SHYG vs. HYGI
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 0.83 suggests significant overlap in exposure. SHYG charges 0.30%/yr vs 0.52%/yr for HYGI.
Performance
SHYG vs. HYGI - Performance Comparison
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Returns By Period
SHYG
- 1D
- 0.07%
- 1M
- 0.25%
- YTD
- 1.77%
- 6M
- 1.80%
- 1Y
- 5.80%
- 3Y*
- 8.25%
- 5Y*
- 4.79%
- 10Y*
- 5.31%
HYGI
- 1D
- —
- 1M
- —
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHYG vs. HYGI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 1.77% | 7.94% | 8.17% | 10.38% | 3.15% |
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 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022 | 0.83 |
Over the past year, the correlation between SHYG and HYGI has dropped to 0.25 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.
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Return for Risk
SHYG vs. HYGI — Risk / Return Rank
SHYG
HYGI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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 | HYGI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.36 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | — | — |
| Martin ratioReturn relative to average drawdown | 14.40 | — | — |
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Drawdowns
SHYG vs. HYGI - Drawdown Comparison
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Drawdown Indicators
| SHYG | HYGI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.12% | — | — |
Average DrawdownAverage peak-to-trough decline | -1.44% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | — | — |
Volatility
SHYG vs. HYGI - Volatility Comparison
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Volatility by Period
| SHYG | HYGI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.19% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.74% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.41% | — | — |
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 7.00%, while HYGI has not paid dividends to shareholders.
| 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 | 7.00% | 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
SHYG and HYGI have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
SHYG is cheaper with a 0.30% expense ratio, compared with 0.52% for HYGI.
SHYG has the higher dividend yield at 7.00%, compared with 0.97% for 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.
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