ETF Evaluator:
iShares Interest Rate Hdg Hi Yld Bd ETF (HYGH)
Follow This ETF
(as of Jul 31)
Best Performing in High Yield Bond Over the Last Year
| 8.4% | Fidelity Sustainable High Yield ETF (FSYD) |
| 7.2% | Fidelity Enhanced High Yield ETF (FDHY) |
| 7.2% | iShares Fallen Angels USD Bond ETF (FALN) |
| 7.0% | iShares Interest Rate Hdg Hi Yld Bd ETF (HYGH) |
| 6.9% | TCW Multisector Credit Income ETF (MUSE) |
Risk
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Risk
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ETF Details
iShares Interest Rate Hdg Hi Yld Bd ETF Overview
iShares Interest Rate Hdg Hi Yld Bd ETF (HYGH) is a passively managed Taxable Bond High Yield Bond exchange-traded fund (ETF). iShares launched the ETF in 2014.
The investment seeks to track the investment results of the BlackRock Interest Rate Hedged High Yield Bond Index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar- denominated, high yield corporate bonds.
The fund seeks to track the investment results of the underlying index, which is designed to minimize the interest-rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds, represented in the underlying index by the underlying fund. It invests at least 80% of its net assets in component securities and instruments in the fund’s underlying index.
About iShares Interest Rate Hdg Hi Yld Bd ETF (HYGH)
There are 3 members of the management team with an average tenure of 4.64 years: James Mauro (2014), Jonathan Graves (2025) and Marcus Tom (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and BlackRock Interest Rate Hdg HY Bd TR USD index with a weighting of 100%. iShares Interest Rate Hdg Hi Yld Bd ETF has 191 securities in its portfolio. The top 10 holdings constitute 114.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
iShares Interest Rate Hdg Hi Yld Bd ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. iShares Interest Rate Hdg Hi Yld Bd ETF has 12.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.2% (81.1% domestic bond, 12.1% foreign bond and 0.0% convertible bond). iShares Interest Rate Hdg Hi Yld Bd ETF has 97.4% of the portfolio in cash.
Assets Under Management
The fund has $549 million in total assets, which is below the $1 billion average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HYGH Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iShares Interest Rate Hdg Hi Yld Bd ETF expense ratio is average compared to funds in the High Yield Bond category. iShares Interest Rate Hdg Hi Yld Bd ETF has an expense ratio of 0.52%, which is 31% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. iShares Interest Rate Hdg Hi Yld Bd ETF has a portfolio turnover rate of 1%, which indicates that it holds its assets around / 1.0 years. By way of comparison, the average portfolio turnover is 73% for the High Yield Bond category.
Recently, in the month of June 2026, iShares Interest Rate Hdg Hi Yld Bd ETF returned 0.3%, which earned it a grade of B, as the High Yield Bond category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
iShares Interest Rate Hdg Hi Yld Bd ETF has a trailing yield of 6.61%, which is below the 6.68% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
iShares Interest Rate Hdg Hi Yld Bd ETF Grades
Year to date, the ETF has returned 3.2%, 1.3 percentage points better than the category, which translates into a grade of A. The fund has returned 7.0% over the past year (grade of A), 9.2% over the past three years (grade of A) and 6.8% per year over the past five years (grade of A) and 6.3% per year over the past 10 years (grade of A).
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HYGH Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HYGH Return (NAV) | 0.3% | 2.8% | 7.0% | 9.2% | 6.8% | 6.3% |
| HYGH Return (Price) | 0.2% | 2.9% | 7.0% | 9.2% | 6.8% | 6.4% |
| NAV +/- Price Return | 0.064% | -0.019% | 0.021% | -0.004% | -0.011% | -0.038% |
| High Yield Bond Avg | 0.2% | 2.5% | 5.6% | 8.4% | 3.9% | 5.2% |
| HYGH Grade (NAV) | B | A | A | A | A | A |
| +/- Category (NAV) | 0.1% | 0.4% | 1.4% | 0.9% | 2.9% | 1.1% |
| HYGH Tax-Cost Ratio | na | na | 2.7% | 3.1% | 2.8% | 2.4% |
HYGH Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HYGH Return (NAV) | 3.2% | 7.4% | 10.7% | 12.3% | -1.0% | 5.7% | 0.6% | 11.0% | -0.9% | 6.5% | 12.9% |
| HYGH Return (Price) | 3.2% | 6.9% | 11.2% | 12.2% | -0.9% | 5.8% | 0.5% | 11.1% | -0.9% | 6.4% | 13.2% |
| NAV +/- Price Ret | 0.012% | -0.062% | 0.052% | -0.010% | -0.051% | 0.015% | -0.154% | 1.1% | -2.1% | -2.4% | 1.9% |
| High Yield Bond Avg | 1.9% | 8.4% | 7.5% | 12.4% | -10.1% | 4.2% | 6.1% | 13.4% | -2.3% | 7.1% | 13.0% |
| HYGH Grade (NAV) | A | F | A | D | A | B | F | D | B | B | C |
| +/- Category | 1.3% | -1.0% | 3.2% | -0.2% | 9.1% | 1.5% | -5.5% | -2.4% | 1.4% | -0.6% | -0.1% |
| Risk Measures | |
| Beta: | 0.20 |
| R-Squared: | 14% |
| Standard Deviation: | 3.0% |
| Category Risk Index: | 0.69 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.25 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 6.6% |
| Total Assets: | $ 550 Mil |
| Share Class Assets: | $ 550 Mil |
| Turnover: | 1.0% |
| Expense Ratio: | 0.52% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg US Universal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.1 years | |||
| Average Tenure: 4.6 years | |||
| Managers (Year): Mauro James (2014), Graves Jonathan (2025), Tom Marcus (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 191 |
| % in Top 10 Holdings: | 114.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 81.1% |
| Foreign Bond: | 12.1% |
| Convertible Bond: | 0.0% |
| Other: | -90.7% |
| Cash: | 97.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | www.iShares.com |
| Inception Date: | May 27, 2014 |
Expenses and Fees
| Expense Ratio (%): | 0.52% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.40% |
