SHYG vs. IBHG
SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) and IBHG (iShares iBonds 2027 Term High Yield and Income ETF) are both High Yield Bonds funds from iShares - SHYG tracks the Markit iBoxx USD Liquid High Yield 0-5 Index while IBHG tracks the Bloomberg 2027 Term High Yield and Income Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SHYG returned 8.12%/yr vs 7.37%/yr for IBHG. Their correlation of 0.84 suggests significant overlap in exposure. SHYG charges 0.30%/yr vs 0.35%/yr for IBHG.
Performance
SHYG vs. IBHG - 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 IBHG's 0.96% 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%
IBHG
- 1D
- -0.09%
- 1M
- 0.21%
- YTD
- 0.96%
- 6M
- 1.46%
- 1Y
- 4.61%
- 3Y*
- 7.37%
- 5Y*
- —
- 10Y*
- —
SHYG vs. IBHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 1.44% | 7.94% | 8.17% | 10.38% | -4.71% | 0.88% |
IBHG iShares iBonds 2027 Term High Yield and Income ETF | 0.96% | 6.90% | 7.42% | 11.27% | -8.88% | 1.07% |
Correlation
The correlation between SHYG and IBHG is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2021 | 0.84 |
The correlation between SHYG and IBHG shifts across timeframes, from 0.70 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SHYG vs. IBHG — Risk / Return Rank
SHYG
IBHG
SHYG vs. IBHG - 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 iBonds 2027 Term High Yield and Income ETF (IBHG). 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 | IBHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.42 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.73 | 6.38 | -2.65 |
| Martin ratioReturn relative to average drawdown | 16.23 | 23.30 | -7.06 |
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 | IBHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.07 | 2.20 | -0.13 |
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 | 0.56 | +0.16 |
Drawdowns
SHYG vs. IBHG - Drawdown Comparison
The maximum SHYG drawdown since its inception was -19.26%, which is greater than IBHG's maximum drawdown of -13.85%. Use the drawdown chart below to compare losses from any high point for SHYG and IBHG.
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Drawdown Indicators
| SHYG | IBHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.26% | -13.85% | -5.41% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -0.73% | -1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -4.53% | -3.39% | -1.14% |
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 | -0.24% | -0.22% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -1.44% | -2.67% | +1.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.20% | +0.20% |
Volatility
SHYG vs. IBHG - Volatility Comparison
iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) has a higher volatility of 0.94% compared to iShares iBonds 2027 Term High Yield and Income ETF (IBHG) at 0.58%. This indicates that SHYG's price experiences larger fluctuations and is considered to be riskier than IBHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYG | IBHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 0.58% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 1.53% | +0.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.16% | 2.11% | +1.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.73% | 6.37% | -0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.42% | 6.37% | +0.05% |
SHYG vs. IBHG - Expense Ratio Comparison
SHYG has a 0.30% expense ratio, which is lower than IBHG's 0.35% expense ratio.
Dividends
SHYG vs. IBHG - Dividend Comparison
SHYG's dividend yield for the trailing twelve months is around 7.02%, more than IBHG's 6.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBHG iShares iBonds 2027 Term High Yield and Income ETF | 6.08% | 6.33% | 7.02% | 6.66% | 5.62% | 2.13% | 0.00% | 0.00% | 0.00% | 0.00% | 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
SHYG and IBHG have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHYG has higher volatility (0.94%) compared to IBHG (0.58%). In terms of maximum drawdown, SHYG dropped -19.26% vs IBHG's -13.85%.
On 3-year performance, SHYG leads with 8.12% vs 7.37% for IBHG. On fees, SHYG is cheaper at 0.30% per year. On volatility, IBHG has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SHYG has performed better with a 8.12% return vs 7.37%. 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 IBHG.
SHYG has the higher dividend yield at 7.02%, compared with 6.08% for IBHG.
SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index, while IBHG tracks Bloomberg 2027 Term High Yield and Income Index - Benchmark TR Gross. Their fees differ too: 0.30% for SHYG and 0.35% for IBHG.
IBHG currently has the higher Sharpe Ratio (2.20 vs 2.07), 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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