HYLS vs. HYHG
HYLS (First Trust Tactical High Yield ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds. HYLS is actively managed, while HYHG is passively managed. Over the past 10 years, HYLS returned 4.35%/yr vs 6.17%/yr for HYHG. At a 0.46 correlation, their price movements are largely independent. HYLS charges 1.01%/yr vs 0.50%/yr for HYHG.
Performance
HYLS vs. HYHG - Performance Comparison
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Returns By Period
In the year-to-date period, HYLS achieves a 0.28% return, which is significantly lower than HYHG's 2.90% return. Over the past 10 years, HYLS has underperformed HYHG with an annualized return of 4.35%, while HYHG has yielded a comparatively higher 6.17% annualized return.
HYLS
- 1D
- -0.17%
- 1M
- 0.39%
- YTD
- 0.28%
- 6M
- 0.70%
- 1Y
- 5.37%
- 3Y*
- 7.73%
- 5Y*
- 2.94%
- 10Y*
- 4.35%
HYHG
- 1D
- -0.45%
- 1M
- 0.22%
- YTD
- 2.90%
- 6M
- 3.60%
- 1Y
- 7.32%
- 3Y*
- 9.69%
- 5Y*
- 6.96%
- 10Y*
- 6.17%
HYLS vs. HYHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYLS First Trust Tactical High Yield ETF | 0.28% | 8.00% | 5.85% | 13.66% | -12.83% | 3.69% | 5.32% | 14.66% | -2.46% | 6.39% |
HYHG ProShares High Yield-Interest Rate Hedged | 2.90% | 5.31% | 11.41% | 14.69% | -1.71% | 5.75% | 0.16% | 12.02% | -1.95% | 3.76% |
Correlation
The correlation between HYLS and HYHG is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since May 24, 2013 | 0.46 |
The correlation between HYLS and HYHG shifts across timeframes, from 0.32 (1 year) to 0.51 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYLS vs. HYHG — Risk / Return Rank
HYLS
HYHG
HYLS vs. HYHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Tactical High Yield ETF (HYLS) and ProShares High Yield-Interest Rate Hedged (HYHG). 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.
| HYLS | HYHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.24 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 3.64 | -1.90 |
| Martin ratioReturn relative to average drawdown | 7.42 | 11.96 | -4.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYLS | HYHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 1.32 | +0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.86 | -0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 0.68 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 0.46 | +0.22 |
Drawdowns
HYLS vs. HYHG - Drawdown Comparison
The maximum HYLS drawdown since its inception was -22.99%, smaller than the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for HYLS and HYHG.
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Drawdown Indicators
| HYLS | HYHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.99% | -25.71% | +2.72% |
Max Drawdown (1Y)Largest decline over 1 year | -3.09% | -2.02% | -1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -3.96% | -7.47% | +3.51% |
Max Drawdown (5Y)Largest decline over 5 years | -15.75% | -9.21% | -6.54% |
Max Drawdown (10Y)Largest decline over 10 years | -22.99% | -25.71% | +2.72% |
Current DrawdownCurrent decline from peak | -0.20% | -0.45% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -2.15% | -3.04% | +0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.61% | +0.12% |
Volatility
HYLS vs. HYHG - Volatility Comparison
The current volatility for First Trust Tactical High Yield ETF (HYLS) is 1.16%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 1.45%. This indicates that HYLS experiences smaller price fluctuations and is considered to be less risky than HYHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYLS | HYHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.45% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 4.33% | -1.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.51% | 5.56% | -2.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.62% | 8.16% | -1.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.70% | 9.15% | -2.45% |
HYLS vs. HYHG - Expense Ratio Comparison
HYLS has a 1.01% expense ratio, which is higher than HYHG's 0.50% expense ratio.
Dividends
HYLS vs. HYHG - Dividend Comparison
HYLS's dividend yield for the trailing twelve months is around 6.70%, less than HYHG's 6.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.79% | 6.97% | 6.57% | 6.07% | 5.58% | 4.54% | 5.21% | 6.06% | 6.45% | 5.57% | 5.37% | 6.37% |
HYLS First Trust Tactical High Yield ETF | 6.70% | 6.38% | 6.25% | 5.98% | 7.38% | 5.48% | 5.09% | 5.17% | 5.81% | 5.53% | 5.37% | 6.11% |
Frequently Asked Questions
HYLS and HYHG have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYHG has higher volatility (1.45%) compared to HYLS (1.16%). In terms of maximum drawdown, HYLS dropped -22.99% vs HYHG's -25.71%.
On 10-year performance, HYHG leads with 6.17% vs 4.35% for HYLS. On fees, HYHG is cheaper at 0.50% per year. On volatility, HYLS has been the lower-risk option at 1.16%. 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 6.17% return vs 4.35%. 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 1.01% for HYLS.
HYHG has the higher dividend yield at 6.79%, compared with 6.70% for HYLS.
They also come from different issuers: First Trust and ProShares. Their fees differ too: 1.01% for HYLS and 0.50% for HYHG.
HYLS currently has the higher Sharpe Ratio (1.54 vs 1.32), 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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