TOBAX vs. HYG
TOBAX (Touchstone Active Bond Fund) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both funds - TOBAX is a Intermediate Core-Plus Bond fund managed by Touchstone, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Over the past 10 years, TOBAX returned 2.01%/yr vs 4.88%/yr for HYG. At a 0.15 correlation, their price movements are largely independent. TOBAX charges 0.83%/yr vs 0.49%/yr for HYG.
Performance
TOBAX vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, TOBAX achieves a -0.19% return, which is significantly lower than HYG's 1.14% return. Over the past 10 years, TOBAX has underperformed HYG with an annualized return of 2.01%, while HYG has yielded a comparatively higher 4.88% annualized return.
TOBAX
- 1D
- -0.32%
- 1M
- -0.59%
- YTD
- -0.19%
- 6M
- 0.46%
- 1Y
- 5.40%
- 3Y*
- 4.49%
- 5Y*
- 0.11%
- 10Y*
- 2.01%
HYG
- 1D
- 0.14%
- 1M
- -0.24%
- YTD
- 1.14%
- 6M
- 1.72%
- 1Y
- 6.36%
- 3Y*
- 8.34%
- 5Y*
- 3.69%
- 10Y*
- 4.88%
TOBAX vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TOBAX Touchstone Active Bond Fund | -0.19% | 7.66% | 2.22% | 6.38% | -14.20% | -1.34% | 9.93% | 10.11% | -1.94% | 3.51% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.14% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between TOBAX and HYG is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007 | 0.15 |
Over the past year, TOBAX and HYG have become more correlated (0.56) than their long-term average of 0.15, meaning their price movements have been converging.
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Return for Risk
TOBAX vs. HYG — Risk / Return Rank
TOBAX
HYG
TOBAX vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Touchstone Active Bond Fund (TOBAX) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.
| TOBAX | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.32 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 2.73 | -1.08 |
| Martin ratioReturn relative to average drawdown | 4.91 | 12.02 | -7.11 |
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
| TOBAX | HYG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.26 | 1.67 | -0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 0.49 | -0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.59 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | 0.46 | +0.44 |
Drawdowns
TOBAX vs. HYG - Drawdown Comparison
The maximum TOBAX drawdown since its inception was -19.73%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for TOBAX and HYG.
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Drawdown Indicators
| TOBAX | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.73% | -34.25% | +14.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -2.34% | -0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -6.12% | -4.56% | -1.56% |
Max Drawdown (5Y)Largest decline over 5 years | -19.73% | -15.79% | -3.94% |
Max Drawdown (10Y)Largest decline over 10 years | -19.73% | -22.03% | +2.30% |
Current DrawdownCurrent decline from peak | -1.88% | -0.45% | -1.43% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -3.24% | +0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.53% | +0.44% |
Volatility
TOBAX vs. HYG - Volatility Comparison
Touchstone Active Bond Fund (TOBAX) has a higher volatility of 1.32% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.23%. This indicates that TOBAX's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TOBAX | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 1.23% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.73% | 3.05% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.78% | 3.84% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.79% | 7.53% | -1.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.81% | 8.29% | -3.48% |
TOBAX vs. HYG - Expense Ratio Comparison
TOBAX has a 0.83% expense ratio, which is higher than HYG's 0.49% expense ratio.
Dividends
TOBAX vs. HYG - Dividend Comparison
TOBAX's dividend yield for the trailing twelve months is around 4.04%, less than HYG's 5.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.93% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
TOBAX Touchstone Active Bond Fund | 4.04% | 3.52% | 3.72% | 3.63% | 3.10% | 2.24% | 2.58% | 2.59% | 2.79% | 2.29% | 2.65% | 2.99% |
Frequently Asked Questions
TOBAX and HYG have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TOBAX has higher volatility (1.32%) compared to HYG (1.23%). In terms of maximum drawdown, TOBAX dropped -19.73% vs HYG's -34.25%.
HYG currently has the higher Sharpe Ratio (1.67 vs 1.26), 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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