XBB vs. USHY
XBB (BondBloxx BB Rated USD High Yield Corporate Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - XBB tracks the ICE BofA BB US Cash Pay High Yield Constrained Index while USHY tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 3 years, XBB returned 8.13%/yr vs 9.18%/yr for USHY. Their correlation of 0.87 suggests significant overlap in exposure. XBB charges 0.20%/yr vs 0.15%/yr for USHY.
Performance
XBB vs. USHY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with XBB having a 1.75% return and USHY slightly lower at 1.70%.
XBB
- 1D
- 0.05%
- 1M
- 0.80%
- YTD
- 1.75%
- 6M
- 1.56%
- 1Y
- 5.63%
- 3Y*
- 8.13%
- 5Y*
- —
- 10Y*
- —
USHY
- 1D
- 0.00%
- 1M
- 0.48%
- YTD
- 1.70%
- 6M
- 1.66%
- 1Y
- 6.07%
- 3Y*
- 9.18%
- 5Y*
- 4.12%
- 10Y*
- —
XBB vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF | 1.75% | 8.59% | 6.41% | 10.63% | -2.39% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.70% | 8.81% | 8.45% | 12.73% | -2.67% |
Correlation
The correlation between XBB and USHY is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since May 26, 2022 | 0.87 |
The correlation between XBB and USHY has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.
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Return for Risk
XBB vs. USHY — Risk / Return Rank
XBB
USHY
XBB vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BondBloxx BB Rated USD High Yield Corporate Bond ETF (XBB) 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.
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.
| XBB | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.32 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 2.51 | -0.49 |
| Martin ratioReturn relative to average drawdown | 8.36 | 11.22 | -2.86 |
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Drawdowns
XBB vs. USHY - Drawdown Comparison
The maximum XBB drawdown since its inception was -8.87%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for XBB and USHY.
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Drawdown Indicators
| XBB | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.87% | -22.44% | +13.57% |
Max Drawdown (1Y)Largest decline over 1 year | -2.80% | -2.43% | -0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -3.86% | -4.66% | +0.80% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.56% | — |
Current DrawdownCurrent decline from peak | -0.12% | -0.19% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -1.32% | -2.65% | +1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.54% | +0.14% |
Volatility
XBB vs. USHY - Volatility Comparison
BondBloxx BB Rated USD High Yield Corporate Bond ETF (XBB) has a higher volatility of 1.16% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 0.95%. This indicates that XBB'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
| XBB | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 0.95% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 2.88% | 2.96% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.97% | 3.67% | +0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.08% | 7.35% | -0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.08% | 8.23% | -1.15% |
XBB vs. USHY - Expense Ratio Comparison
XBB has a 0.20% expense ratio, which is higher than USHY's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XBB vs. USHY - Dividend Comparison
XBB's dividend yield for the trailing twelve months is around 5.54%, less than USHY's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF | 5.54% | 5.42% | 6.35% | 6.15% | 3.73% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XBB and USHY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XBB has higher volatility (1.16%) compared to USHY (0.95%). In terms of maximum drawdown, XBB dropped -8.87% vs USHY's -22.44%.
On 3-year performance, USHY leads with 9.18% vs 8.13% for XBB. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USHY has performed better with a 9.18% return vs 8.13%. 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 XBB.
USHY has the higher dividend yield at 6.90%, compared with 5.54% for XBB.
XBB tracks ICE BofA BB US Cash Pay High Yield Constrained Index, while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: BondBloxx and iShares. Their fees differ too: 0.20% for XBB and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.66 vs 1.43), 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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