HYHG vs. NHYB
HYHG (ProShares High Yield-Interest Rate Hedged) and NHYB (Nuveen High Yield Corporate Bond ETF) are both High Yield Bonds funds - HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index while NHYB tracks the ICE BofA BB-B US Cash Pay High Yield Constrained Index. Both are passively managed. At a 0.36 correlation, their price movements are largely independent. HYHG charges 0.50%/yr vs 0.08%/yr for NHYB.
Performance
HYHG vs. NHYB - Performance Comparison
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Returns By Period
In the year-to-date period, HYHG achieves a 3.39% return, which is significantly higher than NHYB's 1.96% 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%
NHYB
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.96%
- 6M
- 1.87%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYHG vs. NHYB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 3.39% | 1.06% |
NHYB Nuveen High Yield Corporate Bond ETF | 1.96% | 1.24% |
Correlation
The correlation between HYHG and NHYB is 0.36, 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 24, 2025 | 0.36 |
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Return for Risk
HYHG vs. NHYB — Risk / Return Rank
HYHG
NHYB
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYHG vs. NHYB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and Nuveen High Yield Corporate Bond ETF (NHYB). 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 | NHYB | 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. NHYB - Drawdown Comparison
The maximum HYHG drawdown since its inception was -25.71%, which is greater than NHYB's maximum drawdown of -2.40%. Use the drawdown chart below to compare losses from any high point for HYHG and NHYB.
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Drawdown Indicators
| HYHG | NHYB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.71% | -2.40% | -23.31% |
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% | -0.15% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -0.36% | -2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | — | — |
Volatility
HYHG vs. NHYB - Volatility Comparison
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Volatility by Period
| HYHG | NHYB | 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% | 3.62% | +1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.17% | 3.62% | +4.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.10% | 3.62% | +5.48% |
HYHG vs. NHYB - Expense Ratio Comparison
HYHG has a 0.50% expense ratio, which is higher than NHYB's 0.08% expense ratio.
Dividends
HYHG vs. NHYB - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.76%, more than NHYB's 4.24% 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% |
NHYB Nuveen High Yield Corporate Bond ETF | 4.24% | 1.28% | 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 NHYB have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NHYB is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NHYB is cheaper with a 0.08% expense ratio, compared with 0.50% for HYHG.
HYHG has the higher dividend yield at 6.76%, compared with 4.24% for NHYB.
HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index, while NHYB tracks ICE BofA BB-B US Cash Pay High Yield Constrained Index. They also come from different issuers: ProShares and Nuveen. Their fees differ too: 0.50% for HYHG and 0.08% for NHYB.
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