HYHG vs. PSH
Compare and contrast key facts about ProShares High Yield-Interest Rate Hedged (HYHG) and PGIM Short Duration High Yield ETF (PSH).
HYHG and PSH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HYHG is a passively managed fund by ProShares that tracks the performance of the Citi High Yield (Treasury Rate-Hedged) Index. It was launched on May 21, 2013. PSH is an actively managed fund by PGIM. It was launched on Dec 14, 2023.
Performance
HYHG vs. PSH - Performance Comparison
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HYHG vs. PSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 0.76% | 5.31% | 11.41% | 0.70% |
PSH PGIM Short Duration High Yield ETF | 0.76% | 7.34% | 7.96% | 0.38% |
Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with HYHG at 0.76% and PSH at 0.76%.
HYHG
- 1D
- 0.75%
- 1M
- 0.37%
- YTD
- 0.76%
- 6M
- 2.21%
- 1Y
- 7.49%
- 3Y*
- 9.53%
- 5Y*
- 6.54%
- 10Y*
- 6.25%
PSH
- 1D
- 0.35%
- 1M
- 0.20%
- YTD
- 0.76%
- 6M
- 1.82%
- 1Y
- 6.59%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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HYHG vs. PSH - Expense Ratio Comparison
HYHG has a 0.50% expense ratio, which is higher than PSH's 0.45% expense ratio.
Return for Risk
HYHG vs. PSH — Risk / Return Rank
HYHG
PSH
HYHG vs. PSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and PGIM Short Duration High Yield ETF (PSH). 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 | PSH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.93 | 1.68 | -0.75 |
Sortino ratioReturn per unit of downside risk | 1.40 | 2.54 | -1.14 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.40 | -0.20 |
Calmar ratioReturn relative to maximum drawdown | 1.74 | 2.34 | -0.60 |
Martin ratioReturn relative to average drawdown | 8.32 | 10.93 | -2.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYHG | PSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 1.68 | -0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 2.20 | -1.75 |
Correlation
The correlation between HYHG and PSH is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
HYHG vs. PSH - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.92%, which matches PSH's 6.98% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.92% | 6.97% | 6.57% | 6.07% | 5.58% | 4.54% | 5.21% | 6.06% | 6.45% | 5.57% | 5.37% | 6.37% |
PSH PGIM Short Duration High Yield ETF | 6.98% | 6.62% | 8.35% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
HYHG vs. PSH - Drawdown Comparison
The maximum HYHG drawdown since its inception was -25.71%, which is greater than PSH's maximum drawdown of -3.06%. Use the drawdown chart below to compare losses from any high point for HYHG and PSH.
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Drawdown Indicators
| HYHG | PSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.71% | -3.06% | -22.65% |
Max Drawdown (1Y)Largest decline over 1 year | -4.25% | -2.84% | -1.41% |
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 | -0.57% | 0.00% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -0.27% | -2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.61% | +0.28% |
Volatility
HYHG vs. PSH - Volatility Comparison
ProShares High Yield-Interest Rate Hedged (HYHG) has a higher volatility of 2.37% compared to PGIM Short Duration High Yield ETF (PSH) at 1.59%. This indicates that HYHG's price experiences larger fluctuations and is considered to be riskier than PSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYHG | PSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.37% | 1.59% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 4.49% | 2.00% | +2.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.09% | 3.94% | +4.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.12% | 3.30% | +4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.20% | 3.30% | +5.90% |