HYHG vs. MHY
HYHG (ProShares High Yield-Interest Rate Hedged) and MHY (Man Active High Yield ETF) are both High Yield Bonds funds. HYHG is passively managed, while MHY is actively managed. At a 0.30 correlation, their price movements are largely independent. HYHG charges 0.50%/yr vs 0.69%/yr for MHY.
Performance
HYHG vs. MHY - Performance Comparison
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Returns By Period
In the year-to-date period, HYHG achieves a 3.39% return, which is significantly lower than MHY's 4.31% return.
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%
MHY
- 1D
- 0.28%
- 1M
- 1.65%
- YTD
- 4.31%
- 6M
- 4.20%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYHG vs. MHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 3.39% | 1.46% |
MHY Man Active High Yield ETF | 4.31% | 1.54% |
Correlation
The correlation between HYHG and MHY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025 | 0.30 |
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Return for Risk
HYHG vs. MHY — Risk / Return Rank
HYHG
MHY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYHG vs. MHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and Man Active High Yield ETF (MHY). 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 | MHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.24 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.72 | — | — |
| Martin ratioReturn relative to average drawdown | 12.40 | — | — |
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Drawdowns
HYHG vs. MHY - Drawdown Comparison
The maximum HYHG drawdown since its inception was -25.71%, which is greater than MHY's maximum drawdown of -1.58%. Use the drawdown chart below to compare losses from any high point for HYHG and MHY.
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Drawdown Indicators
| HYHG | MHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.71% | -1.58% | -24.13% |
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 | -0.45% | 0.00% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -0.29% | -2.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | — | — |
Volatility
HYHG vs. MHY - Volatility Comparison
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Volatility by Period
| HYHG | MHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 4.37% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 2.99% | +2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.17% | 2.99% | +5.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.10% | 2.99% | +6.11% |
HYHG vs. MHY - Expense Ratio Comparison
HYHG has a 0.50% expense ratio, which is lower than MHY's 0.69% expense ratio.
Dividends
HYHG vs. MHY - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.76%, more than MHY's 5.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MHY Man Active High Yield ETF | 5.29% | 3.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYHG and MHY have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HYHG is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HYHG is cheaper with a 0.50% expense ratio, compared with 0.69% for MHY.
HYHG has the higher dividend yield at 6.76%, compared with 5.29% for MHY.
They also come from different issuers: ProShares and Man Group. Their fees differ too: 0.50% for HYHG and 0.69% for MHY.
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