WIP vs. USHY
WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both exchange-traded funds - WIP is a Inflation-Protected Bonds fund tracking the FTSE International Inflation-Linked Securities Select (USD), while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained. Both are passively managed. Over the past 5 years, WIP returned -0.70%/yr vs 4.24%/yr for USHY. At a 0.40 correlation, their price movements are largely independent. WIP charges 0.50%/yr vs 0.15%/yr for USHY.
Performance
WIP vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, WIP achieves a 4.31% return, which is significantly higher than USHY's 1.42% return.
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%
USHY
- 1D
- -0.27%
- 1M
- 0.40%
- YTD
- 1.42%
- 6M
- 1.77%
- 1Y
- 7.02%
- 3Y*
- 8.91%
- 5Y*
- 4.24%
- 10Y*
- —
WIP vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.31% | 15.18% | -8.71% | 8.84% | -15.54% | -4.15% | 8.37% | 8.62% | -5.97% | 4.71% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.42% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between WIP and USHY is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.40 |
Over the past year, WIP and USHY have become more correlated (0.60) than their long-term average of 0.40, meaning their price movements have been converging.
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Return for Risk
WIP vs. USHY — Risk / Return Rank
WIP
USHY
WIP vs. USHY - 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 Broad USD High Yield Corporate Bond ETF (USHY). 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.
| WIP | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.37 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.90 | -0.90 |
| Martin ratioReturn relative to average drawdown | 5.98 | 13.03 | -7.05 |
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
| WIP | USHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | 1.93 | -0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.06 | 0.58 | -0.64 |
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 | 0.58 | -0.46 |
Drawdowns
WIP vs. USHY - Drawdown Comparison
The maximum WIP drawdown since its inception was -29.60%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for WIP and USHY.
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Drawdown Indicators
| WIP | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.60% | -22.44% | -7.16% |
Max Drawdown (1Y)Largest decline over 1 year | -5.16% | -2.43% | -2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -11.16% | -4.66% | -6.50% |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | -15.56% | -13.28% |
Max Drawdown (10Y)Largest decline over 10 years | -28.84% | — | — |
Current DrawdownCurrent decline from peak | -3.87% | -0.27% | -3.60% |
Average DrawdownAverage peak-to-trough decline | -8.58% | -2.67% | -5.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 0.54% | +1.18% |
Volatility
WIP vs. USHY - Volatility Comparison
SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a higher volatility of 2.95% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 1.13%. This indicates that WIP's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WIP | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.95% | 1.13% | +1.82% |
Volatility (6M)Calculated over the trailing 6-month period | 6.89% | 2.91% | +3.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.72% | 3.65% | +5.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.45% | 7.34% | +4.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.16% | 8.25% | +1.91% |
WIP vs. USHY - Expense Ratio Comparison
WIP has a 0.50% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
WIP vs. USHY - Dividend Comparison
WIP's dividend yield for the trailing twelve months is around 5.79%, less than USHY's 6.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.92% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 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 USHY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WIP has higher volatility (2.95%) compared to USHY (1.13%). In terms of maximum drawdown, WIP dropped -29.60% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.24% vs -0.70% for WIP. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 1.13%. 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 4.24% return vs -0.70%. 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 0.50% for WIP.
USHY has the higher dividend yield at 6.92%, compared with 5.79% for WIP.
WIP is categorized as Inflation-Protected Bonds, while USHY is High Yield Bonds. WIP tracks FTSE International Inflation-Linked Securities Select (USD), while USHY tracks ICE BofA US High Yield Constrained. They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for WIP and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.93 vs 1.18), 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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