SHYG vs. HYG
SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both High Yield Bonds funds from iShares - SHYG tracks the Markit iBoxx USD Liquid High Yield 0-5 Index while HYG tracks the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 10 years, SHYG returned 5.21%/yr vs 5.00%/yr for HYG. Their correlation of 0.90 suggests significant overlap in exposure. SHYG charges 0.30%/yr vs 0.49%/yr for HYG.
Performance
SHYG vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, SHYG achieves a 1.72% return, which is significantly higher than HYG's 1.56% return. Both investments have delivered pretty close results over the past 10 years, with SHYG having a 5.21% annualized return and HYG not far behind at 5.00%.
SHYG
- 1D
- -0.07%
- 1M
- 0.39%
- YTD
- 1.72%
- 6M
- 1.94%
- 1Y
- 6.03%
- 3Y*
- 8.27%
- 5Y*
- 4.78%
- 10Y*
- 5.21%
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%
SHYG vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 1.72% | 7.94% | 8.17% | 10.38% | -4.71% | 4.60% | 3.15% | 9.93% | 0.02% | 5.11% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.56% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between SHYG and HYG is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2013 | 0.90 |
The correlation between SHYG and HYG has been stable across timeframes, ranging from 0.90 to 0.98 - a consistent structural relationship.
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Return for Risk
SHYG vs. HYG — Risk / Return Rank
SHYG
HYG
SHYG vs. HYG - 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 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.
| SHYG | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.29 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 2.55 | +0.91 |
| Martin ratioReturn relative to average drawdown | 14.95 | 11.18 | +3.78 |
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Drawdowns
SHYG vs. HYG - Drawdown Comparison
The maximum SHYG drawdown since its inception was -19.26%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for SHYG and HYG.
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Drawdown Indicators
| SHYG | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.26% | -34.25% | +14.99% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -2.34% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -4.53% | -4.56% | +0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -9.39% | -15.79% | +6.40% |
Max Drawdown (10Y)Largest decline over 10 years | -19.26% | -22.03% | +2.77% |
Current DrawdownCurrent decline from peak | -0.16% | -0.21% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -1.44% | -3.23% | +1.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.53% | -0.13% |
Volatility
SHYG vs. HYG - Volatility Comparison
The current volatility for iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) is 0.83%, while iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a volatility of 1.13%. This indicates that SHYG 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.
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Volatility by Period
| SHYG | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 1.13% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 3.11% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.20% | 3.88% | -0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.74% | 7.54% | -1.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.41% | 8.27% | -1.86% |
SHYG vs. HYG - Expense Ratio Comparison
SHYG has a 0.30% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
SHYG vs. HYG - Dividend Comparison
SHYG's dividend yield for the trailing twelve months is around 7.00%, 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% |
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 7.00% | 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 0.97, SHYG 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 SHYG (0.83%). In terms of maximum drawdown, SHYG dropped -19.26% vs HYG's -34.25%.
On 10-year performance, SHYG leads with 5.21% vs 5.00% for HYG. On fees, SHYG is cheaper at 0.30% per year. On volatility, SHYG has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SHYG has performed better with a 5.21% return vs 5.00%. 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 0.49% for HYG.
SHYG has the higher dividend yield at 7.00%, compared with 5.91% for HYG.
SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. Their fees differ too: 0.30% for SHYG and 0.49% for HYG.
SHYG currently has the higher Sharpe Ratio (1.89 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.
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