AAOI vs. HYHG

Last updated Jun 24, 2026

AAOI (Applied Optoelectronics, Inc.) is a stock, while HYHG (ProShares High Yield-Interest Rate Hedged) is High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index. Over the past 10 years, AAOI returned 31.11%/yr vs 6.38%/yr for HYHG. At a 0.26 correlation, their price movements are largely independent.

Performance

AAOI vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Optoelectronics, Inc. (AAOI) and ProShares High Yield-Interest Rate Hedged (HYHG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAOI achieves a 322.95% return, which is significantly higher than HYHG's 3.86% return. Over the past 10 years, AAOI has outperformed HYHG with an annualized return of 31.11%, while HYHG has yielded a comparatively lower 6.38% annualized return.

AAOI

• 1D: -13.89%
• 1M: -18.76%
• YTD: 322.95%
• 6M: 262.80%
• 1Y: 553.26%
• 3Y*: 223.87%
• 5Y*: 77.36%
• 10Y*: 31.11%

HYHG

• 1D: 0.07%
• 1M: 0.71%
• YTD: 3.86%
• 6M: 4.29%
• 1Y: 8.04%
• 3Y*: 9.96%
• 5Y*: 7.04%
• 10Y*: 6.38%

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

AAOI vs. HYHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAOI Applied Optoelectronics, Inc.	322.95%	-5.43%	90.79%	922.22%	-63.23%	-39.60%	-28.37%	-23.01%	-59.20%	61.35%
HYHG ProShares High Yield-Interest Rate Hedged	3.86%	5.31%	11.41%	14.69%	-1.71%	5.75%	0.16%	12.02%	-1.95%	3.76%

Correlation

The correlation between AAOI and HYHG is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Sep 26, 2013	0.26

Return for Risk

AAOI vs. HYHG — Risk / Return Rank

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

AAOI

AAOI Risk / Return Rank: 95
AAOI Sharpe Ratio Rank: 98
AAOI Sortino Ratio Rank: 93
AAOI Omega Ratio Rank: 90
AAOI Calmar Ratio Rank: 98
AAOI Martin Ratio Rank: 98

HYHG

HYHG Risk / Return Rank: 57
HYHG Sharpe Ratio Rank: 43
HYHG Sortino Ratio Rank: 43
HYHG Omega Ratio Rank: 42
HYHG Calmar Ratio Rank: 81
HYHG Martin Ratio Rank: 74

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.

AAOI vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Optoelectronics, Inc. (AAOI) and ProShares High Yield-Interest Rate Hedged (HYHG). 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.

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.

	AAOI	HYHG	Difference
Sharpe ratio: Return per unit of total volatility	4.03	1.45	+2.58
Sortino ratio: Return per unit of downside risk	3.66	2.09	+1.57
Omega ratio: Gain probability vs. loss probability	1.42	1.26	+0.16
Calmar ratio: Return relative to maximum drawdown	11.72	4.00	+7.72
Martin ratio: Return relative to average drawdown	31.59	13.36	+18.23

AAOI vs. HYHG - Sharpe Ratio Comparison

The current AAOI Sharpe Ratio is 4.03, which is higher than the HYHG Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of AAOI and HYHG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAOI vs. HYHG - Drawdown Comparison

The maximum AAOI drawdown since its inception was -98.49%, which is greater than HYHG's maximum drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for AAOI and HYHG.

Drawdown Indicators

	AAOI	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-98.49%	-25.71%	-72.78%
Max Drawdown (1Y) Largest decline over 1 year	-47.64%	-2.02%	-45.62%
Max Drawdown (3Y) Largest decline over 3 years	-77.17%	-7.47%	-69.70%
Max Drawdown (5Y) Largest decline over 5 years	-83.07%	-9.21%	-73.86%
Max Drawdown (10Y) Largest decline over 10 years	-98.49%	-25.71%	-72.78%
Current Drawdown Current decline from peak	-33.91%	0.00%	-33.91%
Average Drawdown Average peak-to-trough decline	-65.59%	-3.03%	-62.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.63%	0.60%	+17.03%

Volatility

AAOI vs. HYHG - Volatility Comparison

Applied Optoelectronics, Inc. (AAOI) has a higher volatility of 44.17% compared to ProShares High Yield-Interest Rate Hedged (HYHG) at 1.31%. This indicates that AAOI's price experiences larger fluctuations and is considered to be riskier than HYHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAOI	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.17%	1.31%	+42.86%
Volatility (6M) Calculated over the trailing 6-month period	110.93%	4.36%	+106.57%
Volatility (1Y) Calculated over the trailing 1-year period	138.67%	5.57%	+133.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	119.83%	8.17%	+111.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.56%	9.10%	+89.46%

Dividends

AAOI vs. HYHG - Dividend Comparison

AAOI has not paid dividends to shareholders, while HYHG's dividend yield for the trailing twelve months is around 6.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAOI Applied Optoelectronics, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HYHG ProShares High Yield-Interest Rate Hedged	6.73%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%

Frequently Asked Questions

Can I hold both AAOI and HYHG in my portfolio?

AAOI and HYHG have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAOI or HYHG?

AAOI has higher volatility (44.17%) compared to HYHG (1.31%). In terms of maximum drawdown, AAOI dropped -98.49% vs HYHG's -25.71%.

Which has better risk-adjusted returns?

AAOI currently has the higher Sharpe Ratio (4.03 vs 1.45), 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.