HYHG vs. TBIL
HYHG (ProShares High Yield-Interest Rate Hedged) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - HYHG is a High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index, while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Both are passively managed. Over the past 3 years, HYHG returned 9.93%/yr vs 4.59%/yr for TBIL. At a correlation of -0.04, they often move in opposite directions. HYHG charges 0.50%/yr vs 0.15%/yr for TBIL.
Performance
HYHG vs. TBIL - Performance Comparison
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Returns By Period
In the year-to-date period, HYHG achieves a 3.79% return, which is significantly higher than TBIL's 1.67% return.
HYHG
- 1D
- 0.18%
- 1M
- 0.64%
- YTD
- 3.79%
- 6M
- 4.48%
- 1Y
- 8.13%
- 3Y*
- 9.93%
- 5Y*
- 7.03%
- 10Y*
- 6.37%
TBIL
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 1.67%
- 6M
- 1.76%
- 1Y
- 3.91%
- 3Y*
- 4.59%
- 5Y*
- —
- 10Y*
- —
HYHG vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 3.79% | 5.31% | 11.41% | 14.69% | -0.14% |
TBIL F/m US Treasury 3 Month Bill ETF | 1.67% | 4.19% | 5.15% | 5.12% | 1.29% |
Correlation
The correlation between HYHG and TBIL is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.04 |
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Return for Risk
HYHG vs. TBIL — Risk / Return Rank
HYHG
TBIL
HYHG vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and F/m US Treasury 3 Month Bill ETF (TBIL). 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 | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.29 | ||
| Sortino ratioReturn per unit of downside risk | -55.98 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 17.08 | -15.81 |
| Calmar ratioReturn relative to maximum drawdown | 4.04 | 195.79 | -191.75 |
| Martin ratioReturn relative to average drawdown | 13.51 | 929.44 | -915.93 |
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Drawdowns
HYHG vs. TBIL - Drawdown Comparison
The maximum HYHG drawdown since its inception was -25.71%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for HYHG and TBIL.
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Drawdown Indicators
| HYHG | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.71% | -0.10% | -25.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -0.02% | -2.00% |
Max Drawdown (3Y)Largest decline over 3 years | -7.47% | -0.02% | -7.45% |
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 | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -0.00% | -3.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 0.00% | +0.60% |
Volatility
HYHG vs. TBIL - Volatility Comparison
ProShares High Yield-Interest Rate Hedged (HYHG) has a higher volatility of 1.46% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that HYHG's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYHG | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.46% | 0.06% | +1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 4.36% | 0.19% | +4.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 0.29% | +5.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.17% | 0.32% | +7.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.13% | 0.32% | +8.81% |
HYHG vs. TBIL - Expense Ratio Comparison
HYHG has a 0.50% expense ratio, which is higher than TBIL's 0.15% expense ratio.
Dividends
HYHG vs. TBIL - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.73%, more than TBIL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.73% | 6.97% | 6.57% | 6.07% | 5.58% | 4.54% | 5.21% | 6.06% | 6.45% | 5.57% | 5.37% | 6.37% |
TBIL F/m US Treasury 3 Month Bill ETF | 3.81% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYHG and TBIL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYHG has higher volatility (1.46%) compared to TBIL (0.06%). In terms of maximum drawdown, HYHG dropped -25.71% vs TBIL's -0.10%.
On 3-year performance, HYHG leads with 9.93% vs 4.59% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYHG has performed better with a 9.93% return vs 4.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBIL is cheaper with a 0.15% expense ratio, compared with 0.50% for HYHG.
HYHG has the higher dividend yield at 6.73%, compared with 3.81% for TBIL.
HYHG is categorized as High Yield Bonds, while TBIL is Ultrashort Bond. HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. They also come from different issuers: ProShares and F/m Investments. Their fees differ too: 0.50% for HYHG and 0.15% for TBIL.
TBIL currently has the higher Sharpe Ratio (13.76 vs 1.47), 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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