SHYG vs. BGHSX

Last updated Jun 5, 2026

SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) and BGHSX (BrandywineGLOBAL - High Yield Fund) are both High Yield Bonds funds. Over the past 3 years, SHYG returned 8.16%/yr vs 8.00%/yr for BGHSX. A 0.59 correlation means they provide meaningful diversification when combined. SHYG charges 0.30%/yr vs 0.54%/yr for BGHSX.

Performance

SHYG vs. BGHSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) and BrandywineGLOBAL - High Yield Fund (BGHSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHYG achieves a 1.58% return, which is significantly higher than BGHSX's 0.14% return.

SHYG

• 1D: 0.14%
• 1M: 0.32%
• YTD: 1.58%
• 6M: 2.09%
• 1Y: 6.52%
• 3Y*: 8.16%
• 5Y*: 4.86%
• 10Y*: 5.16%

BGHSX

• 1D: -0.20%
• 1M: 0.33%
• YTD: 0.14%
• 6M: 0.52%
• 1Y: 4.58%
• 3Y*: 8.00%
• 5Y*: —
• 10Y*: —

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

SHYG vs. BGHSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SHYG iShares 0-5 Year High Yield Corporate Bond ETF	1.58%	7.94%	8.17%	10.38%	-4.71%	1.44%
BGHSX BrandywineGLOBAL - High Yield Fund	0.14%	5.55%	9.90%	13.21%	-10.23%	1.12%

Correlation

The correlation between SHYG and BGHSX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.59

The correlation between SHYG and BGHSX has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.

Return for Risk

SHYG vs. BGHSX — Risk / Return Rank

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

SHYG

SHYG Risk / Return Rank: 73
SHYG Sharpe Ratio Rank: 63
SHYG Sortino Ratio Rank: 71
SHYG Omega Ratio Rank: 71
SHYG Calmar Ratio Rank: 75
SHYG Martin Ratio Rank: 82

BGHSX

BGHSX Risk / Return Rank: 32
BGHSX Sharpe Ratio Rank: 27
BGHSX Sortino Ratio Rank: 39
BGHSX Omega Ratio Rank: 38
BGHSX Calmar Ratio Rank: 23
BGHSX Martin Ratio Rank: 31

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 vs. BGHSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) and BrandywineGLOBAL - High Yield Fund (BGHSX). 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	BGHSX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.49	+0.59
Sortino ratio: Return per unit of downside risk	3.18	2.60	+0.58
Omega ratio: Gain probability vs. loss probability	1.42	1.32	+0.09
Calmar ratio: Return relative to maximum drawdown	3.74	1.76	+1.98
Martin ratio: Return relative to average drawdown	16.31	7.15	+9.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHYG vs. BGHSX - Sharpe Ratio Comparison

The current SHYG Sharpe Ratio is 2.07, which is higher than the BGHSX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of SHYG and BGHSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SHYG	BGHSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.49	+0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.84	-0.11

Drawdowns

SHYG vs. BGHSX - Drawdown Comparison

The maximum SHYG drawdown since its inception was -19.26%, which is greater than BGHSX's maximum drawdown of -14.30%. Use the drawdown chart below to compare losses from any high point for SHYG and BGHSX.

Drawdown Indicators

	SHYG	BGHSX	Difference
Max Drawdown Largest peak-to-trough decline	-19.26%	-14.30%	-4.96%
Max Drawdown (1Y) Largest decline over 1 year	-1.75%	-2.67%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-4.53%	-4.55%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-9.39%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.26%	—	—
Current Drawdown Current decline from peak	-0.10%	-0.20%	+0.10%
Average Drawdown Average peak-to-trough decline	-1.44%	-3.24%	+1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.66%	-0.26%

Volatility

SHYG vs. BGHSX - Volatility Comparison

iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) has a higher volatility of 0.93% compared to BrandywineGLOBAL - High Yield Fund (BGHSX) at 0.88%. This indicates that SHYG's price experiences larger fluctuations and is considered to be riskier than BGHSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHYG	BGHSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	0.88%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	2.31%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	3.16%	3.17%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.73%	4.48%	+1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.42%	4.48%	+1.94%

SHYG vs. BGHSX - Expense Ratio Comparison

SHYG has a 0.30% expense ratio, which is lower than BGHSX's 0.54% expense ratio.

Dividends

SHYG vs. BGHSX - Dividend Comparison

SHYG's dividend yield for the trailing twelve months is around 7.01%, more than BGHSX's 6.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGHSX BrandywineGLOBAL - High Yield Fund	6.26%	7.08%	7.49%	5.23%	5.32%	4.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SHYG iShares 0-5 Year High Yield Corporate Bond ETF	7.01%	7.03%	6.93%	6.54%	5.57%	4.83%	5.07%	5.33%	5.90%	5.49%	5.53%	5.17%

Frequently Asked Questions

Can I hold both SHYG and BGHSX in my portfolio?

SHYG and BGHSX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHYG or BGHSX?

SHYG has higher volatility (0.93%) compared to BGHSX (0.88%). In terms of maximum drawdown, SHYG dropped -19.26% vs BGHSX's -14.30%.

Which has better risk-adjusted returns?

SHYG currently has the higher Sharpe Ratio (2.07 vs 1.49), 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.