USHY vs. BBHY
USHY (iShares Broad USD High Yield Corporate Bond ETF) and BBHY (JPMorgan BetaBuilders USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - USHY tracks the ICE BofA US High Yield Constrained Index while BBHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past 5 years, USHY returned 4.29%/yr vs 4.12%/yr for BBHY. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.
Performance
USHY vs. BBHY - Performance Comparison
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Returns By Period
In the year-to-date period, USHY achieves a 1.64% return, which is significantly lower than BBHY's 1.73% return.
USHY
- 1D
- 0.22%
- 1M
- 0.46%
- YTD
- 1.64%
- 6M
- 1.98%
- 1Y
- 6.99%
- 3Y*
- 9.01%
- 5Y*
- 4.29%
- 10Y*
- —
BBHY
- 1D
- 0.15%
- 1M
- 0.49%
- YTD
- 1.73%
- 6M
- 2.18%
- 1Y
- 7.10%
- 3Y*
- 8.76%
- 5Y*
- 4.12%
- 10Y*
- —
USHY vs. BBHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.64% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 1.73% | 8.51% | 7.81% | 11.98% | -10.37% | 3.88% | 5.36% | 14.35% | -2.50% | 0.05% |
Correlation
The correlation between USHY and BBHY is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.89 |
The correlation between USHY and BBHY has been stable across timeframes, ranging from 0.89 to 0.97 - a consistent structural relationship.
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Return for Risk
USHY vs. BBHY — Risk / Return Rank
USHY
BBHY
USHY vs. BBHY - 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 JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY). 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 | BBHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.39 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 3.00 | -0.11 |
| Martin ratioReturn relative to average drawdown | 12.99 | 13.50 | -0.52 |
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 | BBHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 1.97 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.57 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.64 | -0.06 |
Drawdowns
USHY vs. BBHY - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, smaller than the maximum BBHY drawdown of -24.98%. Use the drawdown chart below to compare losses from any high point for USHY and BBHY.
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Drawdown Indicators
| USHY | BBHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -24.98% | +2.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -2.37% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -5.00% | +0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -15.32% | -0.24% |
Current DrawdownCurrent decline from peak | -0.06% | -0.14% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -2.37% | -0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.53% | +0.01% |
Volatility
USHY vs. BBHY - Volatility Comparison
iShares Broad USD High Yield Corporate Bond ETF (USHY) and JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) have volatilities of 1.14% and 1.13%, 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.
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Volatility by Period
| USHY | BBHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.13% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 2.85% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.65% | 3.62% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.34% | 7.26% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.25% | 7.53% | +0.72% |
USHY vs. BBHY - Expense Ratio Comparison
Both USHY and BBHY have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
USHY vs. BBHY - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.91%, which matches BBHY's 6.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 6.94% | 7.24% | 7.18% | 6.49% | 5.92% | 4.06% | 4.73% | 4.99% | 5.02% | 4.81% | 1.42% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.91% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, USHY and BBHY 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.
USHY has higher volatility (1.14%) compared to BBHY (1.13%). In terms of maximum drawdown, USHY dropped -22.44% vs BBHY's -24.98%.
On 5-year performance, USHY leads with 4.29% vs 4.12% for BBHY. Both ETFs have the same 0.15% expense ratio. 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, USHY has performed better with a 4.29% return vs 4.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY and BBHY have the same expense ratio: 0.15% per year.
BBHY has the higher dividend yield at 6.94%, compared with 6.91% for USHY.
USHY tracks ICE BofA US High Yield Constrained Index, while BBHY tracks ICE BofA US High Yield Index. They also come from different issuers: iShares and JPMorgan.
BBHY currently has the higher Sharpe Ratio (1.97 vs 1.93), 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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