XHY.TO vs. HYGH
XHY.TO (iShares U.S. High Yield Bond Index ETF (CAD-Hedged)) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both High Yield Bonds funds from iShares - XHY.TO tracks the Morningstar Gbl HY Bd GR CAD while HYGH tracks the Markit iBoxx USD Liquid High Yield Interest Hedged Index. Both are passively managed. Over the past 10 years, XHY.TO returned 3.93%/yr vs 7.20%/yr for HYGH. At a 0.33 correlation, their price movements are largely independent. XHY.TO charges 0.56%/yr vs 0.52%/yr for HYGH.
Performance
XHY.TO vs. HYGH - Performance Comparison
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Different Trading Currencies
XHY.TO is traded in CAD, while HYGH is traded in USD. To make them comparable, the HYGH values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, XHY.TO achieves a 1.22% return, which is significantly lower than HYGH's 7.11% return. Over the past 10 years, XHY.TO has underperformed HYGH with an annualized return of 3.93%, while HYGH has yielded a comparatively higher 7.20% annualized return.
XHY.TO
- 1D
- 0.12%
- 1M
- 0.08%
- YTD
- 1.22%
- 6M
- 1.16%
- 1Y
- 3.36%
- 3Y*
- 7.33%
- 5Y*
- 2.70%
- 10Y*
- 3.93%
HYGH
- 1D
- 0.34%
- 1M
- 3.34%
- YTD
- 7.11%
- 6M
- 7.23%
- 1Y
- 11.08%
- 3Y*
- 11.82%
- 5Y*
- 9.72%
- 10Y*
- 7.20%
XHY.TO vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XHY.TO iShares U.S. High Yield Bond Index ETF (CAD-Hedged) | 1.22% | 6.33% | 7.05% | 11.06% | -11.10% | 3.51% | 2.65% | 13.83% | -3.89% | 5.35% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 7.11% | 2.05% | 20.64% | 9.50% | 5.36% | 5.76% | -1.84% | 6.51% | 7.48% | -0.82% |
Correlation
The correlation between XHY.TO and HYGH is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since May 29, 2014 | 0.33 |
The correlation between XHY.TO and HYGH shifts across timeframes, from 0.22 (3 years) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XHY.TO vs. HYGH — Risk / Return Rank
XHY.TO
HYGH
XHY.TO vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.
| XHY.TO | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.94 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.36 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 3.62 | -2.45 |
| Martin ratioReturn relative to average drawdown | 4.94 | 10.09 | -5.15 |
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Drawdowns
XHY.TO vs. HYGH - Drawdown Comparison
The maximum XHY.TO drawdown since its inception was -28.48%, which is greater than HYGH's maximum drawdown of -17.13%. Use the drawdown chart below to compare losses from any high point for XHY.TO and HYGH.
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Drawdown Indicators
| XHY.TO | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.48% | -17.13% | -11.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -3.07% | +0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -4.94% | -11.18% | +6.24% |
Max Drawdown (5Y)Largest decline over 5 years | -16.67% | -11.18% | -5.49% |
Max Drawdown (10Y)Largest decline over 10 years | -28.48% | -17.13% | -11.35% |
Current DrawdownCurrent decline from peak | -0.22% | 0.00% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -2.54% | -2.47% | -0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 1.10% | -0.42% |
Volatility
XHY.TO vs. HYGH - Volatility Comparison
iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH) have volatilities of 1.36% and 1.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XHY.TO | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.37% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 3.66% | 4.38% | -0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 5.61% | -0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.66% | 9.64% | -0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 10.44% | +0.15% |
XHY.TO vs. HYGH - Expense Ratio Comparison
XHY.TO has a 0.56% expense ratio, which is higher than HYGH's 0.52% expense ratio.
Dividends
XHY.TO vs. HYGH - Dividend Comparison
XHY.TO's dividend yield for the trailing twelve months is around 6.13%, less than HYGH's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
XHY.TO iShares U.S. High Yield Bond Index ETF (CAD-Hedged) | 6.13% | 6.04% | 5.87% | 5.56% | 5.70% | 4.72% | 5.18% | 5.38% | 5.87% | 5.46% | 5.64% | 6.83% |
Frequently Asked Questions
XHY.TO and HYGH have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HYGH is cheaper at 0.52% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HYGH is cheaper with a 0.52% expense ratio, compared with 0.56% for XHY.TO.
XHY.TO tracks Morningstar Gbl HY Bd GR CAD, while HYGH tracks Markit iBoxx USD Liquid High Yield Interest Hedged Index. Their fees differ too: 0.56% for XHY.TO and 0.52% for HYGH.
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