USHY vs. AGG
USHY (iShares Broad USD High Yield Corporate Bond ETF) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 5 years, USHY returned 4.16%/yr vs -0.03%/yr for AGG. At a 0.36 correlation, their price movements are largely independent. USHY charges 0.15%/yr vs 0.03%/yr for AGG.
Performance
USHY vs. AGG - Performance Comparison
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Returns By Period
In the year-to-date period, USHY achieves a 1.29% return, which is significantly higher than AGG's -0.08% return.
USHY
- 1D
- 0.08%
- 1M
- -0.14%
- YTD
- 1.29%
- 6M
- 1.85%
- 1Y
- 6.84%
- 3Y*
- 8.79%
- 5Y*
- 4.16%
- 10Y*
- —
AGG
- 1D
- 0.00%
- 1M
- -0.69%
- YTD
- -0.08%
- 6M
- 0.26%
- 1Y
- 4.97%
- 3Y*
- 3.88%
- 5Y*
- -0.03%
- 10Y*
- 1.52%
USHY vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.29% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
AGG iShares Core U.S. Aggregate Bond ETF | -0.08% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 0.76% |
Correlation
The correlation between USHY and AGG is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.36 |
Over the past year, USHY and AGG have become more correlated (0.61) than their long-term average of 0.36, meaning their price movements have been converging.
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Return for Risk
USHY vs. AGG — Risk / Return Rank
USHY
AGG
USHY vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond ETF (USHY) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.
| USHY | AGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.23 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 1.81 | +1.02 |
| Martin ratioReturn relative to average drawdown | 12.68 | 5.44 | +7.24 |
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
| USHY | AGG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.88 | 1.32 | +0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.57 | -0.00 | +0.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.59 | -0.01 |
Drawdowns
USHY vs. AGG - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, which is greater than AGG's maximum drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for USHY and AGG.
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Drawdown Indicators
| USHY | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -18.43% | -4.01% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -2.76% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -6.11% | +1.45% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -17.82% | +2.26% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.43% | — |
Current DrawdownCurrent decline from peak | -0.41% | -2.47% | +2.06% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -2.71% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.92% | -0.38% |
Volatility
USHY vs. AGG - Volatility Comparison
The current volatility for iShares Broad USD High Yield Corporate Bond ETF (USHY) is 1.13%, while iShares Core U.S. Aggregate Bond ETF (AGG) has a volatility of 1.29%. This indicates that USHY experiences smaller price fluctuations and is considered to be less risky than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USHY | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 1.29% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 2.77% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.67% | 3.80% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.34% | 6.09% | +1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.25% | 5.41% | +2.84% |
USHY vs. AGG - Expense Ratio Comparison
USHY has a 0.15% expense ratio, which is higher than AGG's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
USHY vs. AGG - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.93%, more than AGG's 4.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 4.00% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.93% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
USHY and AGG have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGG has higher volatility (1.29%) compared to USHY (1.13%). In terms of maximum drawdown, USHY dropped -22.44% vs AGG's -18.43%.
On 5-year performance, USHY leads with 4.16% vs -0.03% for AGG. On fees, AGG is cheaper at 0.03% per year. On volatility, USHY has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USHY has performed better with a 4.16% return vs -0.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGG is cheaper with a 0.03% expense ratio, compared with 0.15% for USHY.
USHY has the higher dividend yield at 6.93%, compared with 4.00% for AGG.
USHY is categorized as High Yield Bonds, while AGG is Total Bond Market. USHY tracks ICE BofA US High Yield Constrained Index, while AGG tracks Bloomberg U.S. Aggregate Bond Index. Their fees differ too: 0.15% for USHY and 0.03% for AGG.
USHY currently has the higher Sharpe Ratio (1.88 vs 1.32), 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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