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WIP vs. HYGI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

WIP vs. HYGI

Last updated Jun 4, 2026

WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) and HYGI (iShares Inflation Hedged High Yield Bond ETF) are both Inflation-Protected Bonds funds - WIP tracks the FTSE International Inflation-Linked Securities Select (USD) while HYGI tracks the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. Both are passively managed. At a 0.37 correlation, their price movements are largely independent. WIP charges 0.50%/yr vs 0.52%/yr for HYGI.

Performance

WIP vs. HYGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) and iShares Inflation Hedged High Yield Bond ETF (HYGI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

WIP

1D
-0.72%
1M
0.70%
YTD
4.31%
6M
4.96%
1Y
10.26%
3Y*
5.08%
5Y*
-0.70%
10Y*
1.61%

HYGI

1D
—
1M
—
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

WIP vs. HYGI - Yearly Performance Comparison

2026 (YTD)2025202420232022
WIP
SPDR FTSE International Government Inflation-Protected Bond ETF		4.31%15.18%-8.71%8.84%-4.99%
HYGI
iShares Inflation Hedged High Yield Bond ETF		0.00%6.20%9.16%11.71%0.65%

Correlation

The correlation between WIP and HYGI is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.14

Correlation (3Y)
Calculated over the trailing 3-year period

0.34

Correlation (All Time)
Calculated using the full available price history since Jun 27, 2022

0.37

Over the past year, the correlation between WIP and HYGI has dropped to 0.14 - well below their long-term average of 0.37, suggesting their price drivers have been diverging.

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SPDR FTSE International Government Inflation-Protected Bond ETF

iShares Inflation Hedged High Yield Bond ETF

Often compared with WIP:
WIP vs. VTIPWIP vs. EMLCWIP vs. USHYWIP vs. ARGTWIP vs. FLOTWIP vs. FBNDWIP vs. BNDW
Often compared with HYGI:
HYGI vs. HYGHYGI vs. SHYGHYGI vs. SHVHYGI vs. AGGHYGI vs. FIPDXHYGI vs. SPHYHYGI vs. LNG

Return for Risk

WIP vs. HYGI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
WIP
WIP Risk / Return Rank: 3434
Overall Rank
WIP Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
WIP Sortino Ratio Rank: 3030
Sortino Ratio Rank
WIP Omega Ratio Rank: 2929
Omega Ratio Rank
WIP Calmar Ratio Rank: 4040
Calmar Ratio Rank
WIP Martin Ratio Rank: 3838
Martin Ratio Rank
HYGI
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

WIP vs. HYGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) and iShares Inflation Hedged High Yield Bond ETF (HYGI). 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.

WIPHYGIDifference
Sharpe ratioReturn per unit of total volatility
1.18

—

—

Sortino ratioReturn per unit of downside risk
1.67

—

—

Omega ratioGain probability vs. loss probability

1.20

—

—

Calmar ratioReturn relative to maximum drawdown

2.00

—

—

Martin ratioReturn relative to average drawdown

5.98

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WIP vs. HYGI - Sharpe Ratio Comparison

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Sharpe Ratios by Period

WIPHYGIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.18

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.06

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

—

—

Drawdowns

WIP vs. HYGI - Drawdown Comparison

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Drawdown Indicators

WIPHYGIDifference

Max Drawdown

Largest peak-to-trough decline

-29.60%

—

—

Max Drawdown (1Y)

Largest decline over 1 year

-5.16%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-11.16%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-28.84%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-28.84%

—

—

Current Drawdown

Current decline from peak

-3.87%

—

—

Average Drawdown

Average peak-to-trough decline

-8.58%

—

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.72%

—

—

Volatility

WIP vs. HYGI - Volatility Comparison

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Volatility by Period

WIPHYGIDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.95%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

6.89%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

8.72%

—

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.45%

—

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.16%

—

—

WIP vs. HYGI - Expense Ratio Comparison

WIP has a 0.50% expense ratio, which is lower than HYGI's 0.52% expense ratio.

Dividends

WIP vs. HYGI - Dividend Comparison

WIP's dividend yield for the trailing twelve months is around 5.79%, more than HYGI's 0.97% yield.

PositionTTM20252024202320222021202020192018201720162015
HYGI
iShares Inflation Hedged High Yield Bond ETF		0.97%3.41%6.08%6.22%3.19%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
WIP
SPDR FTSE International Government Inflation-Protected Bond ETF		5.79%5.51%6.06%6.54%11.15%4.63%1.59%2.49%4.05%1.91%1.27%1.14%

Frequently Asked Questions

WIP and HYGI have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, WIP is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

WIP is cheaper with a 0.50% expense ratio, compared with 0.52% for HYGI.

WIP has the higher dividend yield at 5.79%, compared with 0.97% for HYGI.

WIP tracks FTSE International Inflation-Linked Securities Select (USD), while HYGI tracks BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for WIP and 0.52% for HYGI.

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