HYHG vs. SQQQ
HYHG (ProShares High Yield-Interest Rate Hedged) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - HYHG is a High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, HYHG returned 6.40%/yr vs -56.54%/yr for SQQQ. At a correlation of -0.47, they often move in opposite directions. HYHG charges 0.50%/yr vs 0.95%/yr for SQQQ.
Performance
HYHG vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, HYHG achieves a 3.39% return, which is significantly higher than SQQQ's -40.98% return. Over the past 10 years, HYHG has outperformed SQQQ with an annualized return of 6.40%, while SQQQ has yielded a comparatively lower -56.54% annualized return.
HYHG
- 1D
- -0.11%
- 1M
- 0.06%
- YTD
- 3.39%
- 6M
- 3.06%
- 1Y
- 7.47%
- 3Y*
- 9.78%
- 5Y*
- 6.90%
- 10Y*
- 6.40%
SQQQ
- 1D
- -2.42%
- 1M
- 2.09%
- YTD
- -40.98%
- 6M
- -38.01%
- 1Y
- -59.41%
- 3Y*
- -54.63%
- 5Y*
- -47.03%
- 10Y*
- -56.54%
HYHG vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 3.39% | 5.31% | 11.41% | 14.69% | -1.71% | 5.75% | 0.16% | 12.02% | -1.95% | 3.76% |
SQQQ ProShares UltraPro Short QQQ | -40.98% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between HYHG and SQQQ is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.50 |
Correlation (All Time) Calculated using the full available price history since May 23, 2013 | -0.47 |
The correlation between HYHG and SQQQ shifts across timeframes, from -0.51 (5 years) to -0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HYHG vs. SQQQ — Risk / Return Rank
HYHG
SQQQ
HYHG vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.46 | ||
| Sortino ratioReturn per unit of downside risk | +3.92 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.79 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 3.72 | -0.96 | +4.67 |
| Martin ratioReturn relative to average drawdown | 12.40 | -1.84 | +14.24 |
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Drawdowns
HYHG vs. SQQQ - Drawdown Comparison
The maximum HYHG drawdown since its inception was -25.71%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HYHG and SQQQ.
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Drawdown Indicators
| HYHG | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.71% | -100.00% | +74.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -62.23% | +60.21% |
Max Drawdown (3Y)Largest decline over 3 years | -7.47% | -92.51% | +85.04% |
Max Drawdown (5Y)Largest decline over 5 years | -9.21% | -97.27% | +88.06% |
Max Drawdown (10Y)Largest decline over 10 years | -25.71% | -99.98% | +74.27% |
Current DrawdownCurrent decline from peak | -0.45% | -100.00% | +99.55% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -92.73% | +89.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 33.76% | -33.16% |
Volatility
HYHG vs. SQQQ - Volatility Comparison
The current volatility for ProShares High Yield-Interest Rate Hedged (HYHG) is 1.26%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.22%. This indicates that HYHG experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYHG | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 26.22% | -24.96% |
Volatility (6M)Calculated over the trailing 6-month period | 4.37% | 43.25% | -38.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 53.47% | -47.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.17% | 67.54% | -59.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.10% | 66.45% | -57.35% |
HYHG vs. SQQQ - Expense Ratio Comparison
HYHG has a 0.50% expense ratio, which is lower than SQQQ's 0.95% expense ratio.
Dividends
HYHG vs. SQQQ - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.76%, less than SQQQ's 10.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.76% | 6.97% | 6.57% | 6.07% | 5.58% | 4.54% | 5.21% | 6.06% | 6.45% | 5.57% | 5.37% | 6.37% |
SQQQ ProShares UltraPro Short QQQ | 10.12% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% | 0.00% | 0.00% |
Frequently Asked Questions
HYHG and SQQQ have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (26.22%) compared to HYHG (1.26%). In terms of maximum drawdown, HYHG dropped -25.71% vs SQQQ's -100.00%.
On 10-year performance, HYHG leads with 6.40% vs -56.54% for SQQQ. On fees, HYHG is cheaper at 0.50% per year. On volatility, HYHG has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYHG has performed better with a 6.40% return vs -56.54%. 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 SQQQ.
SQQQ has the higher dividend yield at 10.12%, compared with 6.76% for HYHG.
HYHG is categorized as High Yield Bonds, while SQQQ is Leveraged Equities. HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.50% for HYHG and 0.95% for SQQQ.
HYHG currently has the higher Sharpe Ratio (1.34 vs -1.11), 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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