HYHG vs. USFR
HYHG (ProShares High Yield-Interest Rate Hedged) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - HYHG is a High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 10 years, HYHG returned 6.37%/yr vs 2.43%/yr for USFR. At a correlation of -0.01, they often move in opposite directions. HYHG charges 0.50%/yr vs 0.15%/yr for USFR.
Performance
HYHG vs. USFR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HYHG achieves a 3.79% return, which is significantly higher than USFR's 1.78% return. Over the past 10 years, HYHG has outperformed USFR with an annualized return of 6.37%, while USFR has yielded a comparatively lower 2.43% annualized 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%
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.78%
- 6M
- 1.89%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.70%
- 10Y*
- 2.43%
HYHG vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 3.79% | 5.31% | 11.41% | 14.69% | -1.71% | 5.75% | 0.16% | 12.02% | -1.95% | 3.76% |
USFR WisdomTree Floating Rate Treasury Fund | 1.78% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between HYHG and USFR is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | -0.01 |
The correlation between HYHG and USFR shifts across timeframes, from -0.11 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HYHG vs. USFR — Risk / Return Rank
HYHG
USFR
HYHG vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.19 | ||
| Sortino ratioReturn per unit of downside risk | -47.76 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 13.24 | -11.98 |
| Calmar ratioReturn relative to maximum drawdown | 4.04 | 200.29 | -196.25 |
| Martin ratioReturn relative to average drawdown | 13.51 | 775.73 | -762.23 |
Loading charts...
Drawdowns
HYHG vs. USFR - Drawdown Comparison
The maximum HYHG drawdown since its inception was -25.71%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for HYHG and USFR.
Loading charts...
Drawdown Indicators
| HYHG | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.71% | -1.36% | -24.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -0.02% | -2.00% |
Max Drawdown (3Y)Largest decline over 3 years | -7.47% | -0.06% | -7.41% |
Max Drawdown (5Y)Largest decline over 5 years | -9.21% | -0.18% | -9.03% |
Max Drawdown (10Y)Largest decline over 10 years | -25.71% | -0.80% | -24.91% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -0.15% | -2.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 0.01% | +0.59% |
Volatility
HYHG vs. USFR - Volatility Comparison
ProShares High Yield-Interest Rate Hedged (HYHG) has a higher volatility of 1.46% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that HYHG's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HYHG | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.46% | 0.08% | +1.38% |
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% | 0.27% | +5.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.17% | 0.40% | +7.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.13% | 0.78% | +8.35% |
HYHG vs. USFR - Expense Ratio Comparison
HYHG has a 0.50% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
HYHG vs. USFR - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.73%, more than USFR's 3.91% 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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% | 0.00% |
Frequently Asked Questions
HYHG and USFR have a correlation of -0.11, 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 USFR (0.08%). In terms of maximum drawdown, HYHG dropped -25.71% vs USFR's -1.36%.
On 10-year performance, HYHG leads with 6.37% vs 2.43% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.08%. 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 6.37% return vs 2.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR 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 3.91% for USFR.
HYHG is categorized as High Yield Bonds, while USFR is Government Bonds. HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.50% for HYHG and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.65 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.
Find the right allocation for HYHG and USFR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer