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XHY.TO vs. HYGH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XHY.TO vs. HYGH

Last updated Jun 5, 2026

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 is passively managed, while HYGH is actively managed. Over the past 10 years, XHY.TO returned 3.98%/yr vs 7.18%/yr for HYGH. At a 0.17 correlation, their price movements are largely independent. XHY.TO charges 0.56%/yr vs 0.53%/yr for HYGH.

Performance

XHY.TO vs. HYGH - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). The values are adjusted to include any dividend payments, if applicable.

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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 1.07% return, which is significantly lower than HYGH's 4.35% return. Over the past 10 years, XHY.TO has underperformed HYGH with an annualized return of 3.98%, while HYGH has yielded a comparatively higher 7.18% annualized return.

XHY.TO

1D
0.12%
1M
0.33%
YTD
1.07%
6M
1.09%
1Y
4.66%
3Y*
7.14%
5Y*
2.86%
10Y*
3.98%

HYGH

1D
0.20%
1M
2.81%
YTD
4.35%
6M
3.24%
1Y
9.61%
3Y*
11.08%
5Y*
10.05%
10Y*
7.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XHY.TO vs. HYGH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XHY.TO
iShares U.S. High Yield Bond Index ETF (CAD-Hedged)		1.07%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		4.35%2.03%20.77%9.70%6.14%4.86%-1.16%5.62%7.55%-0.39%

Correlation

The correlation between XHY.TO and HYGH is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.18

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

0.10

Correlation (5Y)
Calculated over the trailing 5-year period

0.17

Correlation (10Y)
Calculated over the trailing 10-year period

0.17

Correlation (All Time)
Calculated using the full available price history since May 30, 2014

0.17

XHY.TO vs. HYGH - Sectors Allocation Comparison

Sectors
XHY.TO
HYGH

Utilities

99.5%
99.6%

Real Estate

0.5%
0.4%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

XHY.TO
99.5%
HYGH
99.6%

Real Estate

XHY.TO
0.5%
HYGH
0.4%

Basic Materials

XHY.TO

-

HYGH

-

Communication Services

XHY.TO

-

HYGH

-

Consumer Cyclical

XHY.TO

-

HYGH

-

Consumer Defensive

XHY.TO

-

HYGH

-

Energy

XHY.TO

-

HYGH

-

Financial Services

XHY.TO

-

HYGH

-

Healthcare

XHY.TO

-

HYGH

-

Industrials

XHY.TO

-

HYGH

-

Technology

XHY.TO

-

HYGH

-

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iShares U.S. High Yield Bond Index ETF (CAD-Hedged)

iShares Interest Rate Hedged High Yield Bond ETF

Often compared with XHY.TO:
XHY.TO vs. XBBXHY.TO vs. XIG.TOXHY.TO vs. CVD.TOXHY.TO vs. XFR.TOXHY.TO vs. HYGXHY.TO vs. XHB.TOXHY.TO vs. FLTR
Often compared with HYGH:
HYGH vs. HYGHYGH vs. SPYHYGH vs. SPHYHYGH vs. FAGIXHYGH vs. HYHGHYGH vs. HYGVHYGH vs. HYBL

Return for Risk

XHY.TO vs. HYGH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XHY.TO
XHY.TO Risk / Return Rank: 3232
Overall Rank
XHY.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
XHY.TO Sortino Ratio Rank: 2828
Sortino Ratio Rank
XHY.TO Omega Ratio Rank: 2828
Omega Ratio Rank
XHY.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
XHY.TO Martin Ratio Rank: 4444
Martin Ratio Rank
HYGH
HYGH Risk / Return Rank: 7676
Overall Rank
HYGH Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
HYGH Sortino Ratio Rank: 7373
Sortino Ratio Rank
HYGH Omega Ratio Rank: 6969
Omega Ratio Rank
HYGH Calmar Ratio Rank: 8686
Calmar Ratio Rank
HYGH Martin Ratio Rank: 8787
Martin Ratio Rank
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.

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.

XHY.TOHYGHDifference
Sharpe ratioReturn per unit of total volatility
1.00
1.81

-0.81

Sortino ratioReturn per unit of downside risk
1.51
2.46

-0.95

Omega ratioGain probability vs. loss probability

1.18

1.34

-0.15

Calmar ratioReturn relative to maximum drawdown

1.63

2.76

-1.13

Martin ratioReturn relative to average drawdown

7.05

8.65

-1.60

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

XHY.TO vs. HYGH - Sharpe Ratio Comparison

The current XHY.TO Sharpe Ratio is 1.00, which is lower than the HYGH Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of XHY.TO and HYGH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

XHY.TOHYGHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.00

1.81

-0.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.33

1.36

-1.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.38

0.85

-0.48

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.77

-0.27

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 -16.82%. Use the drawdown chart below to compare losses from any high point for XHY.TO and HYGH.

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Drawdown Indicators

XHY.TOHYGHDifference

Max Drawdown

Largest peak-to-trough decline

-28.48%

-16.82%

-11.66%

Max Drawdown (1Y)

Largest decline over 1 year

-2.87%

-3.50%

+0.63%

Max Drawdown (3Y)

Largest decline over 3 years

-4.94%

-9.14%

+4.20%

Max Drawdown (5Y)

Largest decline over 5 years

-16.67%

-9.14%

-7.53%

Max Drawdown (10Y)

Largest decline over 10 years

-28.48%

-16.82%

-11.66%

Current Drawdown

Current decline from peak

-0.32%

0.00%

-0.32%

Average Drawdown

Average peak-to-trough decline

-2.55%

-2.37%

-0.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.66%

1.11%

-0.45%

Volatility

XHY.TO vs. HYGH - Volatility Comparison

iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) has a higher volatility of 1.28% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.73%. This indicates that XHY.TO's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XHY.TOHYGHDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.28%

0.73%

+0.55%

Volatility (6M)

Calculated over the trailing 6-month period

3.55%

4.07%

-0.52%

Volatility (1Y)

Calculated over the trailing 1-year period

4.68%

5.36%

-0.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.65%

7.43%

+1.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.62%

8.44%

+2.18%

XHY.TO vs. HYGH - Expense Ratio Comparison

XHY.TO has a 0.56% expense ratio, which is higher than HYGH's 0.53% expense ratio.

Dividends

XHY.TO vs. HYGH - Dividend Comparison

XHY.TO's dividend yield for the trailing twelve months is around 6.11%, less than HYGH's 6.62% yield.

PositionTTM20252024202320222021202020192018201720162015
HYGH
iShares Interest Rate Hedged High Yield Bond ETF		6.62%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)		6.11%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 0.18, 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 0.53% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HYGH is cheaper with a 0.53% expense ratio, compared with 0.56% for XHY.TO.

Their fees differ too: 0.56% for XHY.TO and 0.53% for HYGH.

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