FTSL vs. HYHG

Last updated Jun 5, 2026

FTSL (First Trust Senior Loan Fund) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds. FTSL is actively managed, while HYHG is passively managed. Over the past 10 years, FTSL returned 4.44%/yr vs 6.12%/yr for HYHG. At a 0.32 correlation, their price movements are largely independent. FTSL charges 0.86%/yr vs 0.50%/yr for HYHG.

Performance

FTSL vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Senior Loan Fund (FTSL) 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, FTSL achieves a 0.65% return, which is significantly lower than HYHG's 3.03% return. Over the past 10 years, FTSL has underperformed HYHG with an annualized return of 4.44%, while HYHG has yielded a comparatively higher 6.12% annualized return.

FTSL

• 1D: 0.03%
• 1M: 0.20%
• YTD: 0.65%
• 6M: 0.98%
• 1Y: 4.56%
• 3Y*: 7.36%
• 5Y*: 5.02%
• 10Y*: 4.44%

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%

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

FTSL vs. HYHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTSL First Trust Senior Loan Fund	0.65%	5.98%	8.27%	11.58%	-2.50%	3.94%	2.99%	10.11%	-1.30%	2.59%
HYHG ProShares High Yield-Interest Rate Hedged	3.03%	5.31%	11.41%	14.69%	-1.71%	5.75%	0.16%	12.02%	-1.95%	3.76%

Correlation

The correlation between FTSL and HYHG is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since May 24, 2013	0.32

The correlation between FTSL and HYHG shifts across timeframes, from 0.30 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.

FTSL vs. HYHG - Sectors Allocation Comparison

Sectors	FTSL	HYHG
Basic Materials	100.0%	-
Communication Services	-	1.1%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	0.6%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FTSL vs. HYHG — Risk / Return Rank

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

FTSL

FTSL Risk / Return Rank: 63
FTSL Sharpe Ratio Rank: 67
FTSL Sortino Ratio Rank: 76
FTSL Omega Ratio Rank: 85
FTSL Calmar Ratio Rank: 40
FTSL Martin Ratio Rank: 45

HYHG

HYHG Risk / Return Rank: 52
HYHG Sharpe Ratio Rank: 39
HYHG Sortino Ratio Rank: 39
HYHG Omega Ratio Rank: 38
HYHG Calmar Ratio Rank: 75
HYHG Martin Ratio Rank: 68

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.

FTSL vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Senior Loan Fund (FTSL) 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.

	FTSL	HYHG	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.36	+0.81
Sortino ratio: Return per unit of downside risk	3.37	1.98	+1.40
Omega ratio: Gain probability vs. loss probability	1.51	1.24	+0.26
Calmar ratio: Return relative to maximum drawdown	1.97	3.74	-1.77
Martin ratio: Return relative to average drawdown	7.30	12.28	-4.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTSL vs. HYHG - Sharpe Ratio Comparison

The current FTSL Sharpe Ratio is 2.17, which is higher than the HYHG Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of FTSL 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.

Sharpe Ratios by Period

	FTSL	HYHG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	1.36	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.51	0.86	+0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.67	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.46	+0.39

Drawdowns

FTSL vs. HYHG - Drawdown Comparison

The maximum FTSL drawdown since its inception was -22.67%, smaller than the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for FTSL and HYHG.

Drawdown Indicators

	FTSL	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-22.67%	-25.71%	+3.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.33%	-2.02%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-2.66%	-7.47%	+4.81%
Max Drawdown (5Y) Largest decline over 5 years	-6.96%	-9.21%	+2.25%
Max Drawdown (10Y) Largest decline over 10 years	-22.67%	-25.71%	+3.04%
Current Drawdown Current decline from peak	0.00%	-0.32%	+0.32%
Average Drawdown Average peak-to-trough decline	-0.76%	-3.04%	+2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.61%	+0.02%

Volatility

FTSL vs. HYHG - Volatility Comparison

The current volatility for First Trust Senior Loan Fund (FTSL) is 0.36%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 1.42%. This indicates that FTSL 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.

Volatility by Period

	FTSL	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	1.42%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	1.95%	4.30%	-2.35%
Volatility (1Y) Calculated over the trailing 1-year period	2.11%	5.56%	-3.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.35%	8.16%	-4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.18%	9.15%	-3.97%

FTSL vs. HYHG - Expense Ratio Comparison

FTSL has a 0.86% expense ratio, which is higher than HYHG's 0.50% expense ratio.

Dividends

FTSL vs. HYHG - Dividend Comparison

FTSL's dividend yield for the trailing twelve months is around 6.46%, less than HYHG's 6.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTSL First Trust Senior Loan Fund	6.46%	6.59%	7.56%	7.59%	4.77%	3.17%	3.48%	4.44%	4.29%	3.64%	3.70%	3.95%
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

Can I hold both FTSL and HYHG in my portfolio?

FTSL and HYHG have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTSL or HYHG?

HYHG has higher volatility (1.42%) compared to FTSL (0.36%). In terms of maximum drawdown, FTSL dropped -22.67% vs HYHG's -25.71%.

Which ETF is better, FTSL or HYHG?

On 10-year performance, HYHG leads with 6.12% vs 4.44% for FTSL. On fees, HYHG is cheaper at 0.50% per year. On volatility, FTSL has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTSL or HYHG?

Over the 10-year period, HYHG has performed better with a 6.12% return vs 4.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTSL or HYHG?

HYHG is cheaper with a 0.50% expense ratio, compared with 0.86% for FTSL.

Which ETF pays a higher dividend yield, FTSL or HYHG?

HYHG has the higher dividend yield at 6.78%, compared with 6.46% for FTSL.

What is the main difference between FTSL and HYHG?

They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.86% for FTSL and 0.50% for HYHG.

Which has better risk-adjusted returns?

FTSL currently has the higher Sharpe Ratio (2.17 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.