HYHG vs. JCPI

Last updated Jun 5, 2026

HYHG (ProShares High Yield-Interest Rate Hedged) and JCPI (JPMorgan Inflation Managed Bond ETF) are both exchange-traded funds - HYHG is a High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index, while JCPI is a Inflation-Protected Bonds fund actively managed by JPMorgan. HYHG is passively managed, while JCPI is actively managed. Over the past 3 years, HYHG returned 9.78%/yr vs 5.33%/yr for JCPI. At a 0.04 correlation, their price movements are largely independent. HYHG charges 0.50%/yr vs 0.25%/yr for JCPI.

Performance

HYHG vs. JCPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares High Yield-Interest Rate Hedged (HYHG) and JPMorgan Inflation Managed Bond ETF (JCPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYHG achieves a 3.03% return, which is significantly higher than JCPI's 1.65% return.

HYHG

• 1D: 0.12%
• 1M: 0.64%
• YTD: 3.03%
• 6M: 3.57%
• 1Y: 7.52%
• 3Y*: 9.78%
• 5Y*: 6.99%
• 10Y*: 6.12%

JCPI

• 1D: -0.07%
• 1M: -0.27%
• YTD: 1.65%
• 6M: 1.28%
• 1Y: 5.11%
• 3Y*: 5.33%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HYHG vs. JCPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYHG ProShares High Yield-Interest Rate Hedged	3.03%	5.31%	11.41%	14.69%	-0.19%
JCPI JPMorgan Inflation Managed Bond ETF	1.65%	7.10%	4.70%	5.04%	-5.53%

Correlation

The correlation between HYHG and JCPI is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Apr 12, 2022	0.04

The correlation between HYHG and JCPI shifts across timeframes, from -0.12 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

HYHG vs. JCPI - Sectors Allocation Comparison

Sectors	HYHG	JCPI
Communication Services	1.1%	9.8%
Healthcare	0.6%	4.5%
Basic Materials	-	37.1%
Consumer Cyclical	-	1.2%
Consumer Defensive	-	0.4%
Energy	-	1.2%
Financial Services	-	8.1%
Industrials	-	0.9%
Real Estate	-	4.8%
Technology	-	7.6%
Utilities	-	3.2%

Return for Risk

HYHG vs. JCPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYHG

HYHG Risk / Return Rank: 52
HYHG Sharpe Ratio Rank: 39
HYHG Sortino Ratio Rank: 39
HYHG Omega Ratio Rank: 38
HYHG Calmar Ratio Rank: 75
HYHG Martin Ratio Rank: 68

JCPI

JCPI Risk / Return Rank: 58
JCPI Sharpe Ratio Rank: 52
JCPI Sortino Ratio Rank: 58
JCPI Omega Ratio Rank: 53
JCPI Calmar Ratio Rank: 65
JCPI Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HYHG vs. JCPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and JPMorgan Inflation Managed Bond ETF (JCPI). 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.

	HYHG	JCPI	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.76	-0.40
Sortino ratio: Return per unit of downside risk	1.98	2.72	-0.74
Omega ratio: Gain probability vs. loss probability	1.24	1.33	-0.08
Calmar ratio: Return relative to maximum drawdown	3.74	3.21	+0.53
Martin ratio: Return relative to average drawdown	12.28	11.08	+1.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYHG vs. JCPI - Sharpe Ratio Comparison

The current HYHG Sharpe Ratio is 1.36, which is comparable to the JCPI Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of HYHG and JCPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYHG	JCPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.76	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.67	-0.21

Drawdowns

HYHG vs. JCPI - Drawdown Comparison

The maximum HYHG drawdown since its inception was -25.71%, which is greater than JCPI's maximum drawdown of -7.85%. Use the drawdown chart below to compare losses from any high point for HYHG and JCPI.

Drawdown Indicators

	HYHG	JCPI	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-7.85%	-17.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-1.60%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-7.47%	-2.81%	-4.66%
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.71%	—	—
Current Drawdown Current decline from peak	-0.32%	-0.44%	+0.12%
Average Drawdown Average peak-to-trough decline	-3.04%	-1.87%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.46%	+0.15%

Volatility

HYHG vs. JCPI - Volatility Comparison

ProShares High Yield-Interest Rate Hedged (HYHG) has a higher volatility of 1.42% compared to JPMorgan Inflation Managed Bond ETF (JCPI) at 0.86%. This indicates that HYHG's price experiences larger fluctuations and is considered to be riskier than JCPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYHG	JCPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	0.86%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	4.30%	2.04%	+2.26%
Volatility (1Y) Calculated over the trailing 1-year period	5.56%	2.94%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.16%	4.50%	+3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.15%	4.50%	+4.65%

HYHG vs. JCPI - Expense Ratio Comparison

HYHG has a 0.50% expense ratio, which is higher than JCPI's 0.25% expense ratio.

Dividends

HYHG vs. JCPI - Dividend Comparison

HYHG's dividend yield for the trailing twelve months is around 6.78%, more than JCPI's 3.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
JCPI JPMorgan Inflation Managed Bond ETF	3.94%	3.93%	3.98%	3.45%	3.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYHG and JCPI in my portfolio?

HYHG and JCPI have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYHG or JCPI?

HYHG has higher volatility (1.42%) compared to JCPI (0.86%). In terms of maximum drawdown, HYHG dropped -25.71% vs JCPI's -7.85%.

Which ETF is better, HYHG or JCPI?

On 3-year performance, HYHG leads with 9.78% vs 5.33% for JCPI. On fees, JCPI is cheaper at 0.25% per year. On volatility, JCPI has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYHG or JCPI?

Over the 3-year period, HYHG has performed better with a 9.78% return vs 5.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYHG or JCPI?

JCPI is cheaper with a 0.25% expense ratio, compared with 0.50% for HYHG.

Which ETF pays a higher dividend yield, HYHG or JCPI?

HYHG has the higher dividend yield at 6.78%, compared with 3.94% for JCPI.

What is the main difference between HYHG and JCPI?

HYHG is categorized as High Yield Bonds, while JCPI is Inflation-Protected Bonds. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.50% for HYHG and 0.25% for JCPI.

Which has better risk-adjusted returns?

JCPI currently has the higher Sharpe Ratio (1.76 vs 1.36), 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.