HYHG vs. UVXY
HYHG (ProShares High Yield-Interest Rate Hedged) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - HYHG is a High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, HYHG returned 6.40%/yr vs -73.90%/yr for UVXY. At a correlation of -0.45, they often move in opposite directions. HYHG charges 0.50%/yr vs 0.95%/yr for UVXY.
Performance
HYHG vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, HYHG achieves a 3.39% return, which is significantly higher than UVXY's -24.94% return. Over the past 10 years, HYHG has outperformed UVXY with an annualized return of 6.40%, while UVXY has yielded a comparatively lower -73.90% annualized return.
HYHG
- 1D
- -0.11%
- 1M
- 0.06%
- YTD
- 3.39%
- 6M
- 3.06%
- 1Y
- 7.47%
- 3Y*
- 9.78%
- 5Y*
- 6.90%
- 10Y*
- 6.40%
UVXY
- 1D
- -2.46%
- 1M
- -14.14%
- YTD
- -24.94%
- 6M
- -26.89%
- 1Y
- -71.73%
- 3Y*
- -62.37%
- 5Y*
- -66.99%
- 10Y*
- -73.90%
HYHG vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 3.39% | 5.31% | 11.41% | 14.69% | -1.71% | 5.75% | 0.16% | 12.02% | -1.95% | 3.76% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -24.94% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between HYHG and UVXY is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.46 |
Correlation (All Time) Calculated using the full available price history since May 23, 2013 | -0.45 |
Over the past year, the inverse relationship between HYHG and UVXY has weakened: their correlation has moved from -0.45 to -0.23, meaning they move in opposite directions less often than they have historically.
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Return for Risk
HYHG vs. UVXY — Risk / Return Rank
HYHG
UVXY
HYHG vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.19 | ||
| Sortino ratioReturn per unit of downside risk | +3.47 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.83 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 3.72 | -0.99 | +4.70 |
| Martin ratioReturn relative to average drawdown | 12.40 | -1.43 | +13.83 |
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Drawdowns
HYHG vs. UVXY - Drawdown Comparison
The maximum HYHG drawdown since its inception was -25.71%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HYHG and UVXY.
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Drawdown Indicators
| HYHG | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.71% | -100.00% | +74.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -72.74% | +70.72% |
Max Drawdown (3Y)Largest decline over 3 years | -7.47% | -94.91% | +87.44% |
Max Drawdown (5Y)Largest decline over 5 years | -9.21% | -99.71% | +90.50% |
Max Drawdown (10Y)Largest decline over 10 years | -25.71% | -100.00% | +74.29% |
Current DrawdownCurrent decline from peak | -0.45% | -100.00% | +99.55% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -98.75% | +95.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 50.54% | -49.94% |
Volatility
HYHG vs. UVXY - Volatility Comparison
The current volatility for ProShares High Yield-Interest Rate Hedged (HYHG) is 1.26%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.55%. This indicates that HYHG experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYHG | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 25.55% | -24.29% |
Volatility (6M)Calculated over the trailing 6-month period | 4.37% | 66.08% | -61.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 84.93% | -79.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.17% | 103.95% | -95.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.10% | 112.35% | -103.25% |
HYHG vs. UVXY - Expense Ratio Comparison
HYHG has a 0.50% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
HYHG vs. UVXY - Dividend Comparison
HYHG's dividend yield for the trailing twelve months is around 6.76%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.76% | 6.97% | 6.57% | 6.07% | 5.58% | 4.54% | 5.21% | 6.06% | 6.45% | 5.57% | 5.37% | 6.37% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYHG and UVXY have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.55%) compared to HYHG (1.26%). In terms of maximum drawdown, HYHG dropped -25.71% vs UVXY's -100.00%.
On 10-year performance, HYHG leads with 6.40% vs -73.90% for UVXY. On fees, HYHG is cheaper at 0.50% per year. On volatility, HYHG has been the lower-risk option at 1.26%. 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 6.40% return vs -73.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYHG is cheaper with a 0.50% expense ratio, compared with 0.95% for UVXY.
HYHG has the higher dividend yield at 6.76%, compared with 0.00% for UVXY.
HYHG is categorized as High Yield Bonds, while UVXY is Volatility. HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.50% for HYHG and 0.95% for UVXY.
HYHG currently has the higher Sharpe Ratio (1.34 vs -0.85), 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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