ratio Comparison

SHYG.L has a 0.50% expense ratio, which is higher than XZHE.L's 0.25% expense ratio.

Dividends

SHYG.L vs. XZHE.L - Dividend Comparison

Neither SHYG.L nor XZHE.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHYG.L iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist)	0.00%	2.75%	6.24%	5.39%	3.58%	3.13%	3.66%	3.86%	3.65%	3.74%	3.83%	4.55%
XZHE.L Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHYG.L and XZHE.L in my portfolio?

SHYG.L and XZHE.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SHYG.L or XZHE.L?

On fees, XZHE.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SHYG.L or XZHE.L?

XZHE.L is cheaper with a 0.25% expense ratio, compared with 0.50% for SHYG.L.

What is the main difference between SHYG.L and XZHE.L?

Both ETFs track Bloomberg Pan Euro HY Euro TR EUR. They also come from different issuers: iShares and DWS. Their fees differ too: 0.50% for SHYG.L and 0.25% for XZHE.L.