HYHG vs. SCYB

Last updated Jun 4, 2026

HYHG (ProShares High Yield-Interest Rate Hedged) and SCYB (Schwab High Yield Bond ETF) are both High Yield Bonds funds - HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index while SCYB tracks the ICE BofA US Cash Pay High Yield Constrained Index. Both are passively managed. Over the past year, HYHG returned 7.32% vs 6.99% for SCYB. At a 0.43 correlation, their price movements are largely independent. HYHG charges 0.50%/yr vs 0.03%/yr for SCYB.

Performance

HYHG vs. SCYB - Performance Comparison

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

Returns By Period

In the year-to-date period, HYHG achieves a 2.90% return, which is significantly higher than SCYB's 1.55% 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%

SCYB

• 1D: -0.29%
• 1M: 0.36%
• YTD: 1.55%
• 6M: 1.87%
• 1Y: 6.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYHG vs. SCYB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HYHG ProShares High Yield-Interest Rate Hedged	2.90%	5.31%	11.41%	6.77%
SCYB Schwab High Yield Bond ETF	1.55%	8.33%	8.15%	6.74%

Correlation

The correlation between HYHG and SCYB is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jul 12, 2023	0.43

HYHG vs. SCYB - Sectors Allocation Comparison

Sectors	HYHG	SCYB
Communication Services	1.1%	8.9%
Healthcare	0.6%	5.8%
Basic Materials	-	3.5%
Consumer Cyclical	-	10.6%
Consumer Defensive	-	2.5%
Energy	-	5.8%
Financial Services	-	4.9%
Industrials	-	8.7%
Real Estate	-	4.2%
Technology	-	4.5%
Utilities	-	2.0%

Return for Risk

HYHG vs. SCYB — Risk / Return Rank

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

HYHG

HYHG Risk / Return Rank: 49
HYHG Sharpe Ratio Rank: 36
HYHG Sortino Ratio Rank: 36
HYHG Omega Ratio Rank: 35
HYHG Calmar Ratio Rank: 72
HYHG Martin Ratio Rank: 65

SCYB

SCYB Risk / Return Rank: 59
SCYB Sharpe Ratio Rank: 54
SCYB Sortino Ratio Rank: 58
SCYB Omega Ratio Rank: 59
SCYB Calmar Ratio Rank: 57
SCYB Martin Ratio Rank: 68

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. SCYB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and Schwab High Yield Bond ETF (SCYB). 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	SCYB	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.88	-0.55
Sortino ratio: Return per unit of downside risk	1.93	2.81	-0.89
Omega ratio: Gain probability vs. loss probability	1.24	1.37	-0.13
Calmar ratio: Return relative to maximum drawdown	3.64	2.87	+0.77
Martin ratio: Return relative to average drawdown	11.96	12.87	-0.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYHG vs. SCYB - Sharpe Ratio Comparison

The current HYHG Sharpe Ratio is 1.32, which is comparable to the SCYB Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of HYHG and SCYB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYHG	SCYB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.88	-0.55
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	1.68	-1.22

Drawdowns

HYHG vs. SCYB - Drawdown Comparison

The maximum HYHG drawdown since its inception was -25.71%, which is greater than SCYB's maximum drawdown of -4.92%. Use the drawdown chart below to compare losses from any high point for HYHG and SCYB.

Drawdown Indicators

	HYHG	SCYB	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-4.92%	-20.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-2.44%	+0.42%
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	-0.45%	-0.33%	-0.12%
Average Drawdown Average peak-to-trough decline	-3.04%	-0.52%	-2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.54%	+0.07%

Volatility

HYHG vs. SCYB - Volatility Comparison

ProShares High Yield-Interest Rate Hedged (HYHG) has a higher volatility of 1.45% compared to Schwab High Yield Bond ETF (SCYB) at 1.07%. This indicates that HYHG's price experiences larger fluctuations and is considered to be riskier than SCYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYHG	SCYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	1.07%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	4.33%	2.93%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	5.56%	3.76%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.16%	5.13%	+3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.15%	5.13%	+4.02%

HYHG vs. SCYB - Expense Ratio Comparison

HYHG has a 0.50% expense ratio, which is higher than SCYB's 0.03% expense ratio.

Dividends

HYHG vs. SCYB - Dividend Comparison

HYHG's dividend yield for the trailing twelve months is around 6.79%, less than SCYB's 6.94% 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%
SCYB Schwab High Yield Bond ETF	6.94%	6.99%	7.06%	3.36%	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 SCYB in my portfolio?

HYHG and SCYB have a correlation of 0.39, 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 SCYB?

HYHG has higher volatility (1.45%) compared to SCYB (1.07%). In terms of maximum drawdown, HYHG dropped -25.71% vs SCYB's -4.92%.

Which ETF is better, HYHG or SCYB?

On 1-year performance, HYHG leads with 7.32% vs 6.99% for SCYB. On fees, SCYB is cheaper at 0.03% per year. On volatility, SCYB has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYHG or SCYB?

Over the 1-year period, HYHG has performed better with a 7.32% return vs 6.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYHG or SCYB?

SCYB is cheaper with a 0.03% expense ratio, compared with 0.50% for HYHG.

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

SCYB has the higher dividend yield at 6.94%, compared with 6.79% for HYHG.

What is the main difference between HYHG and SCYB?

HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index, while SCYB tracks ICE BofA US Cash Pay High Yield Constrained Index. They also come from different issuers: ProShares and Charles Schwab. Their fees differ too: 0.50% for HYHG and 0.03% for SCYB.

Which has better risk-adjusted returns?

SCYB currently has the higher Sharpe Ratio (1.88 vs 1.32), 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.