HYHG vs. BITO
HYHG (ProShares High Yield-Interest Rate Hedged) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - HYHG is a High Yield Bonds fund tracking the FTSE High Yield (Treasury Rate-Hedged) Index, while BITO is a Cryptocurrency fund actively managed by ProShares. HYHG is passively managed, while BITO is actively managed. Over the past 3 years, HYHG returned 9.01%/yr vs 22.46%/yr for BITO. Their 0.28 correlation means their historical movements had little consistent relationship. HYHG charges 0.50%/yr vs 0.95%/yr for BITO.
Performance
HYHG vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, HYHG achieves a 4.22% return, which is significantly higher than BITO's -27.98% return.
HYHG
- 1D
- -0.17%
- 1M
- 0.39%
- 6M
- 2.85%
- YTD
- 4.22%
- 1Y
- 7.49%
- 3Y*
- 9.01%
- 5Y*
- 7.24%
- 10Y*
- 5.95%
- ALL TIME*
- 4.27%
BITO
- 1D
- 0.58%
- 1M
- 4.24%
- 6M
- -17.22%
- YTD
- -27.98%
- 1Y
- -46.07%
- 3Y*
- 22.46%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.25B | $2.50B | $2.06B | |
| $2.51M | $1.78M | $1.26M |
HYHG vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 4.22% | 5.31% | 11.41% | 14.69% | -1.71% | 0.80% |
BITO ProShares Bitcoin Strategy ETF | -27.98% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between HYHG and BITO is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.28 |
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Return for Risk
HYHG vs. BITO — Risk / Return Rank
HYHG
BITO
HYHG vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and ProShares Bitcoin Strategy ETF (BITO). 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.
| HYHG | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.40 | ||
| Sortino ratioReturn per unit of downside risk | +3.55 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.83 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 3.72 | -0.85 | +4.57 |
| Martin ratioReturn relative to average drawdown | 12.44 | -1.29 | +13.73 |
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Drawdowns
HYHG vs. BITO - Drawdown Comparison
The maximum HYHG drawdown since its inception was -25.71%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for HYHG and BITO.
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Drawdown Indicators
| HYHG | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.71% | -77.86% | +52.15% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -54.47% | +52.45% |
Max Drawdown (3Y)Largest decline over 3 years | -7.47% | -54.47% | +47.00% |
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 | -0.17% | -50.33% | +50.16% |
Average DrawdownAverage peak-to-trough decline | -3.01% | -37.20% | +34.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 35.76% | -35.16% |
Volatility
HYHG vs. BITO - Volatility Comparison
The current volatility for ProShares High Yield-Interest Rate Hedged (HYHG) is 1.34%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 8.00%. This indicates that HYHG experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYHG | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 8.00% | -6.66% |
Volatility (6M)Calculated over the trailing 6-month period | 3.97% | 32.76% | -28.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 44.12% | -38.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.17% | 54.56% | -46.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.06% | 54.56% | -45.50% |
HYHG vs. BITO - Expense Ratio Comparison
HYHG has a 0.50% expense ratio, which is lower than BITO's 0.95% expense ratio.
Dividends
HYHG vs. BITO - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.69%, less than BITO's 46.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 46.76% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYHG ProShares High Yield-Interest Rate Hedged | 6.69% | 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
HYHG and BITO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (8.00%) compared to HYHG (1.34%). In terms of maximum drawdown, HYHG dropped -25.71% vs BITO's -77.86%.
On 3-year performance, BITO leads with 22.46% vs 9.01% for HYHG. On fees, HYHG is cheaper at 0.50% per year. On volatility, HYHG has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITO has performed better with a 22.46% return vs 9.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYHG is cheaper with a 0.50% expense ratio, compared with 0.95% for BITO.
BITO has the higher dividend yield at 46.76%, compared with 6.69% for HYHG.
HYHG is categorized as High Yield Bonds, while BITO is Cryptocurrency. Their fees differ too: 0.50% for HYHG and 0.95% for BITO.
HYHG currently has the higher Sharpe Ratio (1.35 vs -1.05), 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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