THYF vs. HYGV

Last updated Jun 4, 2026

THYF (T. Rowe Price U.S. High Yield ETF) and HYGV (FlexShares High Yield Value-Scored US Bond Index Fund) are both High Yield Bonds funds. THYF is actively managed, while HYGV is passively managed. Over the past 3 years, THYF returned 8.57%/yr vs 8.38%/yr for HYGV. Their correlation of 0.82 suggests significant overlap in exposure. THYF charges 0.56%/yr vs 0.37%/yr for HYGV.

Performance

THYF vs. HYGV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price U.S. High Yield ETF (THYF) and FlexShares High Yield Value-Scored US Bond Index Fund (HYGV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THYF achieves a 1.50% return, which is significantly higher than HYGV's 1.42% return.

THYF

• 1D: -0.35%
• 1M: 0.61%
• YTD: 1.50%
• 6M: 1.90%
• 1Y: 7.02%
• 3Y*: 8.57%
• 5Y*: —
• 10Y*: —

HYGV

• 1D: -0.24%
• 1M: 0.33%
• YTD: 1.42%
• 6M: 1.66%
• 1Y: 6.94%
• 3Y*: 8.38%
• 5Y*: 3.49%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

THYF vs. HYGV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
THYF T. Rowe Price U.S. High Yield ETF	1.50%	7.77%	8.51%	11.32%	1.53%
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	1.42%	7.92%	8.02%	12.11%	1.62%

Correlation

The correlation between THYF and HYGV is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	0.82

The correlation between THYF and HYGV has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

THYF vs. HYGV - Sectors Allocation Comparison

Sectors	THYF	HYGV
Financial Services	34.0%	-
Basic Materials	18.3%	-
Healthcare	9.8%	-
Consumer Cyclical	8.1%	-
Real Estate	6.8%	-
Industrials	6.1%	-
Energy	4.3%	100.0%
Consumer Defensive	3.9%	-
Technology	3.7%	-
Communication Services	3.7%	-
Utilities	1.4%	-

Return for Risk

THYF vs. HYGV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

THYF

THYF Risk / Return Rank: 61
THYF Sharpe Ratio Rank: 59
THYF Sortino Ratio Rank: 66
THYF Omega Ratio Rank: 64
THYF Calmar Ratio Rank: 51
THYF Martin Ratio Rank: 63

HYGV

HYGV Risk / Return Rank: 56
HYGV Sharpe Ratio Rank: 52
HYGV Sortino Ratio Rank: 58
HYGV Omega Ratio Rank: 56
HYGV Calmar Ratio Rank: 52
HYGV Martin Ratio Rank: 62

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.

THYF vs. HYGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. High Yield ETF (THYF) and FlexShares High Yield Value-Scored US Bond Index Fund (HYGV). 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.

	THYF	HYGV	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.81	+0.19
Sortino ratio: Return per unit of downside risk	3.08	2.79	+0.29
Omega ratio: Gain probability vs. loss probability	1.39	1.35	+0.04
Calmar ratio: Return relative to maximum drawdown	2.51	2.60	-0.08
Martin ratio: Return relative to average drawdown	11.49	11.22	+0.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THYF vs. HYGV - Sharpe Ratio Comparison

The current THYF Sharpe Ratio is 2.01, which is comparable to the HYGV Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of THYF and HYGV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	THYF	HYGV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.81	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.47	0.55	+0.92

Drawdowns

THYF vs. HYGV - Drawdown Comparison

The maximum THYF drawdown since its inception was -5.24%, smaller than the maximum HYGV drawdown of -23.47%. Use the drawdown chart below to compare losses from any high point for THYF and HYGV.

Drawdown Indicators

	THYF	HYGV	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-23.47%	+18.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-2.68%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-5.07%	-5.56%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.12%	—
Current Drawdown Current decline from peak	-0.35%	-0.27%	-0.08%
Average Drawdown Average peak-to-trough decline	-0.82%	-3.32%	+2.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.62%	-0.01%

Volatility

THYF vs. HYGV - Volatility Comparison

T. Rowe Price U.S. High Yield ETF (THYF) and FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) have volatilities of 1.12% and 1.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THYF	HYGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.17%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	3.02%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	3.85%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.82%	7.59%	-1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.82%	9.20%	-3.38%

THYF vs. HYGV - Expense Ratio Comparison

THYF has a 0.56% expense ratio, which is higher than HYGV's 0.37% expense ratio.

Dividends

THYF vs. HYGV - Dividend Comparison

THYF's dividend yield for the trailing twelve months is around 7.02%, less than HYGV's 7.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	7.41%	7.48%	8.20%	8.77%	7.64%	6.07%	6.18%	7.95%	5.63%
THYF T. Rowe Price U.S. High Yield ETF	7.02%	7.17%	7.30%	8.02%	1.50%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THYF and HYGV in my portfolio?

THYF and HYGV have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THYF or HYGV?

HYGV has higher volatility (1.17%) compared to THYF (1.12%). In terms of maximum drawdown, THYF dropped -5.24% vs HYGV's -23.47%.

Which ETF is better, THYF or HYGV?

On 3-year performance, THYF leads with 8.57% vs 8.38% for HYGV. On fees, HYGV is cheaper at 0.37% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THYF or HYGV?

Over the 3-year period, THYF has performed better with a 8.57% return vs 8.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THYF or HYGV?

HYGV is cheaper with a 0.37% expense ratio, compared with 0.56% for THYF.

Which ETF pays a higher dividend yield, THYF or HYGV?

HYGV has the higher dividend yield at 7.41%, compared with 7.02% for THYF.

What is the main difference between THYF and HYGV?

They also come from different issuers: T. Rowe Price and Northern Trust. Their fees differ too: 0.56% for THYF and 0.37% for HYGV.

Which has better risk-adjusted returns?

THYF currently has the higher Sharpe Ratio (2.01 vs 1.81), 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.