HYHG vs. ODHY

Last updated Jul 16, 2026

HYHG (ProShares High Yield-Interest Rate Hedged) and ODHY (Obra Defensive High Yield ETF) are both High Yield Bonds funds. Over the past year, HYHG returned 7.08% vs 5.36% for ODHY. At a 0.25 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

HYHG vs. ODHY - Performance Comparison

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

Returns By Period

In the year-to-date period, HYHG achieves a 3.84% return, which is significantly higher than ODHY's 1.62% return.

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%

ODHY

• 1D: 0.15%
• 1M: 0.18%
• 6M: 1.32%
• YTD: 1.62%
• 1Y: 5.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYHG vs. ODHY - Yearly Performance Comparison

	2026 (YTD)	2025
HYHG ProShares High Yield-Interest Rate Hedged	3.84%	3.64%
ODHY Obra Defensive High Yield ETF	1.62%	2.15%

Correlation

The correlation between HYHG and ODHY is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.25

Return for Risk

HYHG vs. ODHY — Risk / Return Rank

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

HYHG

HYHG Risk / Return Rank: 58
HYHG Sharpe Ratio Rank: 44
HYHG Sortino Ratio Rank: 44
HYHG Omega Ratio Rank: 42
HYHG Calmar Ratio Rank: 82
HYHG Martin Ratio Rank: 78

ODHY

ODHY Risk / Return Rank: 82
ODHY Sharpe Ratio Rank: 83
ODHY Sortino Ratio Rank: 88
ODHY Omega Ratio Rank: 89
ODHY Calmar Ratio Rank: 68
ODHY Martin Ratio Rank: 82

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. ODHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and Obra Defensive High Yield ETF (ODHY). 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	ODHY	Difference
Sharpe ratio: Return per unit of total volatility	1.26	2.12	-0.85
Sortino ratio: Return per unit of downside risk	1.83	3.27	-1.44
Omega ratio: Gain probability vs. loss probability	1.22	1.45	-0.23
Calmar ratio: Return relative to maximum drawdown	3.52	2.74	+0.78
Martin ratio: Return relative to average drawdown	11.70	12.73	-1.03

HYHG vs. ODHY - Sharpe Ratio Comparison

The current HYHG Sharpe Ratio is 1.26, which is lower than the ODHY Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of HYHG and ODHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HYHG vs. ODHY - Drawdown Comparison

The maximum HYHG drawdown since its inception was -25.71%, which is greater than ODHY's maximum drawdown of -1.96%. Use the drawdown chart below to compare losses from any high point for HYHG and ODHY.

Drawdown Indicators

	HYHG	ODHY	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-1.96%	-23.75%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-1.96%	-0.06%
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 Drawdown Current decline from peak	-0.36%	-0.05%	-0.31%
Average Drawdown Average peak-to-trough decline	-3.02%	-0.31%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.42%	+0.19%

Volatility

HYHG vs. ODHY - Volatility Comparison

ProShares High Yield-Interest Rate Hedged (HYHG) has a higher volatility of 1.16% compared to Obra Defensive High Yield ETF (ODHY) at 0.60%. This indicates that HYHG's price experiences larger fluctuations and is considered to be riskier than ODHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYHG	ODHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	0.60%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	3.98%	2.04%	+1.94%
Volatility (1Y) Calculated over the trailing 1-year period	5.63%	2.56%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.18%	2.67%	+5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.07%	2.67%	+6.40%

HYHG vs. ODHY - Expense Ratio Comparison

Both HYHG and ODHY have an expense ratio of 0.50%.

Dividends

HYHG vs. ODHY - Dividend Comparison

HYHG's dividend yield for the trailing twelve months is around 6.72%, more than ODHY's 5.20% yield.

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%
ODHY Obra Defensive High Yield ETF	5.20%	2.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYHG and ODHY in my portfolio?

HYHG and ODHY have a correlation of 0.26, 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 ODHY?

HYHG has higher volatility (1.16%) compared to ODHY (0.60%). In terms of maximum drawdown, HYHG dropped -25.71% vs ODHY's -1.96%.

Which ETF is better, HYHG or ODHY?

On 1-year performance, HYHG leads with 7.08% vs 5.36% for ODHY. Both ETFs have the same 0.50% expense ratio. On volatility, ODHY has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYHG or ODHY?

Over the 1-year period, HYHG has performed better with a 7.08% return vs 5.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYHG or ODHY?

HYHG and ODHY have the same expense ratio: 0.50% per year.

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

HYHG has the higher dividend yield at 6.72%, compared with 5.20% for ODHY.

What is the main difference between HYHG and ODHY?

They also come from different issuers: ProShares and Obra.

Which has better risk-adjusted returns?

ODHY currently has the higher Sharpe Ratio (2.12 vs 1.26), 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.