HYHG vs. TBT
Compare and contrast key facts about ProShares High Yield-Interest Rate Hedged (HYHG) and ProShares UltraShort 20+ Year Treasury (TBT).
HYHG and TBT 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. TBT is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-200%). It was launched on May 1, 2008. Both HYHG and TBT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: HYHG or TBT.
Key characteristics
| HYHG | TBT | |
|---|---|---|
| YTD Return | 10.58% | 19.25% |
| 1Y Return | 14.22% | -6.87% |
| 3Y Return (Ann) | 7.84% | 29.89% |
| 5Y Return (Ann) | 6.30% | 8.08% |
| 10Y Return (Ann) | 4.40% | -2.87% |
| Sharpe Ratio | 2.53 | -0.21 |
| Sortino Ratio | 3.85 | -0.11 |
| Omega Ratio | 1.57 | 0.99 |
| Calmar Ratio | 4.42 | -0.07 |
| Martin Ratio | 22.73 | -0.45 |
| Ulcer Index | 0.62% | 14.11% |
| Daily Std Dev | 5.56% | 29.67% |
| Max Drawdown | -25.72% | -94.99% |
| Current Drawdown | -0.15% | -86.80% |
Correlation
The correlation between HYHG and TBT is 0.26, 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.
Performance
HYHG vs. TBT - Performance Comparison
In the year-to-date period, HYHG achieves a 10.58% return, which is significantly lower than TBT's 19.25% return. Over the past 10 years, HYHG has outperformed TBT with an annualized return of 4.40%, while TBT has yielded a comparatively lower -2.87% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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HYHG vs. TBT - Expense Ratio Comparison
HYHG has a 0.50% expense ratio, which is lower than TBT's 0.92% expense ratio.
Risk-Adjusted Performance
HYHG vs. TBT - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and ProShares UltraShort 20+ Year Treasury (TBT). 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.
Dividends
HYHG vs. TBT - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.54%, more than TBT's 5.13% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.54% | 6.06% | 5.58% | 4.54% | 5.20% | 6.07% | 6.45% | 5.57% | 5.37% | 6.37% | 5.51% | 3.02% |
TBT ProShares UltraShort 20+ Year Treasury | 5.13% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
HYHG vs. TBT - Drawdown Comparison
The maximum HYHG drawdown since its inception was -25.72%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for HYHG and TBT. For additional features, visit the drawdowns tool.
Volatility
HYHG vs. TBT - Volatility Comparison
The current volatility for ProShares High Yield-Interest Rate Hedged (HYHG) is 1.03%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 10.33%. This indicates that HYHG experiences smaller price fluctuations and is considered to be less risky than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.