HYHG vs. SBIT
HYHG (ProShares High Yield-Interest Rate Hedged) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - HYHG is a High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, HYHG returned 7.70% vs 98.77% for SBIT. Their -0.21 correlation means they have often moved in opposite directions in the past. HYHG charges 0.50%/yr vs 0.95%/yr for SBIT.
Performance
HYHG vs. SBIT - Performance Comparison
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Returns By Period
In the year-to-date period, HYHG achieves a 4.07% return, which is significantly lower than SBIT's 39.44% return.
HYHG
- 1D
- 0.32%
- 1M
- 0.25%
- 6M
- 2.95%
- YTD
- 4.07%
- 1Y
- 7.70%
- 3Y*
- 8.94%
- 5Y*
- 7.14%
- 10Y*
- 6.15%
- ALL TIME*
- 4.26%
SBIT
- 1D
- 5.60%
- 1M
- -6.04%
- 6M
- 32.41%
- YTD
- 39.44%
- 1Y
- 98.77%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -42.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.06M | $1.52M | $1.17M | |
| $29.57M | $32.71M | $46.48M |
HYHG vs. SBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 4.07% | 5.31% | 7.95% |
SBIT Proshares Ultrashort Bitcoin ETF | 39.44% | -25.11% | -73.74% |
Correlation
The correlation between HYHG and SBIT is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024 | -0.21 |
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Return for Risk
HYHG vs. SBIT — Risk / Return Rank
HYHG
SBIT
HYHG vs. SBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and Proshares Ultrashort Bitcoin ETF (SBIT). 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 | SBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.23 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.38 | 2.35 | +1.04 |
| Martin ratioReturn relative to average drawdown | 11.30 | 5.19 | +6.12 |
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Drawdowns
HYHG vs. SBIT - Drawdown Comparison
The maximum HYHG drawdown since its inception was -25.71%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for HYHG and SBIT.
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Drawdown Indicators
| HYHG | SBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.71% | -91.35% | +65.64% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -47.94% | +45.92% |
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 | -0.14% | -77.87% | +77.73% |
Average DrawdownAverage peak-to-trough decline | -3.01% | -69.07% | +66.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 21.67% | -21.06% |
Volatility
HYHG vs. SBIT - Volatility Comparison
The current volatility for ProShares High Yield-Interest Rate Hedged (HYHG) is 1.31%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that HYHG experiences smaller price fluctuations and is considered to be less risky than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYHG | SBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 18.09% | -16.78% |
Volatility (6M)Calculated over the trailing 6-month period | 3.96% | 67.10% | -63.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.64% | 88.65% | -83.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.17% | 96.10% | -87.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.06% | 96.10% | -87.04% |
HYHG vs. SBIT - Expense Ratio Comparison
HYHG has a 0.50% expense ratio, which is lower than SBIT's 0.95% expense ratio.
Dividends
HYHG vs. SBIT - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.71%, more than SBIT's 4.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.14% | 6.97% | 6.57% | 6.07% | 5.58% | 4.54% | 5.21% | 6.06% | 6.45% | 5.57% | 5.37% | 6.37% |
SBIT Proshares Ultrashort Bitcoin ETF | 4.03% | 0.52% | 1.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYHG and SBIT have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBIT has higher volatility (18.09%) compared to HYHG (1.31%). In terms of maximum drawdown, HYHG dropped -25.71% vs SBIT's -91.35%.
On 1-year performance, SBIT leads with 98.77% vs 7.70% for HYHG. On fees, HYHG is cheaper at 0.50% per year. On volatility, HYHG has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SBIT has performed better with a 98.77% return vs 7.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYHG is cheaper with a 0.50% expense ratio, compared with 0.95% for SBIT.
HYHG has the higher dividend yield at 6.14%, compared with 4.03% for SBIT.
HYHG is categorized as High Yield Bonds, while SBIT is Cryptocurrency. HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index, while SBIT tracks Bloomberg Bitcoin Index (-200%). Their fees differ too: 0.50% for HYHG and 0.95% for SBIT.
SBIT currently has the higher Sharpe Ratio (1.27 vs 1.21), 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.
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