SHYG vs. SHYL
SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) and SHYL (Xtrackers Short Duration High Yield Bond ETF) are both High Yield Bonds funds - SHYG tracks the Markit iBoxx USD Liquid High Yield 0-5 Index while SHYL tracks the Solactive USD High Yield Corporates Total Market 0-5 Year Index. Both are passively managed. Over the past 5 years, SHYG returned 4.91%/yr vs 4.95%/yr for SHYL. Their correlation of 0.92 suggests significant overlap in exposure. SHYG charges 0.30%/yr vs 0.20%/yr for SHYL.
Performance
SHYG vs. SHYL - Performance Comparison
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Returns By Period
In the year-to-date period, SHYG achieves a 1.68% return, which is significantly higher than SHYL's 1.35% 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%
SHYL
- 1D
- 0.03%
- 1M
- 0.16%
- YTD
- 1.35%
- 6M
- 1.96%
- 1Y
- 6.36%
- 3Y*
- 8.35%
- 5Y*
- 4.95%
- 10Y*
- —
SHYG vs. SHYL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -0.13% |
SHYL Xtrackers Short Duration High Yield Bond ETF | 1.35% | 7.78% | 8.52% | 11.39% | -5.21% | 4.60% | 3.64% | 10.16% | -0.67% |
Correlation
The correlation between SHYG and SHYL is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018 | 0.92 |
The correlation between SHYG and SHYL has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
SHYG vs. SHYL — Risk / Return Rank
SHYG
SHYL
SHYG vs. SHYL - 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 Xtrackers Short Duration High Yield Bond ETF (SHYL). 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 | SHYL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.20 | 2.00 | +0.20 |
Sortino ratioReturn per unit of downside risk | 3.38 | 3.05 | +0.33 |
Omega ratioGain probability vs. loss probability | 1.45 | 1.41 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 3.94 | 3.95 | -0.01 |
Martin ratioReturn relative to average drawdown | 17.22 | 15.62 | +1.60 |
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 | SHYL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.20 | 2.00 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | 0.85 | +0.01 |
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 | 0.72 | +0.01 |
Drawdowns
SHYG vs. SHYL - Drawdown Comparison
The maximum SHYG drawdown since its inception was -19.26%, roughly equal to the maximum SHYL drawdown of -19.26%. Use the drawdown chart below to compare losses from any high point for SHYG and SHYL.
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Drawdown Indicators
| SHYG | SHYL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.26% | -19.26% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -1.59% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -4.53% | -4.73% | +0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -9.39% | -9.60% | +0.21% |
Max Drawdown (10Y)Largest decline over 10 years | -19.26% | — | — |
Current DrawdownCurrent decline from peak | -0.01% | -0.03% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -1.44% | -1.54% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.40% | 0.00% |
Volatility
SHYG vs. SHYL - Volatility Comparison
iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) has a higher volatility of 0.95% compared to Xtrackers Short Duration High Yield Bond ETF (SHYL) at 0.85%. This indicates that SHYG's price experiences larger fluctuations and is considered to be riskier than SHYL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYG | SHYL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 0.85% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.50% | 2.44% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.15% | 3.19% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.73% | 5.84% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.43% | 6.69% | -0.26% |
SHYG vs. SHYL - Expense Ratio Comparison
SHYG has a 0.30% expense ratio, which is higher than SHYL's 0.20% expense ratio.
Dividends
SHYG vs. SHYL - Dividend Comparison
SHYG's dividend yield for the trailing twelve months is around 7.01%, more than SHYL's 6.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SHYL Xtrackers Short Duration High Yield Bond ETF | 6.92% | 7.02% | 7.26% | 6.60% | 5.52% | 4.65% | 6.16% | 5.93% | 5.54% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, SHYG and SHYL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SHYG has higher volatility (0.95%) compared to SHYL (0.85%). In terms of maximum drawdown, SHYG dropped -19.26% vs SHYL's -19.26%.
On 5-year performance, SHYL leads with 4.95% vs 4.91% for SHYG. On fees, SHYL is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SHYL has performed better with a 4.95% return vs 4.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHYL is cheaper with a 0.20% expense ratio, compared with 0.30% for SHYG.
SHYG has the higher dividend yield at 7.01%, compared with 6.92% for SHYL.
SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index, while SHYL tracks Solactive USD High Yield Corporates Total Market 0-5 Year Index. They also come from different issuers: iShares and Deutsche Bank. Their fees differ too: 0.30% for SHYG and 0.20% for SHYL.
SHYG currently has the higher Sharpe Ratio (2.20 vs 2.00), 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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