GHYB vs. HYHG
GHYB (Goldman Sachs Access High Yield Corporate Bond ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds - GHYB tracks the FTSE Goldman Sachs High Yield Corporate Bond Index while HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 5 years, GHYB returned 3.96%/yr vs 6.99%/yr for HYHG. A 0.59 correlation means they provide meaningful diversification when combined. GHYB charges 0.34%/yr vs 0.50%/yr for HYHG.
Performance
GHYB vs. HYHG - Performance Comparison
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Returns By Period
In the year-to-date period, GHYB achieves a 0.99% return, which is significantly lower than HYHG's 3.06% return.
GHYB
- 1D
- -0.33%
- 1M
- -0.27%
- YTD
- 0.99%
- 6M
- 1.23%
- 1Y
- 6.85%
- 3Y*
- 8.49%
- 5Y*
- 3.96%
- 10Y*
- —
HYHG
- 1D
- 0.03%
- 1M
- 0.39%
- YTD
- 3.06%
- 6M
- 3.39%
- 1Y
- 7.44%
- 3Y*
- 9.75%
- 5Y*
- 6.99%
- 10Y*
- 6.03%
GHYB vs. HYHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHYB Goldman Sachs Access High Yield Corporate Bond ETF | 0.99% | 9.38% | 7.76% | 12.13% | -11.02% | 3.21% | 6.38% | 14.55% | -2.01% | 0.27% |
HYHG ProShares High Yield-Interest Rate Hedged | 3.06% | 5.31% | 11.41% | 14.69% | -1.71% | 5.75% | 0.16% | 12.02% | -1.95% | 1.94% |
Correlation
The correlation between GHYB and HYHG is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2017 | 0.59 |
Over the past year, the correlation between GHYB and HYHG has dropped to 0.38 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
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Return for Risk
GHYB vs. HYHG — Risk / Return Rank
GHYB
HYHG
GHYB vs. HYHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) 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.
| GHYB | HYHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.24 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 3.70 | -1.13 |
| Martin ratioReturn relative to average drawdown | 11.76 | 12.16 | -0.40 |
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
| GHYB | HYHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.97 | 1.35 | +0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.86 | -0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.46 | +0.08 |
Drawdowns
GHYB vs. HYHG - Drawdown Comparison
The maximum GHYB drawdown since its inception was -21.48%, smaller than the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for GHYB and HYHG.
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Drawdown Indicators
| GHYB | HYHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.48% | -25.71% | +4.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.67% | -2.02% | -0.65% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -7.47% | +2.81% |
Max Drawdown (5Y)Largest decline over 5 years | -16.08% | -9.21% | -6.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.71% | — |
Current DrawdownCurrent decline from peak | -0.53% | -0.29% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -3.04% | +0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 0.61% | -0.03% |
Volatility
GHYB vs. HYHG - Volatility Comparison
The current volatility for Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) is 1.09%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 1.39%. This indicates that GHYB 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
| GHYB | HYHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.39% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | 4.29% | -1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 5.56% | -2.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.69% | 8.15% | -0.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.28% | 9.15% | -0.87% |
GHYB vs. HYHG - Expense Ratio Comparison
GHYB has a 0.34% expense ratio, which is lower than HYHG's 0.50% expense ratio.
Dividends
GHYB vs. HYHG - Dividend Comparison
GHYB's dividend yield for the trailing twelve months is around 6.82%, which matches HYHG's 6.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GHYB Goldman Sachs Access High Yield Corporate Bond ETF | 6.82% | 7.00% | 6.65% | 6.20% | 5.67% | 4.46% | 4.75% | 5.57% | 5.68% | 1.45% | 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
GHYB and HYHG have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYHG has higher volatility (1.39%) compared to GHYB (1.09%). In terms of maximum drawdown, GHYB dropped -21.48% vs HYHG's -25.71%.
On 5-year performance, HYHG leads with 6.99% vs 3.96% for GHYB. On fees, GHYB is cheaper at 0.34% per year. On volatility, GHYB has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYHG has performed better with a 6.99% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GHYB is cheaper with a 0.34% expense ratio, compared with 0.50% for HYHG.
GHYB has the higher dividend yield at 6.82%, compared with 6.78% for HYHG.
GHYB tracks FTSE Goldman Sachs High Yield Corporate Bond Index, while HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index. They also come from different issuers: Goldman Sachs and ProShares. Their fees differ too: 0.34% for GHYB and 0.50% for HYHG.
GHYB currently has the higher Sharpe Ratio (1.97 vs 1.35), 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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