iShares 0-5 YR High Yield Corp Bond
ALTAR
Score™
0.5% info Median Credit
S&P/Moody's
BB-/B1
 
Yield to
Maturity
5.3% Current
Yield
6.3%
Macaulay
Duration
3.0 yrs Modified
Duration
2.9%


  • Description
  • Performance
  • Fundamentals
  • Rate Sensitivity
  • Rating
iShares 0-5 Year High Yield Corporate Bond ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the performance of the Markit iBoxx USD Liquid High Yield 0-5 Index.

FUND BASICS
Category Corporate
Fund Sponsor iShares/USA
Website www.ishares.com
Inception date Oct 17, 2013
Assets (mns) $2,497
Currency USD
Expense ratio 50 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Market Cap
Index replication Optimized

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents
No of distinct issuers
Inflation protected 0%
Variable/Fixed coupon 100% /0%
Non-standard maturity (callable, etc.) 100%

TOP TEN HOLDINGS
SPRINT NEXTEL CORPORA 9.0% 11/15/18 0.7 %
REYNOLDS GROUP ISSUER 5.8% 1/15/20 0.7 %
HCA INC 6.5% 2/15/20 0.7 %
WIND ACQUISITION FIN 7.4% 4/23/21 0.6 %
TENET HEALTHCARE CORP 8.1% 4/01/22 0.6 %
CHS/COMMUNITY HEALTH 6.9% 2/01/22 0.6 %
SOFTBANK CORP 4.5% 4/15/20 0.6 %
SPRINT CORP. 7.3% 9/15/21 0.5 %
1011778 BC UNLIMITED 6.0% 4/01/22 0.5 %
EMC CORPORATION 1.9% 6/01/18 0.5 %
   
TOTAL 6.1 %

TOP ISSUERS
HCA INC1.9%
SPRINT NEXTEL CORPORATION1.9%
TENET HEALTHCARE CORP1.7%
DISH DBS CORP1.6%
SLM CORP1.4%

TOP COUNTRY EXPOSURE
UNITED STATES 87.7 %
LUXEMBOURG 2.8 %
CANADA 2.6 %
BRITAIN 1.8 %
UNITED KINGDOM 0.7 %

 





HISTORICAL RETURNS info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
2.6% 10.8% -- -- 3.6%

Market Correlations
versus... Beta R-squared
Barclays Agg. Bond 0.22 2%
S&P500 0.28 47%
MSCI EAFE 0.24 49%
MSCI Emg. Mkts. 0.18 47%

Technical Indicators
Recent close $47.92
Tracking Error 0.00
Avg. Premium/Discount 0.00%
Annualized volatility n/a %
Relative strength (RSI) 58
Liquidity measures
Avg. volume (thou.) 441
Avg. daily value traded (mns) $21
Turnover 0.8%
Bid/Ask (% of price) 0.08

Distributions


Yield Comparison

*Fund Category: CORPORATE

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)
Macaulay Duration info
 
SHYG 3.0 yrs Category
Avg.*
4.4 yrs
 

Modified Duration info
 
SHYG 2.9% Category
Avg.*
4.3%

RATE SENSITIVITY ANALYSIS info
Change
in YTM
New
YTM
Est. Price
Change
Est. New
Price
+300 bp 8.28% -6.0% $45.04
+200 bp 7.28% -4.6% $45.72
+150 bp 6.78% -3.7% $46.16
+100 bp 6.28% -2.6% $46.68
+75 bp 6.03% -2.0% $46.96
+50 bp 5.78% -1.4% $47.26
+25 bp 5.53% -0.7% $47.58
0 bp 5.28% 0% $47.92
-25 bp 5.03% 0.7% $48.28
-50 bp 4.78% 1.5% $48.65
-75 bp 4.53% 2.3% $49.04
-100 bp 4.28% 3.2% $49.45
-150 bp 3.78% 5.0% $50.32
-200 bp 3.28% 7.0% $51.27
-300 bp 2.28% 11.4% $53.37

*Fund Category: CORPORATE

ALTAR Score™


Calculation of ALTAR Score™
Adj. Yield to Maturity info 528 bp
Less: Annual "default factor" info 431 bp
Less: Expense ratio 50 bp
Equals: ALTAR Score 0.47 %
 

Average ALTAR Score™ by Category
Aggregate 1.6%
Corporate 1.8%
Emerging Market 3.9%
Government 1.5%
Inflation Protected 1.5%
Mortgage 2.8%
Municipals 2.5%
 
*Note: The iShares 0-5 YR High Yield Corp Bond is classified as a Corporate fund.

 

Our estimate of the impact of potential defaults on investor returns, based on historical default and recovery rates for bonds of similar credit rating and maturities.
See RATING tab for calculations of ALTAR Score™
Estimate of fund sensitivity to interest rate changes based on modified duration and convexity adjustment applied to underlying bonds. Note: Less meaningful for inflation-indexed bonds.
Adds expected inflation to real YTM for inflation-linked bonds so that all instruments are compared on a nominal basis
Weighted-average term to maturity of the cash flows from a bond. All else being equal, bonds of longer duration are more sensitive to changes in interest rates than bonds of shorter duration.
Approximation of the change in bond prices given a 100 basis point shift in interest rates. A better estimate, particularly for larger moves in interest rates, is provided by the Rate Sensitivity Analysis below.