iShares High Yield Corporate Bond BuyWrite… (HYGW) Performance
HYGW total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +1.8% since Dec 31, 2025
- 1 year
- +3.2% total return
- 3 years
- +6.1% a year
- Since first price
- +5.3% a year since 2022
HYGW trailing returns vs AGG, TLT, SPY
| Period | HYGW total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | −0.3% | −1.6% | +0.9% | +1.5% | −1.0% |
| 3 months | −0.2% | −2.8% | −0.4% | −1.0% | +3.2% |
| 6 months | +0.9% | −4.1% | −1.5% | −3.8% | +7.8% |
| YTD | +1.8% | −6.2% | −1.0% | −3.4% | +12.3% |
| 1 year | +3.2% | −7.2% | −1.1% | −6.9% | +14.4% |
| 3 years | +19.3%+6.1%/yr | −16.6% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| Since inceptionAug 22, 2022 | +23.9%+5.3%/yr | −29.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: HYGW vs AGG
From Aug 22, 2022: HYGW grew to $12,393, AGG to $10,974.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HYGW returns by calendar year
3 of 3 full years positive. Best 2023 (+7.3%), worst 2025 (+6.2%). 2026 is year to date.
HYGW annual returns table
| Year | HYGW | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +1.8% | −2.2% | −1.0% | −3.4% | +12.3% |
| 2025 | +6.2% | −3.4% | +7.2% | +4.3% | +17.7% |
| 2024 | +7.0% | −1.3% | +1.3% | −8.1% | +24.9% |
| 2023 | +7.3% | −3.7% | +5.7% | +2.8% | +26.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
HYGW largest drawdowns
Now 1.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 25, 2022 | −5.5% | Sep 27, 2022 | Jan 6, 2023 | 33 days | 4 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
HYGW risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | +5.3% | +5.7% |
| Volatility (annualized) | 2.6% | 3.6% |
| Sharpe ratio | 0.33 | 0.36 |
| Sortino ratio | 0.42 | 0.54 |
| Best month | +1.7% | +3.7% |
| Worst month | −2.0% | −2.3% |
| Best 12 months | +9.3% | +10.0% |
| Worst 12 months | +3.1% | +3.1% |
| Positive months | 78% | 71% |
| Beta vs S&P 500 | 0.15 | — |
| Correlation with S&P 500 | 0.71 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
HYGW rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 39 | +3.0% | +5.9% | +10.0% | 100% |
| 3-year (a year) | 15 | +5.1% | +5.9% | +7.6% | 100% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
HYGW performance overview
iShares High Yield Corporate Bond BuyWrite… (HYGW) returned +3.2% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned +5.3% a year, turning $10,000 into about $12,393. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −5.5%, from Aug 25, 2022 to Sep 27, 2022, and it took 3 months to get back to the old high. HYGW finished 3 of its 3 full calendar years with a gain; the best year was 2023 (+7.3%) and the worst 2025 (+6.2%). Volatility has been 3.6% a year.
Related: HYGW chart, HYGW dividends, HYGW bond profile. See the HYGW overview for the latest quote and fund facts.
HYGW performance FAQ
What is the HYGW return over the past year?
HYGW returned +3.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 7.2%.
How much would $10,000 invested in HYGW be worth?
$10,000 invested in HYGW at its first recorded close on August 22, 2022 would be worth about $12,393 on October 23, 2026 with distributions reinvested.
What was the worst year for HYGW?
The worst calendar year was 2025, with a total return of +6.2%. The best was 2023 at +7.3%.
What is the biggest drawdown of HYGW?
The largest peak-to-trough decline was −5.5% between August 25, 2022 and September 27, 2022. It recovered to the old high on January 6, 2023, 3 months after the bottom.
How volatile is HYGW?
Over the past 3 years HYGW had an annualized volatility of 2.6% and a Sharpe ratio of 0.33 (excess return over 1–3 month T-bills per unit of risk).