XME vs. HYG

Last updated Jun 9, 2026

XME (SPDR S&P Metals & Mining ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 10 years, XME returned 19.09%/yr vs 4.88%/yr for HYG. At a 0.49 correlation, their price movements are largely independent. XME charges 0.35%/yr vs 0.49%/yr for HYG.

Performance

XME vs. HYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Metals & Mining ETF (XME) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XME achieves a 14.53% return, which is significantly higher than HYG's 1.14% return. Over the past 10 years, XME has outperformed HYG with an annualized return of 19.09%, while HYG has yielded a comparatively lower 4.88% annualized return.

XME

• 1D: -0.01%
• 1M: -1.95%
• YTD: 14.53%
• 6M: 20.99%
• 1Y: 84.92%
• 3Y*: 35.78%
• 5Y*: 21.45%
• 10Y*: 19.09%

HYG

• 1D: 0.14%
• 1M: -0.24%
• YTD: 1.14%
• 6M: 1.72%
• 1Y: 6.36%
• 3Y*: 8.34%
• 5Y*: 3.69%
• 10Y*: 4.88%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XME vs. HYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XME SPDR S&P Metals & Mining ETF	14.53%	83.47%	-4.54%	21.51%	13.13%	34.92%	15.95%	14.69%	-26.78%	21.17%
HYG iShares iBoxx $ High Yield Corporate Bond ETF	1.14%	8.59%	7.97%	11.54%	-10.98%	3.76%	4.47%	14.09%	-2.02%	6.07%

Correlation

The correlation between XME and HYG is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007	0.49

XME vs. HYG - Sectors Allocation Comparison

Sectors	XME	HYG
Basic Materials	75.3%	-
Energy	23.4%	-
Technology	2.2%	-
Consumer Defensive	0.8%	-
Industrials	0.4%	-
Communication Services	-	-
Consumer Cyclical	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	0.4%
Utilities	-	99.6%

Return for Risk

XME vs. HYG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XME

XME Risk / Return Rank: 72
XME Sharpe Ratio Rank: 82
XME Sortino Ratio Rank: 70
XME Omega Ratio Rank: 70
XME Calmar Ratio Rank: 80
XME Martin Ratio Rank: 59

HYG

HYG Risk / Return Rank: 60
HYG Sharpe Ratio Rank: 54
HYG Sortino Ratio Rank: 58
HYG Omega Ratio Rank: 56
HYG Calmar Ratio Rank: 60
HYG Martin Ratio Rank: 71

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.

XME vs. HYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Metals & Mining ETF (XME) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.

	XME	HYG	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.67	+0.74
Sortino ratio: Return per unit of downside risk	2.85	2.49	+0.36
Omega ratio: Gain probability vs. loss probability	1.37	1.32	+0.06
Calmar ratio: Return relative to maximum drawdown	3.78	2.73	+1.05
Martin ratio: Return relative to average drawdown	9.55	12.02	-2.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XME vs. HYG - Sharpe Ratio Comparison

The current XME Sharpe Ratio is 2.40, which is higher than the HYG Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of XME and HYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XME	HYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	1.67	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.49	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.59	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.46	-0.29

Drawdowns

XME vs. HYG - Drawdown Comparison

The maximum XME drawdown since its inception was -85.89%, which is greater than HYG's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for XME and HYG.

Drawdown Indicators

	XME	HYG	Difference
Max Drawdown Largest peak-to-trough decline	-85.89%	-34.25%	-51.64%
Max Drawdown (1Y) Largest decline over 1 year	-22.60%	-2.34%	-20.26%
Max Drawdown (3Y) Largest decline over 3 years	-30.47%	-4.56%	-25.91%
Max Drawdown (5Y) Largest decline over 5 years	-37.27%	-15.79%	-21.48%
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	-22.03%	-39.66%
Current Drawdown Current decline from peak	-10.72%	-0.45%	-10.27%
Average Drawdown Average peak-to-trough decline	-44.12%	-3.24%	-40.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.92%	0.53%	+8.39%

Volatility

XME vs. HYG - Volatility Comparison

SPDR S&P Metals & Mining ETF (XME) has a higher volatility of 14.01% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.23%. This indicates that XME's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XME	HYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.01%	1.23%	+12.78%
Volatility (6M) Calculated over the trailing 6-month period	27.83%	3.05%	+24.78%
Volatility (1Y) Calculated over the trailing 1-year period	35.60%	3.84%	+31.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.72%	7.53%	+25.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.91%	8.29%	+24.62%

XME vs. HYG - Expense Ratio Comparison

XME has a 0.35% expense ratio, which is lower than HYG's 0.49% expense ratio.

Dividends

XME vs. HYG - Dividend Comparison

XME's dividend yield for the trailing twelve months is around 0.32%, less than HYG's 5.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYG iShares iBoxx $ High Yield Corporate Bond ETF	5.93%	5.71%	6.01%	5.74%	5.30%	4.02%	4.88%	4.99%	5.54%	5.12%	5.27%	5.90%
XME SPDR S&P Metals & Mining ETF	0.32%	0.38%	0.65%	1.00%	1.64%	0.70%	0.99%	2.43%	2.23%	1.15%	1.02%	2.61%

Frequently Asked Questions

Can I hold both XME and HYG in my portfolio?

XME and HYG have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XME or HYG?

XME has higher volatility (14.01%) compared to HYG (1.23%). In terms of maximum drawdown, XME dropped -85.89% vs HYG's -34.25%.

Which ETF is better, XME or HYG?

On 10-year performance, XME leads with 19.09% vs 4.88% for HYG. On fees, XME is cheaper at 0.35% per year. On volatility, HYG has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XME or HYG?

Over the 10-year period, XME has performed better with a 19.09% return vs 4.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XME or HYG?

XME is cheaper with a 0.35% expense ratio, compared with 0.49% for HYG.

Which ETF pays a higher dividend yield, XME or HYG?

HYG has the higher dividend yield at 5.93%, compared with 0.32% for XME.

What is the main difference between XME and HYG?

XME is categorized as Materials, while HYG is High Yield Bonds. XME tracks S&P Metals & Mining Select Industry Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for XME and 0.49% for HYG.

Which has better risk-adjusted returns?

XME currently has the higher Sharpe Ratio (2.40 vs 1.67), 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.