HYHG vs. SPHY

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares High Yield-Interest Rate Hedged (HYHG) and SPDR Portfolio High Yield Bond ETF (SPHY).

HYHG and SPHY 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. SPHY is a passively managed fund by State Street that tracks the performance of the ICE BofAML US High Yield Index. It was launched on Jun 18, 2012. Both HYHG and SPHY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HYHG vs. SPHY - Performance Comparison

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

HYHG vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYHG ProShares High Yield-Interest Rate Hedged	0.76%	5.31%	11.41%	14.69%	-1.71%	5.75%	0.16%	12.02%	-1.95%	3.76%
SPHY SPDR Portfolio High Yield Bond ETF	-0.07%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Returns By Period

In the year-to-date period, HYHG achieves a 0.76% return, which is significantly higher than SPHY's -0.07% return. Over the past 10 years, HYHG has outperformed SPHY with an annualized return of 6.25%, while SPHY has yielded a comparatively lower 5.32% annualized return.

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%

SPHY

• 1D: 0.25%
• 1M: -0.69%
• YTD: -0.07%
• 6M: 1.01%
• 1Y: 7.16%
• 3Y*: 8.49%
• 5Y*: 4.36%
• 10Y*: 5.32%

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

HYHG vs. SPHY - Expense Ratio Comparison

HYHG has a 0.50% expense ratio, which is higher than SPHY's 0.10% expense ratio.

HYHG

ProShares High Yield-Interest Rate Hedged

SPHY

SPDR Portfolio High Yield Bond ETF

Return for Risk

HYHG vs. SPHY — Risk / Return Rank

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

HYHG

HYHG Risk / Return Rank: 57
HYHG Sharpe Ratio Rank: 49
HYHG Sortino Ratio Rank: 50
HYHG Omega Ratio Rank: 49
HYHG Calmar Ratio Rank: 64
HYHG Martin Ratio Rank: 75

SPHY

SPHY Risk / Return Rank: 75
SPHY Sharpe Ratio Rank: 71
SPHY Sortino Ratio Rank: 75
SPHY Omega Ratio Rank: 79
SPHY Calmar Ratio Rank: 69
SPHY 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. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and SPDR Portfolio High Yield Bond ETF (SPHY). 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	SPHY	Difference
Sharpe ratio Return per unit of total volatility	0.93	1.31	-0.38
Sortino ratio Return per unit of downside risk	1.40	1.94	-0.54
Omega ratio Gain probability vs. loss probability	1.20	1.31	-0.11
Calmar ratio Return relative to maximum drawdown	1.74	1.81	-0.08
Martin ratio Return relative to average drawdown	8.32	9.48	-1.17
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. SPHY - Sharpe Ratio Comparison

The current HYHG Sharpe Ratio is 0.93, which is comparable to the SPHY Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of HYHG and SPHY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HYHG	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	1.31	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.61	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.67	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.63	-0.18

Correlation

The correlation between HYHG and SPHY is 0.38, 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. SPHY - Dividend Comparison

HYHG's dividend yield for the trailing twelve months is around 6.92%, less than SPHY's 7.37% 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%
SPHY SPDR Portfolio High Yield Bond ETF	7.37%	7.38%	7.80%	7.30%	6.47%	5.13%	5.63%	5.73%	4.09%	4.41%	4.27%	4.29%

Drawdowns

HYHG vs. SPHY - Drawdown Comparison

The maximum HYHG drawdown since its inception was -25.71%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for HYHG and SPHY.

Drawdown Indicators

	HYHG	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-21.97%	-3.74%
Max Drawdown (1Y) Largest decline over 1 year	-4.25%	-4.07%	-0.18%
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	-15.29%	+6.08%
Max Drawdown (10Y) Largest decline over 10 years	-25.71%	-21.97%	-3.74%
Current Drawdown Current decline from peak	-0.57%	-1.06%	+0.49%
Average Drawdown Average peak-to-trough decline	-3.08%	-2.32%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.78%	+0.11%

Volatility

HYHG vs. SPHY - Volatility Comparison

ProShares High Yield-Interest Rate Hedged (HYHG) has a higher volatility of 2.37% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 2.23%. This indicates that HYHG's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYHG	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	2.23%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	4.49%	2.88%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	8.09%	5.50%	+2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.12%	7.16%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.20%	7.97%	+1.23%