AHYB vs. HYHG
AHYB (American Century Select High Yield ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds - AHYB tracks the ICE BofA US High Yield Constrained (BB) while HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 3 years, AHYB returned 8.04%/yr vs 9.78%/yr for HYHG. A 0.57 correlation means they provide meaningful diversification when combined. AHYB charges 0.45%/yr vs 0.50%/yr for HYHG.
Performance
AHYB vs. HYHG - Performance Comparison
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Returns By Period
In the year-to-date period, AHYB achieves a 1.31% return, which is significantly lower than HYHG's 3.03% return.
AHYB
- 1D
- 0.18%
- 1M
- 0.40%
- YTD
- 1.31%
- 6M
- 2.00%
- 1Y
- 6.50%
- 3Y*
- 8.04%
- 5Y*
- —
- 10Y*
- —
HYHG
- 1D
- 0.12%
- 1M
- 0.64%
- YTD
- 3.03%
- 6M
- 3.57%
- 1Y
- 7.52%
- 3Y*
- 9.78%
- 5Y*
- 6.99%
- 10Y*
- 6.12%
AHYB vs. HYHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AHYB American Century Select High Yield ETF | 1.31% | 8.96% | 6.32% | 11.69% | -10.26% | 0.84% |
HYHG ProShares High Yield-Interest Rate Hedged | 3.03% | 5.31% | 11.41% | 14.69% | -1.71% | 0.51% |
Correlation
The correlation between AHYB and HYHG is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2021 | 0.57 |
Over the past year, the correlation between AHYB and HYHG has dropped to 0.34 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.
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Return for Risk
AHYB vs. HYHG — Risk / Return Rank
AHYB
HYHG
AHYB vs. HYHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Century Select High Yield ETF (AHYB) 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.
| AHYB | HYHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.24 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 3.74 | -1.03 |
| Martin ratioReturn relative to average drawdown | 12.65 | 12.28 | +0.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AHYB | HYHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 1.36 | +0.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.86 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.46 | +0.08 |
Drawdowns
AHYB vs. HYHG - Drawdown Comparison
The maximum AHYB drawdown since its inception was -14.76%, smaller than the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for AHYB and HYHG.
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Drawdown Indicators
| AHYB | HYHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.76% | -25.71% | +10.95% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -2.02% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -7.47% | +3.58% |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.21% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.71% | — |
Current DrawdownCurrent decline from peak | -0.13% | -0.32% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -3.46% | -3.04% | -0.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 0.61% | -0.09% |
Volatility
AHYB vs. HYHG - Volatility Comparison
The current volatility for American Century Select High Yield ETF (AHYB) is 1.05%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 1.42%. This indicates that AHYB experiences smaller price fluctuations and is considered to be less risky than HYHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AHYB | HYHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 1.42% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 4.30% | -1.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.36% | 5.56% | -2.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.14% | 8.16% | -1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.14% | 9.15% | -2.01% |
AHYB vs. HYHG - Expense Ratio Comparison
AHYB has a 0.45% expense ratio, which is lower than HYHG's 0.50% expense ratio.
Dividends
AHYB vs. HYHG - Dividend Comparison
AHYB's dividend yield for the trailing twelve months is around 6.00%, less than HYHG's 6.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AHYB American Century Select High Yield ETF | 6.00% | 5.80% | 5.87% | 5.28% | 5.06% | 0.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYHG ProShares High Yield-Interest Rate Hedged | 6.78% | 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
AHYB and HYHG have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYHG has higher volatility (1.42%) compared to AHYB (1.05%). In terms of maximum drawdown, AHYB dropped -14.76% vs HYHG's -25.71%.
On 3-year performance, HYHG leads with 9.78% vs 8.04% for AHYB. On fees, AHYB is cheaper at 0.45% per year. On volatility, AHYB has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYHG has performed better with a 9.78% return vs 8.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AHYB is cheaper with a 0.45% expense ratio, compared with 0.50% for HYHG.
HYHG has the higher dividend yield at 6.78%, compared with 6.00% for AHYB.
AHYB tracks ICE BofA US High Yield Constrained (BB), while HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index. They also come from different issuers: American Century and ProShares. Their fees differ too: 0.45% for AHYB and 0.50% for HYHG.
AHYB currently has the higher Sharpe Ratio (1.95 vs 1.36), 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.
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