USHY vs. HYUP
USHY (iShares Broad USD High Yield Corporate Bond ETF) and HYUP (Xtrackers High Beta High Yield Bond ETF) are both High Yield Bonds funds - USHY tracks the ICE BofA US High Yield Constrained Index while HYUP tracks the Solactive USD High Yield Corporates Total Market High Beta Index. Both are passively managed. Over the past 5 years, USHY returned 4.29%/yr vs 4.43%/yr for HYUP. Their correlation of 0.89 suggests significant overlap in exposure. USHY charges 0.15%/yr vs 0.20%/yr for HYUP.
Performance
USHY vs. HYUP - 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 HYUP's 1.84% return.
USHY
- 1D
- 0.22%
- 1M
- 0.46%
- YTD
- 1.64%
- 6M
- 1.98%
- 1Y
- 6.99%
- 3Y*
- 9.01%
- 5Y*
- 4.29%
- 10Y*
- —
HYUP
- 1D
- 0.21%
- 1M
- 0.65%
- YTD
- 1.84%
- 6M
- 2.49%
- 1Y
- 7.51%
- 3Y*
- 10.29%
- 5Y*
- 4.43%
- 10Y*
- —
USHY vs. HYUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -2.98% |
HYUP Xtrackers High Beta High Yield Bond ETF | 1.84% | 8.83% | 10.30% | 14.56% | -13.30% | 5.13% | 5.73% | 16.54% | -3.90% |
Correlation
The correlation between USHY and HYUP is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018 | 0.89 |
The correlation between USHY and HYUP has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.
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Return for Risk
USHY vs. HYUP — Risk / Return Rank
USHY
HYUP
USHY vs. HYUP - 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 Xtrackers High Beta High Yield Bond ETF (HYUP). 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 | HYUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.34 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 2.47 | +0.42 |
| Martin ratioReturn relative to average drawdown | 12.99 | 10.57 | +2.41 |
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 | HYUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 1.78 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.54 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.52 | +0.06 |
Drawdowns
USHY vs. HYUP - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, smaller than the maximum HYUP drawdown of -24.79%. Use the drawdown chart below to compare losses from any high point for USHY and HYUP.
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Drawdown Indicators
| USHY | HYUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -24.79% | +2.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -3.05% | +0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -6.03% | +1.37% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -18.06% | +2.50% |
Current DrawdownCurrent decline from peak | -0.06% | -0.15% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -3.42% | +0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.71% | -0.17% |
Volatility
USHY vs. HYUP - Volatility Comparison
The current volatility for iShares Broad USD High Yield Corporate Bond ETF (USHY) is 1.14%, while Xtrackers High Beta High Yield Bond ETF (HYUP) has a volatility of 1.36%. This indicates that USHY experiences smaller price fluctuations and is considered to be less risky than HYUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USHY | HYUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.36% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 3.35% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.65% | 4.23% | -0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.34% | 8.27% | -0.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.25% | 9.75% | -1.50% |
USHY vs. HYUP - Expense Ratio Comparison
USHY has a 0.15% expense ratio, which is lower than HYUP's 0.20% expense ratio. Despite the difference, 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. HYUP - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.91%, less than HYUP's 7.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HYUP Xtrackers High Beta High Yield Bond ETF | 7.32% | 7.44% | 7.78% | 7.48% | 7.15% | 6.19% | 6.89% | 6.77% | 6.98% | 0.00% |
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% |
Frequently Asked Questions
With a correlation of 0.90, USHY and HYUP 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.
HYUP has higher volatility (1.36%) compared to USHY (1.14%). In terms of maximum drawdown, USHY dropped -22.44% vs HYUP's -24.79%.
On 5-year performance, HYUP leads with 4.43% vs 4.29% for USHY. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYUP has performed better with a 4.43% return vs 4.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.20% for HYUP.
HYUP has the higher dividend yield at 7.32%, compared with 6.91% for USHY.
USHY tracks ICE BofA US High Yield Constrained Index, while HYUP tracks Solactive USD High Yield Corporates Total Market High Beta Index. They also come from different issuers: iShares and Deutsche Bank. Their fees differ too: 0.15% for USHY and 0.20% for HYUP.
USHY currently has the higher Sharpe Ratio (1.93 vs 1.78), 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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