DHY vs. SJB
DHY (Dimensional High Yield Equity Fund) and SJB (ProShares Short High Yield) are both funds - DHY is a Dividend fund managed by Dimensional, while SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%). Over the past 10 years, DHY returned 5.65%/yr vs -3.58%/yr for SJB. Their -0.36 correlation means they have often moved in opposite directions in the past. DHY charges 0.04%/yr vs 0.95%/yr for SJB.
Performance
DHY vs. SJB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DHY achieves a -7.21% return, which is significantly lower than SJB's 1.17% return. Over the past 10 years, DHY has outperformed SJB with an annualized return of 5.65%, while SJB has yielded a comparatively lower -3.58% annualized return.
DHY
- 1D
- 0.00%
- 1M
- -1.36%
- 6M
- -8.38%
- YTD
- -7.21%
- 1Y
- -8.69%
- 3Y*
- 6.94%
- 5Y*
- 2.34%
- 10Y*
- 5.65%
- ALL TIME*
- 3.99%
SJB
- 1D
- 0.12%
- 1M
- 0.65%
- 6M
- 1.17%
- YTD
- 1.17%
- 1Y
- 0.70%
- 3Y*
- -1.64%
- 5Y*
- -0.13%
- 10Y*
- -3.58%
- ALL TIME*
- -5.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $993.17K | $1.50M | $1.33M | |
| $1.85M | $1.63M | $3.02M |
DHY vs. SJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DHY Dimensional High Yield Equity Fund | -7.21% | 2.19% | 18.18% | 24.13% | -21.75% | 16.99% | 0.10% | 26.18% | -16.10% | 17.06% |
SJB ProShares Short High Yield | 1.17% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
Correlation
The correlation between DHY and SJB is -0.32, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.32 |
Correlation (3Y) Balances recent behavior with more history. | -0.29 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.39 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.37 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2011 | -0.36 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DHY vs. SJB — Risk / Return Rank
DHY
SJB
DHY vs. SJB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional High Yield Equity Fund (DHY) and ProShares Short High Yield (SJB). 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.
| DHY | SJB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.04 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 0.28 | -0.98 |
| Martin ratioReturn relative to average drawdown | -1.34 | 0.54 | -1.87 |
Loading charts...
Drawdowns
DHY vs. SJB - Drawdown Comparison
The maximum DHY drawdown since its inception was -71.47%, which is greater than SJB's maximum drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for DHY and SJB.
Loading charts...
Drawdown Indicators
| DHY | SJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.47% | -58.06% | -13.41% |
Max Drawdown (1Y)Largest decline over 1 year | -13.03% | -2.74% | -10.29% |
Max Drawdown (3Y)Largest decline over 3 years | -13.03% | -10.54% | -2.49% |
Max Drawdown (5Y)Largest decline over 5 years | -27.23% | -13.30% | -13.93% |
Max Drawdown (10Y)Largest decline over 10 years | -41.36% | -32.86% | -8.50% |
Current DrawdownCurrent decline from peak | -10.45% | -57.22% | +46.77% |
Average DrawdownAverage peak-to-trough decline | -12.35% | -42.62% | +30.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.84% | 1.43% | +5.41% |
Volatility
DHY vs. SJB - Volatility Comparison
Dimensional High Yield Equity Fund (DHY) has a higher volatility of 5.21% compared to ProShares Short High Yield (SJB) at 1.15%. This indicates that DHY's price experiences larger fluctuations and is considered to be riskier than SJB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DHY | SJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 1.15% | +4.06% |
Volatility (6M)Calculated over the trailing 6-month period | 10.83% | 3.20% | +7.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.05% | 3.94% | +9.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.35% | 7.51% | +7.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.98% | 8.44% | +9.54% |
DHY vs. SJB - Expense Ratio Comparison
DHY has a 0.04% expense ratio, which is lower than SJB's 0.95% expense ratio.
Dividends
DHY vs. SJB - Dividend Comparison
DHY's dividend yield for the trailing twelve months is around 10.63%, more than SJB's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DHY Dimensional High Yield Equity Fund | 10.63% | 9.30% | 8.69% | 9.39% | 10.57% | 7.61% | 8.68% | 9.02% | 11.20% | 9.40% | 10.52% | 12.63% |
SJB ProShares Short High Yield | 3.59% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DHY and SJB have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DHY has higher volatility (5.21%) compared to SJB (1.15%). In terms of maximum drawdown, DHY dropped -71.47% vs SJB's -58.06%.
SJB currently has the higher Sharpe Ratio (0.20 vs -0.70), 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.
Find the right allocation for DHY and SJB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer