HYHG vs. RAAA
HYHG (ProShares High Yield-Interest Rate Hedged) and RAAA (Reckoner Leveraged AAA CLO ETF) are both exchange-traded funds - HYHG is a High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index, while RAAA is a CLO fund actively managed by Reckoner. HYHG is passively managed, while RAAA is actively managed. At a correlation of -0.10, they often move in opposite directions. HYHG charges 0.50%/yr vs 0.30%/yr for RAAA.
Performance
HYHG vs. RAAA - Performance Comparison
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Returns By Period
In the year-to-date period, HYHG achieves a 2.90% return, which is significantly higher than RAAA's 2.18% return.
HYHG
- 1D
- -0.45%
- 1M
- 0.22%
- YTD
- 2.90%
- 6M
- 3.60%
- 1Y
- 7.32%
- 3Y*
- 9.69%
- 5Y*
- 6.96%
- 10Y*
- 6.17%
RAAA
- 1D
- -0.02%
- 1M
- 0.23%
- YTD
- 2.18%
- 6M
- 2.50%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYHG vs. RAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 2.90% | 3.33% |
RAAA Reckoner Leveraged AAA CLO ETF | 2.18% | 2.46% |
Correlation
The correlation between HYHG and RAAA is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025 | -0.10 |
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Return for Risk
HYHG vs. RAAA — Risk / Return Rank
HYHG
RAAA
HYHG vs. RAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and Reckoner Leveraged AAA CLO ETF (RAAA). 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 | RAAA | 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 | 3.64 | — | — |
| Martin ratioReturn relative to average drawdown | 11.96 | — | — |
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 | RAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 3.76 | -3.30 |
Drawdowns
HYHG vs. RAAA - Drawdown Comparison
The maximum HYHG drawdown since its inception was -25.71%, which is greater than RAAA's maximum drawdown of -0.71%. Use the drawdown chart below to compare losses from any high point for HYHG and RAAA.
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Drawdown Indicators
| HYHG | RAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.71% | -0.71% | -25.00% |
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% | -0.23% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -3.04% | -0.06% | -2.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | — | — |
Volatility
HYHG vs. RAAA - Volatility Comparison
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Volatility by Period
| HYHG | RAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 4.33% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.56% | 1.39% | +4.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.16% | 1.39% | +6.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.15% | 1.39% | +7.76% |
HYHG vs. RAAA - Expense Ratio Comparison
HYHG has a 0.50% expense ratio, which is higher than RAAA's 0.30% expense ratio.
Dividends
HYHG vs. RAAA - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.79%, more than RAAA's 4.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.79% | 6.97% | 6.57% | 6.07% | 5.58% | 4.54% | 5.21% | 6.06% | 6.45% | 5.57% | 5.37% | 6.37% |
RAAA Reckoner Leveraged AAA CLO ETF | 4.79% | 2.70% | 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 RAAA have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, RAAA is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
RAAA is cheaper with a 0.30% expense ratio, compared with 0.50% for HYHG.
HYHG has the higher dividend yield at 6.79%, compared with 4.79% for RAAA.
HYHG is categorized as High Yield Bonds, while RAAA is CLO. They also come from different issuers: ProShares and Reckoner. Their fees differ too: 0.50% for HYHG and 0.30% for RAAA.
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