HYHG vs. TQQQ

Last updated Jun 5, 2026

HYHG (ProShares High Yield-Interest Rate Hedged) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - HYHG is a High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, HYHG returned 6.12%/yr vs 44.95%/yr for TQQQ. At a 0.47 correlation, their price movements are largely independent. HYHG charges 0.50%/yr vs 0.95%/yr for TQQQ.

Performance

HYHG vs. TQQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, HYHG achieves a 3.03% return, which is significantly lower than TQQQ's 61.91% return. Over the past 10 years, HYHG has underperformed TQQQ with an annualized return of 6.12%, while TQQQ has yielded a comparatively higher 44.95% annualized return.

HYHG

• 1D: 0.12%
• 1M: 0.64%
• YTD: 3.03%
• 6M: 3.57%
• 1Y: 7.52%
• 3Y*: 9.78%
• 5Y*: 6.99%
• 10Y*: 6.12%

TQQQ

• 1D: -1.55%
• 1M: 26.46%
• YTD: 61.91%
• 6M: 54.01%
• 1Y: 132.34%
• 3Y*: 68.49%
• 5Y*: 27.97%
• 10Y*: 44.95%

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

HYHG vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYHG ProShares High Yield-Interest Rate Hedged	3.03%	5.31%	11.41%	14.69%	-1.71%	5.75%	0.16%	12.02%	-1.95%	3.76%
TQQQ ProShares UltraPro QQQ	61.91%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between HYHG and TQQQ is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since May 24, 2013	0.47

The correlation between HYHG and TQQQ shifts across timeframes, from 0.34 (1 year) to 0.52 (5 years), reflecting how their relationship changes across market environments.

HYHG vs. TQQQ - Sectors Allocation Comparison

Sectors	HYHG	TQQQ
Communication Services	1.1%	15.8%
Healthcare	0.6%	4.2%
Basic Materials	-	1.1%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Financial Services	-	0.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

HYHG vs. TQQQ — Risk / Return Rank

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

HYHG

HYHG Risk / Return Rank: 52
HYHG Sharpe Ratio Rank: 39
HYHG Sortino Ratio Rank: 39
HYHG Omega Ratio Rank: 38
HYHG Calmar Ratio Rank: 75
HYHG Martin Ratio Rank: 68

TQQQ

TQQQ Risk / Return Rank: 71
TQQQ Sharpe Ratio Rank: 86
TQQQ Sortino Ratio Rank: 67
TQQQ Omega Ratio Rank: 66
TQQQ Calmar Ratio Rank: 73
TQQQ Martin Ratio Rank: 66

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. TQQQ - 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 QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.80	-1.44
Sortino ratio: Return per unit of downside risk	1.98	3.01	-1.03
Omega ratio: Gain probability vs. loss probability	1.24	1.39	-0.15
Calmar ratio: Return relative to maximum drawdown	3.74	3.60	+0.14
Martin ratio: Return relative to average drawdown	12.28	11.77	+0.51
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. TQQQ - Sharpe Ratio Comparison

The current HYHG Sharpe Ratio is 1.36, which is lower than the TQQQ Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of HYHG and TQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYHG	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	2.80	-1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.42	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.68	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.74	-0.27

Drawdowns

HYHG vs. TQQQ - Drawdown Comparison

The maximum HYHG drawdown since its inception was -25.71%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for HYHG and TQQQ.

Drawdown Indicators

	HYHG	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-81.66%	+55.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-36.97%	+34.95%
Max Drawdown (3Y) Largest decline over 3 years	-7.47%	-58.04%	+50.57%
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	-81.66%	+72.45%
Max Drawdown (10Y) Largest decline over 10 years	-25.71%	-81.66%	+55.95%
Current Drawdown Current decline from peak	-0.32%	-2.29%	+1.97%
Average Drawdown Average peak-to-trough decline	-3.04%	-18.52%	+15.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	11.28%	-10.67%

Volatility

HYHG vs. TQQQ - Volatility Comparison

The current volatility for ProShares High Yield-Interest Rate Hedged (HYHG) is 1.42%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.35%. This indicates that HYHG experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYHG	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	13.35%	-11.93%
Volatility (6M) Calculated over the trailing 6-month period	4.30%	36.04%	-31.74%
Volatility (1Y) Calculated over the trailing 1-year period	5.56%	47.60%	-42.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.16%	66.50%	-58.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.15%	65.95%	-56.80%

HYHG vs. TQQQ - Expense Ratio Comparison

HYHG has a 0.50% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

Dividends

HYHG vs. TQQQ - Dividend Comparison

HYHG's dividend yield for the trailing twelve months is around 6.78%, more than TQQQ's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYHG ProShares High Yield-Interest Rate Hedged	6.78%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%
TQQQ ProShares UltraPro QQQ	0.37%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both HYHG and TQQQ in my portfolio?

HYHG and TQQQ have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYHG or TQQQ?

TQQQ has higher volatility (13.35%) compared to HYHG (1.42%). In terms of maximum drawdown, HYHG dropped -25.71% vs TQQQ's -81.66%.

Which ETF is better, HYHG or TQQQ?

On 10-year performance, TQQQ leads with 44.95% vs 6.12% for HYHG. On fees, HYHG is cheaper at 0.50% per year. On volatility, HYHG has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYHG or TQQQ?

Over the 10-year period, TQQQ has performed better with a 44.95% return vs 6.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYHG or TQQQ?

HYHG is cheaper with a 0.50% expense ratio, compared with 0.95% for TQQQ.

Which ETF pays a higher dividend yield, HYHG or TQQQ?

HYHG has the higher dividend yield at 6.78%, compared with 0.37% for TQQQ.

What is the main difference between HYHG and TQQQ?

HYHG is categorized as High Yield Bonds, while TQQQ is Leveraged Equities. HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index, while TQQQ tracks NASDAQ-100 Index (300%). Their fees differ too: 0.50% for HYHG and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.80 vs 1.36), 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.