VSHY vs. HYBL

Last updated Aug 2, 2026

VSHY (Virtus Newfleet Short Duration High Yield Bond ETF) and HYBL (State Street Blackstone High Income ETF) are both High Yield Bonds funds. Both are actively managed. Over the past year, VSHY returned 5.65% vs 5.24% for HYBL. Their 0.61 correlation means they have sometimes moved together and sometimes differently. VSHY charges 0.40%/yr vs 0.70%/yr for HYBL.

Performance

VSHY vs. HYBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Newfleet Short Duration High Yield Bond ETF (VSHY) and State Street Blackstone High Income ETF (HYBL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSHY achieves a 2.59% return, which is significantly higher than HYBL's 1.78% return.

VSHY

• 1D: 0.05%
• 1M: 0.03%
• 6M: 1.86%
• YTD: 2.59%
• 1Y: 5.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.02%

HYBL

• 1D: 0.05%
• 1M: 0.52%
• 6M: 1.62%
• YTD: 1.78%
• 1Y: 5.24%
• 3Y*: 8.22%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.63%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HYBL State Street Blackstone High Income ETF	$2.82M	$2.46M	$2.97M
VSHY Virtus Newfleet Short Duration High Yield Bond ETF	$29.95K	$21.95K	$45.98K

VSHY vs. HYBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VSHY Virtus Newfleet Short Duration High Yield Bond ETF	2.59%	6.87%	8.03%	3.76%
HYBL State Street Blackstone High Income ETF	1.78%	7.78%	9.12%	3.15%

Correlation

The correlation between VSHY and HYBL is 0.67, 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.	0.67
Correlation (All Time) Calculated using the full available price history since Nov 28, 2023	0.61

The correlation between VSHY and HYBL has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

Return for Risk

VSHY vs. HYBL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VSHY

VSHY Risk / Return Rank: 80
VSHY Sharpe Ratio Rank: 74
VSHY Sortino Ratio Rank: 79
VSHY Omega Ratio Rank: 78
VSHY Calmar Ratio Rank: 86
VSHY Martin Ratio Rank: 86

HYBL

HYBL Risk / Return Rank: 77
HYBL Sharpe Ratio Rank: 84
HYBL Sortino Ratio Rank: 87
HYBL Omega Ratio Rank: 87
HYBL Calmar Ratio Rank: 60
HYBL Martin Ratio Rank: 64

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VSHY vs. HYBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet Short Duration High Yield Bond ETF (VSHY) and State Street Blackstone High Income ETF (HYBL). 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.

	VSHY	HYBL	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.94	-0.25
Sortino ratio: Return per unit of downside risk	2.56	2.93	-0.37
Omega ratio: Gain probability vs. loss probability	1.33	1.38	-0.06
Calmar ratio: Return relative to maximum drawdown	3.32	2.11	+1.21
Martin ratio: Return relative to average drawdown	12.36	7.73	+4.62

VSHY vs. HYBL - Sharpe Ratio Comparison

The current VSHY Sharpe Ratio is 1.69, which is comparable to the HYBL Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of VSHY and HYBL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VSHY vs. HYBL - Drawdown Comparison

The maximum VSHY drawdown since its inception was -4.55%, smaller than the maximum HYBL drawdown of -8.46%. Use the drawdown chart below to compare losses from any high point for VSHY and HYBL.

Drawdown Indicators

	VSHY	HYBL	Difference
Max Drawdown Largest peak-to-trough decline	-4.55%	-8.46%	+3.91%
Max Drawdown (1Y) Largest decline over 1 year	-1.73%	-2.41%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.32%	—
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.40%	-1.31%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.66%	-0.19%

Volatility

VSHY vs. HYBL - Volatility Comparison

Virtus Newfleet Short Duration High Yield Bond ETF (VSHY) has a higher volatility of 0.60% compared to State Street Blackstone High Income ETF (HYBL) at 0.46%. This indicates that VSHY's price experiences larger fluctuations and is considered to be riskier than HYBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSHY	HYBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	0.46%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	2.10%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	2.63%	+0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.32%	4.50%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.32%	4.50%	-0.18%

VSHY vs. HYBL - Expense Ratio Comparison

VSHY has a 0.40% expense ratio, which is lower than HYBL's 0.70% expense ratio.

Dividends

VSHY vs. HYBL - Dividend Comparison

VSHY's dividend yield for the trailing twelve months is around 6.26%, less than HYBL's 7.05% yield.

Position	TTM	2025	2024	2023	2022
HYBL State Street Blackstone High Income ETF	6.42%	7.22%	7.88%	7.93%	5.10%
VSHY Virtus Newfleet Short Duration High Yield Bond ETF	6.26%	6.14%	6.81%	1.36%	0.00%

Frequently Asked Questions

Can I hold both VSHY and HYBL in my portfolio?

VSHY and HYBL have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSHY or HYBL?

VSHY has higher volatility (0.60%) compared to HYBL (0.46%). In terms of maximum drawdown, VSHY dropped -4.55% vs HYBL's -8.46%.

Which ETF is better, VSHY or HYBL?

On 1-year performance, VSHY leads with 5.65% vs 5.24% for HYBL. On fees, VSHY is cheaper at 0.40% per year. On volatility, HYBL has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VSHY or HYBL?

Over the 1-year period, VSHY has performed better with a 5.65% return vs 5.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VSHY or HYBL?

VSHY is cheaper with a 0.40% expense ratio, compared with 0.70% for HYBL.

Which ETF pays a higher dividend yield, VSHY or HYBL?

HYBL has the higher dividend yield at 6.42%, compared with 6.26% for VSHY.

What is the main difference between VSHY and HYBL?

They also come from different issuers: Virtus and State Street. Their fees differ too: 0.40% for VSHY and 0.70% for HYBL.

Which has better risk-adjusted returns?

HYBL currently has the higher Sharpe Ratio (1.94 vs 1.69), 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.