HYHG vs. TBT

Last updated Apr 2, 2026

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.

Performance

HYHG vs. TBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares High Yield-Interest Rate Hedged (HYHG) and ProShares UltraShort 20+ Year Treasury (TBT). The values are adjusted to include any dividend payments, if applicable.

HYHG vs. TBT - 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%
TBT ProShares UltraShort 20+ Year Treasury	1.08%	-1.45%	27.66%	-2.42%	93.29%	2.86%	-37.93%	-22.90%	4.98%	-17.25%

Returns By Period

In the year-to-date period, HYHG achieves a 0.76% return, which is significantly lower than TBT's 1.08% return. Over the past 10 years, HYHG has outperformed TBT with an annualized return of 6.25%, while TBT has yielded a comparatively lower 1.35% 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%

TBT

• 1D: 0.03%
• 1M: 7.25%
• YTD: 1.08%
• 6M: 5.73%
• 1Y: 9.66%
• 3Y*: 12.56%
• 5Y*: 13.91%
• 10Y*: 1.35%

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

HYHG vs. TBT - Expense Ratio Comparison

HYHG has a 0.50% expense ratio, which is lower than TBT's 0.92% expense ratio.

TBT

ProShares UltraShort 20+ Year Treasury

HYHG

ProShares High Yield-Interest Rate Hedged

Return for Risk

HYHG vs. TBT — 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

TBT

TBT Risk / Return Rank: 22
TBT Sharpe Ratio Rank: 24
TBT Sortino Ratio Rank: 25
TBT Omega Ratio Rank: 22
TBT Calmar Ratio Rank: 21
TBT Martin Ratio Rank: 18

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. TBT - Risk-Adjusted Trends 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.

	HYHG	TBT	Difference
Sharpe ratio Return per unit of total volatility	0.93	0.43	+0.50
Sortino ratio Return per unit of downside risk	1.40	0.79	+0.61
Omega ratio Gain probability vs. loss probability	1.20	1.09	+0.11
Calmar ratio Return relative to maximum drawdown	1.74	0.44	+1.30
Martin ratio Return relative to average drawdown	8.32	0.79	+7.52
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. TBT - Sharpe Ratio Comparison

The current HYHG Sharpe Ratio is 0.93, which is higher than the TBT Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of HYHG and TBT, 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	TBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	0.43	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.44	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.05	+0.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	-0.33	+0.78

Correlation

The correlation between HYHG and TBT is 0.24, 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. TBT - Dividend Comparison

HYHG's dividend yield for the trailing twelve months is around 6.92%, more than TBT's 2.95% 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%
TBT ProShares UltraShort 20+ Year Treasury	2.95%	3.21%	4.64%	4.98%	0.42%	0.00%	0.32%	2.12%	0.99%	0.00%	0.00%	0.00%

Drawdowns

HYHG vs. TBT - Drawdown Comparison

The maximum HYHG drawdown since its inception was -25.71%, 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.

Drawdown Indicators

	HYHG	TBT	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-94.99%	+69.28%
Max Drawdown (1Y) Largest decline over 1 year	-4.25%	-17.29%	+13.04%
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	-33.83%	+24.62%
Max Drawdown (10Y) Largest decline over 10 years	-25.71%	-65.09%	+39.38%
Current Drawdown Current decline from peak	-0.57%	-85.92%	+85.35%
Average Drawdown Average peak-to-trough decline	-3.08%	-77.25%	+74.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	9.57%	-8.68%

Volatility

HYHG vs. TBT - Volatility Comparison

The current volatility for ProShares High Yield-Interest Rate Hedged (HYHG) is 2.37%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 7.56%. 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.

Volatility by Period

	HYHG	TBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	7.56%	-5.19%
Volatility (6M) Calculated over the trailing 6-month period	4.49%	13.27%	-8.78%
Volatility (1Y) Calculated over the trailing 1-year period	8.09%	22.86%	-14.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.12%	31.44%	-23.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.20%	28.83%	-19.63%