HYHG vs. IBHE
HYHG (ProShares High Yield-Interest Rate Hedged) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both High Yield Bonds funds - HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index while IBHE tracks the Bloomberg 2025 Term High Yield and Income Index. Both are passively managed. A 0.51 correlation means they provide meaningful diversification when combined. HYHG charges 0.50%/yr vs 0.35%/yr for IBHE.
Performance
HYHG vs. IBHE - Performance Comparison
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Returns By Period
HYHG
- 1D
- -0.02%
- 1M
- 0.46%
- 6M
- 3.45%
- YTD
- 3.84%
- 1Y
- 7.08%
- 3Y*
- 9.04%
- 5Y*
- 7.07%
- 10Y*
- 5.90%
IBHE
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYHG vs. IBHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 3.84% | 5.31% | 11.41% | 14.69% | -1.71% | 5.75% | 0.16% | 2.98% |
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 0.00% | 4.45% | 7.62% | 10.32% | -4.08% | 4.40% | 4.16% | 5.49% |
Correlation
The correlation between HYHG and IBHE is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since May 9, 2019 | 0.51 |
The correlation between HYHG and IBHE shifts across timeframes, from -0.00 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYHG vs. IBHE — Risk / Return Rank
HYHG
IBHE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYHG vs. IBHE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). 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 | IBHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.22 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | — | — |
| Martin ratioReturn relative to average drawdown | 11.70 | — | — |
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Drawdowns
HYHG vs. IBHE - Drawdown Comparison
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Drawdown Indicators
| HYHG | IBHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.71% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -7.47% | — | — |
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 | -0.36% | — | — |
Average DrawdownAverage peak-to-trough decline | -3.02% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | — | — |
Volatility
HYHG vs. IBHE - Volatility Comparison
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Volatility by Period
| HYHG | IBHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.98% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.63% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.18% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.07% | — | — |
HYHG vs. IBHE - Expense Ratio Comparison
HYHG has a 0.50% expense ratio, which is higher than IBHE's 0.35% expense ratio.
Dividends
HYHG vs. IBHE - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.72%, while IBHE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.72% | 6.97% | 6.57% | 6.07% | 5.58% | 4.54% | 5.21% | 6.06% | 6.45% | 5.57% | 5.37% | 6.37% |
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 1.87% | 4.53% | 6.92% | 7.17% | 5.77% | 4.84% | 5.74% | 3.73% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYHG and IBHE have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBHE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBHE is cheaper with a 0.35% expense ratio, compared with 0.50% for HYHG.
HYHG has the higher dividend yield at 6.72%, compared with 1.87% for IBHE.
HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index, while IBHE tracks Bloomberg 2025 Term High Yield and Income Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.50% for HYHG and 0.35% for IBHE.
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