HYHG vs. HYG
Compare and contrast key facts about ProShares High Yield-Interest Rate Hedged (HYHG) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG).
HYHG and HYG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HYHG is a passively managed fund by ProShares that tracks the performance of the Citi High Yield (Treasury Rate-Hedged) Index. It was launched on May 21, 2013. HYG is a passively managed fund by iShares that tracks the performance of the iBoxx $ Liquid High Yield Index. It was launched on Apr 11, 2007. Both HYHG and HYG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: HYHG or HYG.
Key characteristics
| HYHG | HYG | |
|---|---|---|
| YTD Return | 10.58% | 8.47% |
| 1Y Return | 14.22% | 14.53% |
| 3Y Return (Ann) | 7.84% | 2.81% |
| 5Y Return (Ann) | 6.30% | 3.61% |
| 10Y Return (Ann) | 4.40% | 3.97% |
| Sharpe Ratio | 2.53 | 3.03 |
| Sortino Ratio | 3.85 | 4.79 |
| Omega Ratio | 1.57 | 1.60 |
| Calmar Ratio | 4.42 | 2.32 |
| Martin Ratio | 22.73 | 23.48 |
| Ulcer Index | 0.62% | 0.61% |
| Daily Std Dev | 5.56% | 4.76% |
| Max Drawdown | -25.72% | -34.24% |
| Current Drawdown | -0.15% | -0.51% |
Correlation
The correlation between HYHG and HYG is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
HYHG vs. HYG - Performance Comparison
In the year-to-date period, HYHG achieves a 10.58% return, which is significantly higher than HYG's 8.47% return. Over the past 10 years, HYHG has outperformed HYG with an annualized return of 4.40%, while HYG has yielded a comparatively lower 3.97% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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HYHG vs. HYG - Expense Ratio Comparison
HYHG has a 0.50% expense ratio, which is higher than HYG's 0.49% expense ratio.
Risk-Adjusted Performance
HYHG vs. HYG - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.
Dividends
HYHG vs. HYG - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.54%, more than HYG's 5.89% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.54% | 6.06% | 5.58% | 4.54% | 5.20% | 6.07% | 6.45% | 5.57% | 5.37% | 6.37% | 5.51% | 3.02% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.89% | 5.75% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% | 5.69% | 6.10% |
Drawdowns
HYHG vs. HYG - Drawdown Comparison
The maximum HYHG drawdown since its inception was -25.72%, smaller than the maximum HYG drawdown of -34.24%. Use the drawdown chart below to compare losses from any high point for HYHG and HYG. For additional features, visit the drawdowns tool.
Volatility
HYHG vs. HYG - Volatility Comparison
The current volatility for ProShares High Yield-Interest Rate Hedged (HYHG) is 1.03%, while iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a volatility of 1.13%. This indicates that HYHG experiences smaller price fluctuations and is considered to be less risky than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.