HYS vs. HYHG

Last updated Jun 4, 2026

HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds - HYS tracks the ICE BofA US High Yield Constrained (0-5 Y) while HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 10 years, HYS returned 5.35%/yr vs 6.17%/yr for HYHG. A 0.53 correlation means they provide meaningful diversification when combined. HYS charges 0.56%/yr vs 0.50%/yr for HYHG.

Performance

HYS vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) and ProShares High Yield-Interest Rate Hedged (HYHG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYS achieves a 1.33% return, which is significantly lower than HYHG's 2.90% return. Over the past 10 years, HYS has underperformed HYHG with an annualized return of 5.35%, while HYHG has yielded a comparatively higher 6.17% annualized return.

HYS

• 1D: -0.09%
• 1M: 0.47%
• YTD: 1.33%
• 6M: 1.83%
• 1Y: 7.07%
• 3Y*: 8.58%
• 5Y*: 5.08%
• 10Y*: 5.35%

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%

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

HYS vs. HYHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	1.33%	8.80%	8.42%	11.38%	-5.42%	4.77%	3.27%	10.22%	-1.05%	5.75%
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 HYS and HYHG is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since May 24, 2013	0.53

The correlation between HYS and HYHG shifts across timeframes, from 0.33 (1 year) to 0.55 (5 years), reflecting how their relationship changes across market environments.

HYS vs. HYHG - Sectors Allocation Comparison

Sectors	HYS	HYHG
Communication Services	100.0%	1.1%
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	0.6%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

HYS vs. HYHG — Risk / Return Rank

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

HYS

HYS Risk / Return Rank: 68
HYS Sharpe Ratio Rank: 59
HYS Sortino Ratio Rank: 68
HYS Omega Ratio Rank: 63
HYS Calmar Ratio Rank: 74
HYS Martin Ratio Rank: 78

HYHG

HYHG Risk / Return Rank: 49
HYHG Sharpe Ratio Rank: 36
HYHG Sortino Ratio Rank: 36
HYHG Omega Ratio Rank: 35
HYHG Calmar Ratio Rank: 72
HYHG Martin Ratio Rank: 65

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.

HYS vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) 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.

	HYS	HYHG	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.32	+0.72
Sortino ratio: Return per unit of downside risk	3.17	1.93	+1.24
Omega ratio: Gain probability vs. loss probability	1.39	1.24	+0.15
Calmar ratio: Return relative to maximum drawdown	3.77	3.64	+0.12
Martin ratio: Return relative to average drawdown	15.35	11.96	+3.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYS vs. HYHG - Sharpe Ratio Comparison

The current HYS Sharpe Ratio is 2.04, which is higher than the HYHG Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of HYS and HYHG, 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

	HYS	HYHG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.32	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.86	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.68	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.46	+0.35

Drawdowns

HYS vs. HYHG - Drawdown Comparison

The maximum HYS drawdown since its inception was -20.91%, smaller than the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for HYS and HYHG.

Drawdown Indicators

	HYS	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-20.91%	-25.71%	+4.80%
Max Drawdown (1Y) Largest decline over 1 year	-1.88%	-2.02%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-4.98%	-7.47%	+2.49%
Max Drawdown (5Y) Largest decline over 5 years	-10.61%	-9.21%	-1.40%
Max Drawdown (10Y) Largest decline over 10 years	-20.91%	-25.71%	+4.80%
Current Drawdown Current decline from peak	-0.14%	-0.45%	+0.31%
Average Drawdown Average peak-to-trough decline	-1.53%	-3.04%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.61%	-0.15%

Volatility

HYS vs. HYHG - Volatility Comparison

The current volatility for PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) is 1.23%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 1.45%. This indicates that HYS 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.

Volatility by Period

	HYS	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.45%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	4.33%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	5.56%	-2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.26%	8.16%	-1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.84%	9.15%	-2.31%

HYS vs. HYHG - Expense Ratio Comparison

HYS has a 0.56% expense ratio, which is higher than HYHG's 0.50% expense ratio.

Dividends

HYS vs. HYHG - Dividend Comparison

HYS's dividend yield for the trailing twelve months is around 7.36%, more 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%
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	7.36%	7.20%	7.43%	6.44%	5.01%	3.74%	4.52%	4.98%	4.64%	5.01%	5.13%	5.22%

Frequently Asked Questions

Can I hold both HYS and HYHG in my portfolio?

HYS and HYHG have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYS or HYHG?

HYHG has higher volatility (1.45%) compared to HYS (1.23%). In terms of maximum drawdown, HYS dropped -20.91% vs HYHG's -25.71%.

Which ETF is better, HYS or HYHG?

On 10-year performance, HYHG leads with 6.17% vs 5.35% for HYS. On fees, HYHG is cheaper at 0.50% per year. On volatility, HYS has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYS or HYHG?

Over the 10-year period, HYHG has performed better with a 6.17% return vs 5.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYS or HYHG?

HYHG is cheaper with a 0.50% expense ratio, compared with 0.56% for HYS.

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

HYS has the higher dividend yield at 7.36%, compared with 6.79% for HYHG.

What is the main difference between HYS and HYHG?

HYS tracks ICE BofA US High Yield Constrained (0-5 Y), while HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index. They also come from different issuers: PIMCO and ProShares. Their fees differ too: 0.56% for HYS and 0.50% for HYHG.

Which has better risk-adjusted returns?

HYS currently has the higher Sharpe Ratio (2.04 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.