- ISIN
- US74348A5415
- CUSIP
- 74348A541
- Issuer
- ProShares
- Inception Date
- May 21, 2013
- Region
- North America (U.S.)
- Category
- High Yield Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- Citi High Yield (Treasury Rate-Hedged) Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $175M
Share Price Chart
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Performance
HYHG Performance Chart
ProShares High Yield-Interest Rate Hedged (HYHG) is up 3.8% since the beginning of the year. HYHG is currently trading at $65 per share. Investors who bought $1,000 worth of HYHG shares 5 years ago would now be looking at an investment worth $1,405.
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Returns By Period
ProShares High Yield-Interest Rate Hedged (HYHG) has returned 3.79% so far this year and 8.13% over the past 12 months. Over the last ten years, HYHG has returned 6.37% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
ProShares High Yield-Interest Rate Hedged
- 1D
- 0.18%
- 1M
- 0.64%
- YTD
- 3.79%
- 6M
- 4.48%
- 1Y
- 8.13%
- 3Y*
- 9.93%
- 5Y*
- 7.03%
- 10Y*
- 6.37%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
HYHG Monthly Returns History
Based on dividend-adjusted daily data since May 23, 2013, HYHG's average daily return is +0.02%, while the average monthly return is +0.37%. At this rate, an investment would double in approximately 15.6 years.
Historically, 65% of months were positive and 35% were negative. The best month was Jul 2020 with a return of +5.1%, while the worst month was Mar 2020 at -11.7%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 4 months.
On a daily basis, HYHG closed higher 53% of trading days. The best single day was Mar 26, 2020 with a return of +7.5%, while the worst single day was Mar 9, 2020 at -4.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.09% | -0.95% | -0.12% | 2.38% | 0.69% | 0.68% | 3.79% | ||||||
| 2025 | 1.20% | 1.40% | -3.71% | -0.74% | 2.75% | 0.99% | 0.83% | 0.44% | 1.01% | 0.48% | -0.41% | 1.09% | 5.31% |
| 2024 | 0.16% | 2.10% | 0.44% | 1.20% | 0.94% | -0.09% | 0.98% | 0.77% | 1.01% | 1.43% | 1.26% | 0.68% | 11.41% |
| 2023 | 3.00% | 0.55% | -0.38% | 0.03% | 0.11% | 3.89% | 1.38% | 0.74% | 0.02% | -0.16% | 2.39% | 2.32% | 14.69% |
| 2022 | -1.53% | -0.04% | 1.79% | -2.46% | 0.87% | -6.38% | 4.88% | -1.28% | -0.41% | 4.30% | 0.34% | -1.31% | -1.71% |
| 2021 | 0.24% | 0.78% | 1.58% | 0.07% | -0.16% | 1.12% | -0.55% | 0.90% | 0.58% | 0.24% | -1.59% | 2.44% | 5.75% |
Benchmark Metrics
ProShares High Yield-Interest Rate Hedged has an annualized alpha of 0.21%, beta of 0.34, and R2 of 0.41 versus S&P 500 Index. Calculated based on daily prices since May 23, 2013.
- This ETF participated in 39.36% of S&P 500 Index downside but only 31.13% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.34 may look defensive, but with R2 of 0.41 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.41 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 0.21%
- Beta
- 0.34
- R²
- 0.41
- Upside Capture
- 31.13%
- Downside Capture
- 39.36%
Expense Ratio
HYHG has an expense ratio of 0.50%, placing it in the medium range.
Return for Risk
Risk / Return Rank
HYHG ranks 56 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HYHG | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.37 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 4.04 | 2.78 | +1.26 |
| Martin ratioReturn relative to average drawdown | 13.51 | 12.44 | +1.07 |
Dividends
Dividend History
ProShares High Yield-Interest Rate Hedged provided a 6.73% dividend yield over the last twelve months, with an annual payout of $4.38 per share. The fund has been increasing its distributions for 4 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $4.38 | $4.49 | $4.30 | $3.82 | $3.26 | $2.85 | $3.23 | $3.97 | $4.00 | $3.75 | $3.68 | $3.99 |
Dividend yield | 6.73% | 6.97% | 6.57% | 6.07% | 5.58% | 4.54% | 5.21% | 6.06% | 6.45% | 5.57% | 5.37% | 6.37% |
Monthly Dividends
The table displays the monthly dividend distributions for ProShares High Yield-Interest Rate Hedged. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.35 | $0.34 | $0.36 | $0.36 | $0.36 | $1.77 | ||||||
| 2025 | $0.00 | $0.37 | $0.37 | $0.38 | $0.39 | $0.37 | $0.39 | $0.37 | $0.37 | $0.37 | $0.37 | $0.74 | $4.49 |
| 2024 | $0.00 | $0.32 | $0.35 | $0.36 | $0.36 | $0.36 | $0.36 | $0.36 | $0.37 | $0.36 | $0.36 | $0.72 | $4.30 |
| 2023 | $0.00 | $0.29 | $0.23 | $0.30 | $0.31 | $0.32 | $0.32 | $0.32 | $0.33 | $0.34 | $0.34 | $0.72 | $3.82 |
| 2022 | $0.00 | $0.21 | $0.24 | $0.25 | $0.23 | $0.28 | $0.29 | $0.27 | $0.26 | $0.33 | $0.29 | $0.61 | $3.26 |
| 2021 | $0.00 | $0.25 | $0.23 | $0.24 | $0.24 | $0.24 | $0.24 | $0.23 | $0.24 | $0.24 | $0.24 | $0.47 | $2.85 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ProShares High Yield-Interest Rate Hedged. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ProShares High Yield-Interest Rate Hedged was 25.71%, occurring on Mar 23, 2020. Recovery took 201 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -25.71%Mar 2020 | 2mo 7d | 9mo 20d | 11mo 27dJan 2020 - Jan 2021 |
2016 bear market2016 | -23.22%Feb 2016 | 1y 8mo | 1y 19d | 2y 9moMay 2014 - Mar 2017 |
Bear market2022 | -9.21%Jul 2022 | 3mo 1d | 6mo 11d | 9mo 12dApr 2022 - Jan 2023 |
Rate-hike selloffLate 2018 | -9.06%Dec 2018 | 2mo 23d | 3mo 12d | 6mo 5dOct 2018 - Apr 2019 |
2025 selloff2025 | -7.47%Apr 2025 | 1mo 16d | 3mo 18d | 5mo 4dFeb 2025 - Jul 2025 |
Drawdown Indicators
| HYHG | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.71% | -56.78% | +31.07% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -9.10% | +7.08% |
Max Drawdown (3Y)Largest decline over 3 years | -7.47% | -18.90% | +11.43% |
Max Drawdown (5Y)Largest decline over 5 years | -9.21% | -25.43% | +16.22% |
Max Drawdown (10Y)Largest decline over 10 years | -25.71% | -33.92% | +8.21% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -10.71% | +7.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 2.03% | -1.43% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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