GHYG vs. HYHG
GHYG (iShares US & Intl High Yield Corp Bond ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds - GHYG tracks the Markit iBoxx Global Developed Markets High Yield Index while HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 10 years, GHYG returned 4.82%/yr vs 6.40%/yr for HYHG. At a 0.45 correlation, their price movements are largely independent. GHYG charges 0.40%/yr vs 0.50%/yr for HYHG.
Performance
GHYG vs. HYHG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GHYG achieves a 0.24% return, which is significantly lower than HYHG's 3.39% return. Over the past 10 years, GHYG has underperformed HYHG with an annualized return of 4.82%, while HYHG has yielded a comparatively higher 6.40% annualized return.
GHYG
- 1D
- 0.11%
- 1M
- -0.75%
- YTD
- 0.24%
- 6M
- 0.16%
- 1Y
- 4.12%
- 3Y*
- 8.72%
- 5Y*
- 3.28%
- 10Y*
- 4.82%
HYHG
- 1D
- -0.11%
- 1M
- 0.06%
- YTD
- 3.39%
- 6M
- 3.06%
- 1Y
- 7.47%
- 3Y*
- 9.78%
- 5Y*
- 6.90%
- 10Y*
- 6.40%
GHYG vs. HYHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHYG iShares US & Intl High Yield Corp Bond ETF | 0.24% | 11.28% | 5.85% | 13.29% | -12.15% | 1.62% | 6.68% | 13.47% | -3.79% | 8.97% |
HYHG ProShares High Yield-Interest Rate Hedged | 3.39% | 5.31% | 11.41% | 14.69% | -1.71% | 5.75% | 0.16% | 12.02% | -1.95% | 3.76% |
Correlation
The correlation between GHYG and HYHG is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since May 23, 2013 | 0.45 |
The correlation between GHYG and HYHG shifts across timeframes, from 0.33 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.
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
GHYG vs. HYHG — Risk / Return Rank
GHYG
HYHG
GHYG vs. HYHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares US & Intl High Yield Corp Bond ETF (GHYG) 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.
| GHYG | HYHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.24 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 3.72 | -2.64 |
| Martin ratioReturn relative to average drawdown | 3.93 | 12.40 | -8.46 |
Loading charts...
Drawdowns
GHYG vs. HYHG - Drawdown Comparison
The maximum GHYG drawdown since its inception was -27.36%, which is greater than HYHG's maximum drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for GHYG and HYHG.
Loading charts...
Drawdown Indicators
| GHYG | HYHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.36% | -25.71% | -1.65% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -2.02% | -1.82% |
Max Drawdown (3Y)Largest decline over 3 years | -4.46% | -7.47% | +3.01% |
Max Drawdown (5Y)Largest decline over 5 years | -20.44% | -9.21% | -11.23% |
Max Drawdown (10Y)Largest decline over 10 years | -27.36% | -25.71% | -1.65% |
Current DrawdownCurrent decline from peak | -1.11% | -0.45% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -3.34% | -3.03% | -0.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.60% | +0.45% |
Volatility
GHYG vs. HYHG - Volatility Comparison
The current volatility for iShares US & Intl High Yield Corp Bond ETF (GHYG) is 1.17%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 1.26%. This indicates that GHYG 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.
Loading charts...
Volatility by Period
| GHYG | HYHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 1.26% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.78% | 4.37% | -0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.67% | 5.58% | -0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.64% | 8.17% | -0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.73% | 9.10% | -0.37% |
GHYG vs. HYHG - Expense Ratio Comparison
GHYG has a 0.40% expense ratio, which is lower than HYHG's 0.50% expense ratio.
Dividends
GHYG vs. HYHG - Dividend Comparison
GHYG's dividend yield for the trailing twelve months is around 6.26%, less than HYHG's 6.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GHYG iShares US & Intl High Yield Corp Bond ETF | 6.26% | 6.03% | 6.11% | 5.60% | 4.64% | 4.57% | 4.36% | 4.61% | 5.62% | 4.60% | 4.61% | 4.79% |
HYHG ProShares High Yield-Interest Rate Hedged | 6.76% | 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
GHYG and HYHG have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYHG has higher volatility (1.26%) compared to GHYG (1.17%). In terms of maximum drawdown, GHYG dropped -27.36% vs HYHG's -25.71%.
On 10-year performance, HYHG leads with 6.40% vs 4.82% for GHYG. On fees, GHYG is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYHG has performed better with a 6.40% return vs 4.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GHYG is cheaper with a 0.40% expense ratio, compared with 0.50% for HYHG.
HYHG has the higher dividend yield at 6.76%, compared with 6.26% for GHYG.
GHYG tracks Markit iBoxx Global Developed Markets High Yield Index, while HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.40% for GHYG and 0.50% for HYHG.
HYHG currently has the higher Sharpe Ratio (1.34 vs 0.89), 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 GHYG and HYHG
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