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SHYG vs. SHY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SHYG vs. SHY

Last updated Jun 3, 2026

SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) and SHY (iShares 1-3 Year Treasury 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 SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, SHYG returned 5.21%/yr vs 1.65%/yr for SHY. At a 0.12 correlation, their price movements are largely independent. SHYG charges 0.30%/yr vs 0.15%/yr for SHY.

Performance

SHYG vs. SHY - 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 1-3 Year Treasury Bond ETF (SHY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SHYG achieves a 1.68% return, which is significantly higher than SHY's 0.48% return. Over the past 10 years, SHYG has outperformed SHY with an annualized return of 5.21%, while SHY has yielded a comparatively lower 1.65% annualized return.

SHYG

1D
0.05%
1M
0.30%
YTD
1.68%
6M
2.36%
1Y
6.90%
3Y*
8.20%
5Y*
4.91%
10Y*
5.21%

SHY

1D
0.00%
1M
0.00%
YTD
0.48%
6M
0.80%
1Y
3.34%
3Y*
4.04%
5Y*
1.73%
10Y*
1.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SHYG vs. SHY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SHYG
iShares 0-5 Year High Yield Corporate Bond ETF		1.68%7.94%8.17%10.38%-4.71%4.60%3.15%9.93%0.02%5.11%
SHY
iShares 1-3 Year Treasury Bond ETF		0.48%4.95%3.92%4.16%-3.88%-0.71%3.03%3.38%1.46%0.26%

Correlation

The correlation between SHYG and SHY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

Correlation (3Y)
Calculated over the trailing 3-year period

0.47

Correlation (5Y)
Calculated over the trailing 5-year period

0.40

Correlation (10Y)
Calculated over the trailing 10-year period

0.17

Correlation (All Time)
Calculated using the full available price history since Oct 18, 2013

0.12

Over the past year, SHYG and SHY have become more correlated (0.48) than their long-term average of 0.12, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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iShares 0-5 Year High Yield Corporate Bond ETF

iShares 1-3 Year Treasury Bond ETF

Often compared with SHYG:
SHYG vs. HYGSHYG vs. SJNKSHYG vs. SPHYSHYG vs. SHYLSHYG vs. LQDSHYG vs. HYDBSHYG vs. VOO
Often compared with SHY:
SHY vs. SGOVSHY vs. VGSHSHY vs. SHVSHY vs. TLTSHY vs. IEFSHY vs. BILSHY vs. BSV

Return for Risk

SHYG vs. SHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SHYG
SHYG Risk / Return Rank: 7575
Overall Rank
SHYG Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
SHYG Sortino Ratio Rank: 7474
Sortino Ratio Rank
SHYG Omega Ratio Rank: 7474
Omega Ratio Rank
SHYG Calmar Ratio Rank: 7777
Calmar Ratio Rank
SHYG Martin Ratio Rank: 8383
Martin Ratio Rank
SHY
SHY Risk / Return Rank: 7979
Overall Rank
SHY Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
SHY Sortino Ratio Rank: 8989
Sortino Ratio Rank
SHY Omega Ratio Rank: 8484
Omega Ratio Rank
SHY Calmar Ratio Rank: 7272
Calmar Ratio Rank
SHY Martin Ratio Rank: 7676
Martin Ratio Rank
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. SHY - 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 1-3 Year Treasury Bond ETF (SHY). 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.

SHYGSHYDifference

Sharpe ratio

Return per unit of total volatility

2.20

2.51

-0.31

Sortino ratio

Return per unit of downside risk

3.38

4.14

-0.76

Omega ratio

Gain probability vs. loss probability

1.45

1.51

-0.07

Calmar ratio

Return relative to maximum drawdown

3.94

3.67

+0.28

Martin ratio

Return relative to average drawdown

17.22

14.96

+2.26

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHYG vs. SHY - Sharpe Ratio Comparison

The current SHYG Sharpe Ratio is 2.20, which is comparable to the SHY Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of SHYG and SHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SHYGSHYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.20

2.51

-0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.86

0.88

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.81

1.06

-0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.73

1.29

-0.55

Drawdowns

SHYG vs. SHY - Drawdown Comparison

The maximum SHYG drawdown since its inception was -19.26%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for SHYG and SHY.

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Drawdown Indicators

SHYGSHYDifference

Max Drawdown

Largest peak-to-trough decline

-19.26%

-5.71%

-13.55%

Max Drawdown (1Y)

Largest decline over 1 year

-1.75%

-0.89%

-0.86%

Max Drawdown (3Y)

Largest decline over 3 years

-4.53%

-0.97%

-3.56%

Max Drawdown (5Y)

Largest decline over 5 years

-9.39%

-5.71%

-3.68%

Max Drawdown (10Y)

Largest decline over 10 years

-19.26%

-5.71%

-13.55%

Current Drawdown

Current decline from peak

-0.01%

-0.26%

+0.25%

Average Drawdown

Average peak-to-trough decline

-1.44%

-0.52%

-0.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.40%

0.22%

+0.18%

Volatility

SHYG vs. SHY - Volatility Comparison

iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) has a higher volatility of 0.95% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.37%. This indicates that SHYG's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SHYGSHYDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.95%

0.37%

+0.58%

Volatility (6M)

Calculated over the trailing 6-month period

2.50%

0.93%

+1.57%

Volatility (1Y)

Calculated over the trailing 1-year period

3.15%

1.34%

+1.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.73%

1.98%

+3.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.43%

1.57%

+4.86%

SHYG vs. SHY - Expense Ratio Comparison

SHYG has a 0.30% expense ratio, which is higher than SHY's 0.15% expense ratio.

Dividends

SHYG vs. SHY - Dividend Comparison

SHYG's dividend yield for the trailing twelve months is around 7.01%, more than SHY's 3.68% yield.

PositionTTM20252024202320222021202020192018201720162015
SHY
iShares 1-3 Year Treasury Bond ETF		3.68%3.81%3.92%2.99%1.30%0.26%0.94%2.12%1.72%0.98%0.71%0.54%
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

SHYG and SHY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SHYG has higher volatility (0.95%) compared to SHY (0.37%). In terms of maximum drawdown, SHYG dropped -19.26% vs SHY's -5.71%.

On 10-year performance, SHYG leads with 5.21% vs 1.65% for SHY. On fees, SHY is cheaper at 0.15% per year. On volatility, SHY has been the lower-risk option at 0.37%. 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 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SHY is cheaper with a 0.15% expense ratio, compared with 0.30% for SHYG.

SHYG has the higher dividend yield at 7.01%, compared with 3.68% for SHY.

SHYG is categorized as High Yield Bonds, while SHY is Government Bonds. SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index, while SHY tracks ICE US Treasury 1-3 Year Index. Their fees differ too: 0.30% for SHYG and 0.15% for SHY.

SHY currently has the higher Sharpe Ratio (2.51 vs 2.20), 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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