SHYG vs. HYZD
SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) and HYZD (WisdomTree Interest Rate Hedged High Yield Bond Fund) are both High Yield Bonds funds - SHYG tracks the Markit iBoxx USD Liquid High Yield 0-5 Index while HYZD tracks the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index. Both are passively managed. Over the past 10 years, SHYG returned 4.99%/yr vs 5.40%/yr for HYZD. Their 0.47 correlation means their historical movements had little consistent relationship. SHYG charges 0.30%/yr vs 0.43%/yr for HYZD.
Performance
SHYG vs. HYZD - Performance Comparison
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Returns By Period
In the year-to-date period, SHYG achieves a 2.30% return, which is significantly lower than HYZD's 3.95% return. Over the past 10 years, SHYG has underperformed HYZD with an annualized return of 4.99%, while HYZD has yielded a comparatively higher 5.40% annualized return.
SHYG
- 1D
- 0.24%
- 1M
- 0.28%
- 6M
- 1.87%
- YTD
- 2.30%
- 1Y
- 5.22%
- 3Y*
- 7.94%
- 5Y*
- 4.96%
- 10Y*
- 4.99%
- ALL TIME*
- 4.42%
HYZD
- 1D
- 0.04%
- 1M
- 0.95%
- 6M
- 3.13%
- YTD
- 3.95%
- 1Y
- 7.89%
- 3Y*
- 8.81%
- 5Y*
- 6.40%
- 10Y*
- 5.40%
- ALL TIME*
- 4.43%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.05M | $1.94M | $1.65M | |
| $71.43M | $61.03M | $58.57M |
SHYG vs. HYZD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2.30% | 7.94% | 8.17% | 10.38% | -4.71% | 4.60% | 3.15% | 9.93% | 0.02% | 5.11% |
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 3.95% | 7.67% | 9.39% | 11.17% | -2.35% | 6.27% | -0.63% | 9.17% | -2.21% | 6.32% |
Correlation
The correlation between SHYG and HYZD is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.46 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Dec 18, 2013 | 0.47 |
The correlation between SHYG and HYZD shifts across timeframes, from 0.41 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHYG vs. HYZD — Risk / Return Rank
SHYG
HYZD
SHYG vs. HYZD - 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 WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD). 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 | HYZD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.83 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.56 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 4.15 | -1.16 |
| Martin ratioReturn relative to average drawdown | 12.84 | 18.14 | -5.31 |
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Drawdowns
SHYG vs. HYZD - Drawdown Comparison
The maximum SHYG drawdown since its inception was -19.26%, smaller than the maximum HYZD drawdown of -25.66%. Use the drawdown chart below to compare losses from any high point for SHYG and HYZD.
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Drawdown Indicators
| SHYG | HYZD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.26% | -25.66% | +6.40% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -1.91% | +0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -4.53% | -5.85% | +1.32% |
Max Drawdown (5Y)Largest decline over 5 years | -9.39% | -8.97% | -0.42% |
Max Drawdown (10Y)Largest decline over 10 years | -19.26% | -25.66% | +6.40% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.43% | -2.18% | +0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.44% | -0.03% |
Volatility
SHYG vs. HYZD - Volatility Comparison
iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) has a higher volatility of 0.68% compared to WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) at 0.57%. This indicates that SHYG's price experiences larger fluctuations and is considered to be riskier than HYZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYG | HYZD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 0.57% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 2.40% | +0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.18% | 2.99% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.74% | 6.70% | -0.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.39% | 8.51% | -2.12% |
SHYG vs. HYZD - Expense Ratio Comparison
SHYG has a 0.30% expense ratio, which is lower than HYZD's 0.43% expense ratio.
Dividends
SHYG vs. HYZD - Dividend Comparison
SHYG's dividend yield for the trailing twelve months is around 7.02%, more than HYZD's 5.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 5.87% | 6.05% | 6.08% | 5.94% | 5.14% | 4.02% | 5.13% | 5.50% | 5.58% | 4.94% | 5.07% | 4.38% |
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
SHYG and HYZD have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHYG has higher volatility (0.68%) compared to HYZD (0.57%). In terms of maximum drawdown, SHYG dropped -19.26% vs HYZD's -25.66%.
On 10-year performance, HYZD leads with 5.40% vs 4.99% for SHYG. On fees, SHYG is cheaper at 0.30% per year. On volatility, HYZD has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYZD has performed better with a 5.40% return vs 4.99%. 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 0.43% for HYZD.
SHYG has the higher dividend yield at 7.02%, compared with 5.87% for HYZD.
SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index, while HYZD tracks WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.30% for SHYG and 0.43% for HYZD.
HYZD currently has the higher Sharpe Ratio (2.65 vs 1.65), 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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