SHYG vs. HYDB
SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) and HYDB (iShares High Yield Bond Factor ETF) are both High Yield Bonds funds from iShares - SHYG tracks the Markit iBoxx USD Liquid High Yield 0-5 Index while HYDB tracks the BlackRock High Yield Defensive Bond Index. Both are passively managed. Over the past 5 years, SHYG returned 4.83%/yr vs 4.67%/yr for HYDB. Their correlation of 0.87 suggests significant overlap in exposure. SHYG charges 0.30%/yr vs 0.35%/yr for HYDB.
Performance
SHYG vs. HYDB - Performance Comparison
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Returns By Period
In the year-to-date period, SHYG achieves a 1.44% return, which is significantly higher than HYDB's 1.32% return.
SHYG
- 1D
- -0.24%
- 1M
- 0.35%
- YTD
- 1.44%
- 6M
- 1.95%
- 1Y
- 6.50%
- 3Y*
- 8.12%
- 5Y*
- 4.83%
- 10Y*
- 5.18%
HYDB
- 1D
- -0.21%
- 1M
- 0.39%
- YTD
- 1.32%
- 6M
- 1.87%
- 1Y
- 7.20%
- 3Y*
- 9.11%
- 5Y*
- 4.67%
- 10Y*
- —
SHYG vs. HYDB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 1.44% | 7.94% | 8.17% | 10.38% | -4.71% | 4.60% | 3.15% | 9.93% | 0.02% | 1.38% |
HYDB iShares High Yield Bond Factor ETF | 1.32% | 8.10% | 9.11% | 14.02% | -9.99% | 5.14% | 7.39% | 16.13% | -3.18% | 3.38% |
Correlation
The correlation between SHYG and HYDB is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2017 | 0.87 |
The correlation between SHYG and HYDB has been stable across timeframes, ranging from 0.87 to 0.96 - a consistent structural relationship.
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Return for Risk
SHYG vs. HYDB — Risk / Return Rank
SHYG
HYDB
SHYG vs. HYDB - 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 iShares High Yield Bond Factor ETF (HYDB). 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 | HYDB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.07 | 1.91 | +0.15 |
Sortino ratioReturn per unit of downside risk | 3.17 | 2.88 | +0.29 |
Omega ratioGain probability vs. loss probability | 1.41 | 1.37 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 3.73 | 2.55 | +1.17 |
Martin ratioReturn relative to average drawdown | 16.23 | 11.30 | +4.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SHYG | HYDB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.07 | 1.91 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | 0.67 | +0.18 |
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 | 0.71 | +0.02 |
Drawdowns
SHYG vs. HYDB - Drawdown Comparison
The maximum SHYG drawdown since its inception was -19.26%, smaller than the maximum HYDB drawdown of -21.58%. Use the drawdown chart below to compare losses from any high point for SHYG and HYDB.
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Drawdown Indicators
| SHYG | HYDB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.26% | -21.58% | +2.32% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -2.83% | +1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -4.53% | -5.58% | +1.05% |
Max Drawdown (5Y)Largest decline over 5 years | -9.39% | -14.28% | +4.89% |
Max Drawdown (10Y)Largest decline over 10 years | -19.26% | — | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.21% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -1.44% | -2.39% | +0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.64% | -0.24% |
Volatility
SHYG vs. HYDB - Volatility Comparison
The current volatility for iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) is 0.94%, while iShares High Yield Bond Factor ETF (HYDB) has a volatility of 1.13%. This indicates that SHYG experiences smaller price fluctuations and is considered to be less risky than HYDB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYG | HYDB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 1.13% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 2.93% | -0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.16% | 3.79% | -0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.73% | 7.04% | -1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.42% | 7.76% | -1.34% |
SHYG vs. HYDB - Expense Ratio Comparison
SHYG has a 0.30% expense ratio, which is lower than HYDB's 0.35% expense ratio.
Dividends
SHYG vs. HYDB - Dividend Comparison
SHYG's dividend yield for the trailing twelve months is around 7.02%, which matches HYDB's 7.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYDB iShares High Yield Bond Factor ETF | 7.00% | 7.04% | 6.95% | 7.00% | 6.30% | 4.70% | 5.81% | 5.68% | 6.16% | 2.70% | 0.00% | 0.00% |
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 7.02% | 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
With a correlation of 0.96, SHYG and HYDB 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.
HYDB has higher volatility (1.13%) compared to SHYG (0.94%). In terms of maximum drawdown, SHYG dropped -19.26% vs HYDB's -21.58%.
On 5-year performance, SHYG leads with 4.83% vs 4.67% for HYDB. On fees, SHYG is cheaper at 0.30% per year. On volatility, SHYG has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SHYG has performed better with a 4.83% return vs 4.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHYG is cheaper with a 0.30% expense ratio, compared with 0.35% for HYDB.
SHYG has the higher dividend yield at 7.02%, compared with 7.00% for HYDB.
SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index, while HYDB tracks BlackRock High Yield Defensive Bond Index. Their fees differ too: 0.30% for SHYG and 0.35% for HYDB.
SHYG currently has the higher Sharpe Ratio (2.07 vs 1.91), 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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