USHY vs. IBHG
USHY (iShares Broad USD High Yield Corporate Bond ETF) and IBHG (iShares iBonds 2027 Term High Yield and Income ETF) are both High Yield Bonds funds from iShares - USHY tracks the ICE BofA US High Yield Constrained Index while IBHG tracks the Bloomberg 2027 Term High Yield and Income Index - Benchmark TR Gross. Both are passively managed. Over the past 5 years, USHY returned 4.16%/yr vs 3.71%/yr for IBHG. Their correlation of 0.84 means they have usually moved in the same direction. USHY charges 0.15%/yr vs 0.35%/yr for IBHG.
Performance
USHY vs. IBHG - Performance Comparison
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Returns By Period
In the year-to-date period, USHY achieves a 2.08% return, which is significantly higher than IBHG's 1.54% return.
USHY
- 1D
- 0.31%
- 1M
- 0.01%
- 6M
- 1.32%
- YTD
- 2.08%
- 1Y
- 5.64%
- 3Y*
- 8.63%
- 5Y*
- 4.16%
- 10Y*
- —
- ALL TIME*
- 4.75%
IBHG
- 1D
- 0.01%
- 1M
- 0.12%
- 6M
- 1.45%
- YTD
- 1.54%
- 1Y
- 3.83%
- 3Y*
- 7.15%
- 5Y*
- 3.71%
- 10Y*
- —
- ALL TIME*
- 3.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.10M | $2.90M | $3.68M | |
| $552.78M | $427.44M | $406.45M |
USHY vs. IBHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 2.08% | 8.81% | 8.45% | 12.73% | -11.18% | 1.37% |
IBHG iShares iBonds 2027 Term High Yield and Income ETF | 1.54% | 6.90% | 7.42% | 11.27% | -8.88% | 0.93% |
Correlation
The correlation between USHY and IBHG is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 2021 | 0.84 |
The correlation between USHY and IBHG shifts across timeframes, from 0.72 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
USHY vs. IBHG — Risk / Return Rank
USHY
IBHG
USHY vs. IBHG - 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 iBonds 2027 Term High Yield and Income ETF (IBHG). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| USHY | IBHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.37 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 5.29 | -2.96 |
| Martin ratioReturn relative to average drawdown | 10.25 | 19.34 | -9.09 |
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Drawdowns
USHY vs. IBHG - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, which is greater than IBHG's maximum drawdown of -13.85%. Use the drawdown chart below to compare losses from any high point for USHY and IBHG.
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Drawdown Indicators
| USHY | IBHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -13.85% | -8.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -0.73% | -1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -3.39% | -1.27% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -13.85% | -1.71% |
Current DrawdownCurrent decline from peak | -0.18% | -0.06% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -2.62% | -2.59% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.20% | +0.35% |
Volatility
USHY vs. IBHG - Volatility Comparison
iShares Broad USD High Yield Corporate Bond ETF (USHY) has a higher volatility of 0.82% compared to iShares iBonds 2027 Term High Yield and Income ETF (IBHG) at 0.45%. This indicates that USHY's price experiences larger fluctuations and is considered to be riskier than IBHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USHY | IBHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 0.45% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 1.51% | +1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 1.99% | +1.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.35% | 6.30% | +1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.18% | 6.27% | +1.91% |
USHY vs. IBHG - Expense Ratio Comparison
USHY has a 0.15% expense ratio, which is lower than IBHG's 0.35% expense ratio.
Dividends
USHY vs. IBHG - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.95%, more than IBHG's 6.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IBHG iShares iBonds 2027 Term High Yield and Income ETF | 6.01% | 6.33% | 7.02% | 6.66% | 5.62% | 2.13% | 0.00% | 0.00% | 0.00% | 0.00% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.95% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
USHY and IBHG have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (0.82%) compared to IBHG (0.45%). In terms of maximum drawdown, USHY dropped -22.44% vs IBHG's -13.85%.
On 5-year performance, USHY leads with 4.16% vs 3.71% for IBHG. On fees, USHY is cheaper at 0.15% per year. On volatility, IBHG has been the lower-risk option at 0.45%. 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 3.71%. 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 0.35% for IBHG.
USHY has the higher dividend yield at 6.95%, compared with 6.01% for IBHG.
USHY tracks ICE BofA US High Yield Constrained Index, while IBHG tracks Bloomberg 2027 Term High Yield and Income Index - Benchmark TR Gross. Their fees differ too: 0.15% for USHY and 0.35% for IBHG.
IBHG currently has the higher Sharpe Ratio (1.94 vs 1.54), 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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