SHYG vs. HYGI

Last updated Jun 5, 2026

SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) and HYGI (iShares Inflation Hedged High Yield Bond ETF) are both exchange-traded funds - SHYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield 0-5 Index, while HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. Both are passively managed. Their correlation of 0.84 suggests significant overlap in exposure. SHYG charges 0.30%/yr vs 0.52%/yr for HYGI.

Performance

SHYG vs. HYGI - 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 iShares Inflation Hedged High Yield Bond ETF (HYGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

HYGI

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

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

SHYG vs. HYGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SHYG iShares 0-5 Year High Yield Corporate Bond ETF	1.58%	7.94%	8.17%	10.38%	2.68%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%

Correlation

The correlation between SHYG and HYGI is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jun 27, 2022	0.84

Over the past year, the correlation between SHYG and HYGI has dropped to 0.30 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

SHYG vs. HYGI - Sectors Allocation Comparison

Sectors	SHYG	HYGI
Utilities	99.3%	99.6%
Real Estate	0.7%	0.4%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-

Return for Risk

SHYG vs. HYGI — 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

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. HYGI - 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 Inflation Hedged High Yield Bond ETF (HYGI). 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	HYGI	Difference
Sharpe ratio: Return per unit of total volatility	2.07	—	—
Sortino ratio: Return per unit of downside risk	3.18	—	—
Omega ratio: Gain probability vs. loss probability	1.42	—	—
Calmar ratio: Return relative to maximum drawdown	3.74	—	—
Martin ratio: Return relative to average drawdown	16.31	—	—
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	HYGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	—	—
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	—	—

Drawdowns

Drawdown Indicators

	SHYG	HYGI	Difference
Max Drawdown Largest peak-to-trough decline	-19.26%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.53%	—	—
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%	—	—
Average Drawdown Average peak-to-trough decline	-1.44%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	—	—

Volatility

Volatility by Period

	SHYG	HYGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.16%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.73%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.42%	—	—

SHYG vs. HYGI - Expense Ratio Comparison

SHYG has a 0.30% expense ratio, which is lower than HYGI's 0.52% expense ratio.

Dividends

SHYG vs. HYGI - Dividend Comparison

SHYG's dividend yield for the trailing twelve months is around 7.01%, more than HYGI's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%	0.00%	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 HYGI in my portfolio?

SHYG and HYGI have a correlation of 0.30, 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 or HYGI?

On fees, SHYG is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SHYG or HYGI?

SHYG is cheaper with a 0.30% expense ratio, compared with 0.52% for HYGI.

Which ETF pays a higher dividend yield, SHYG or HYGI?

SHYG has the higher dividend yield at 7.01%, compared with 0.97% for HYGI.

What is the main difference between SHYG and HYGI?

SHYG is categorized as High Yield Bonds, while HYGI is Inflation-Protected Bonds. SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index, while HYGI tracks BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. Their fees differ too: 0.30% for SHYG and 0.52% for HYGI.