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IBHE vs. HYHG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IBHE vs. HYHG

Last updated Jun 5, 2026

IBHE (iShares iBonds 2025 Term High Yield & Income ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds - IBHE tracks the Bloomberg 2025 Term High Yield and Income Index while HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 5 years, IBHE returned 3.89%/yr vs 6.99%/yr for HYHG. A 0.51 correlation means they provide meaningful diversification when combined. IBHE charges 0.35%/yr vs 0.50%/yr for HYHG.

Performance

IBHE vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds 2025 Term High Yield & Income ETF (IBHE) and ProShares High Yield-Interest Rate Hedged (HYHG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

IBHE

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.13%
1Y
2.05%
3Y*
5.99%
5Y*
3.89%
10Y*
—

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

IBHE vs. HYHG - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
IBHE
iShares iBonds 2025 Term High Yield & Income ETF		0.00%4.45%7.62%10.32%-4.08%4.40%4.16%5.91%
HYHG
ProShares High Yield-Interest Rate Hedged		3.03%5.31%11.41%14.69%-1.71%5.75%0.16%3.43%

Correlation

The correlation between IBHE and HYHG is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.01

Correlation (3Y)
Calculated over the trailing 3-year period

0.24

Correlation (5Y)
Calculated over the trailing 5-year period

0.44

Correlation (All Time)
Calculated using the full available price history since May 10, 2019

0.51

The correlation between IBHE and HYHG shifts across timeframes, from -0.01 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.

IBHE vs. HYHG - Sectors Allocation Comparison

Sectors
IBHE
HYHG

Real Estate

100.0%

-

Basic Materials

-

-

Communication Services

-

1.1%

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

0.6%

Industrials

-

-

Technology

-

-

Utilities

-

-

Real Estate

IBHE
100.0%
HYHG

-

Basic Materials

IBHE

-

HYHG

-

Communication Services

IBHE

-

HYHG
1.1%

Consumer Cyclical

IBHE

-

HYHG

-

Consumer Defensive

IBHE

-

HYHG

-

Energy

IBHE

-

HYHG

-

Financial Services

IBHE

-

HYHG

-

Healthcare

IBHE

-

HYHG
0.6%

Industrials

IBHE

-

HYHG

-

Technology

IBHE

-

HYHG

-

Utilities

IBHE

-

HYHG

-

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iShares iBonds 2025 Term High Yield & Income ETF

ProShares High Yield-Interest Rate Hedged

Often compared with IBHE:
IBHE vs. IBTEIBHE vs. IBHDIBHE vs. CLOAIBHE vs. EIFAXIBHE vs. NUHYIBHE vs. DBSCXIBHE vs. ICSH
Often compared with HYHG:
HYHG vs. HYGHHYHG vs. HYGHYHG vs. IGHGHYHG vs. SCHDHYHG vs. EIFAXHYHG vs. AOHYHYHG vs. PDI

Return for Risk

IBHE vs. HYHG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IBHE
IBHE Risk / Return Rank: 9797
Overall Rank
IBHE Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
IBHE Sortino Ratio Rank: 9696
Sortino Ratio Rank
IBHE Omega Ratio Rank: 9898
Omega Ratio Rank
IBHE Calmar Ratio Rank: 9999
Calmar Ratio Rank
IBHE Martin Ratio Rank: 9999
Martin Ratio Rank
HYHG
HYHG Risk / Return Rank: 5252
Overall Rank
HYHG Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
HYHG Sortino Ratio Rank: 3939
Sortino Ratio Rank
HYHG Omega Ratio Rank: 3838
Omega Ratio Rank
HYHG Calmar Ratio Rank: 7575
Calmar Ratio Rank
HYHG Martin Ratio Rank: 6868
Martin Ratio Rank
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.

IBHE vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2025 Term High Yield & Income ETF (IBHE) 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.

IBHEHYHGDifference
Sharpe ratioReturn per unit of total volatility
3.31
1.36

+1.95

Sortino ratioReturn per unit of downside risk
5.62
1.98

+3.64

Omega ratioGain probability vs. loss probability

2.06

1.24

+0.81

Calmar ratioReturn relative to maximum drawdown

22.58

3.74

+18.84

Martin ratioReturn relative to average drawdown

88.89

12.28

+76.60

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBHE vs. HYHG - Sharpe Ratio Comparison

The current IBHE Sharpe Ratio is 3.31, which is higher than the HYHG Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of IBHE 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.

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Sharpe Ratios by Period

IBHEHYHGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.31

1.36

+1.95

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

0.86

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.67

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.41

0.46

-0.06

Drawdowns

IBHE vs. HYHG - Drawdown Comparison

The maximum IBHE drawdown since its inception was -26.91%, roughly equal to the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for IBHE and HYHG.

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Drawdown Indicators

IBHEHYHGDifference

Max Drawdown

Largest peak-to-trough decline

-26.91%

-25.71%

-1.20%

Max Drawdown (1Y)

Largest decline over 1 year

-0.11%

-2.02%

+1.91%

Max Drawdown (3Y)

Largest decline over 3 years

-0.94%

-7.47%

+6.53%

Max Drawdown (5Y)

Largest decline over 5 years

-8.51%

-9.21%

+0.70%

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.71%

—

Current Drawdown

Current decline from peak

0.00%

-0.32%

+0.32%

Average Drawdown

Average peak-to-trough decline

-1.42%

-3.04%

+1.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.05%

0.61%

-0.56%

Volatility

IBHE vs. HYHG - Volatility Comparison

The current volatility for iShares iBonds 2025 Term High Yield & Income ETF (IBHE) is 0.00%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 1.42%. This indicates that IBHE 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

IBHEHYHGDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.00%

1.42%

-1.42%

Volatility (6M)

Calculated over the trailing 6-month period

0.39%

4.30%

-3.91%

Volatility (1Y)

Calculated over the trailing 1-year period

0.78%

5.56%

-4.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.87%

8.16%

-3.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.52%

9.15%

+2.37%

IBHE vs. HYHG - Expense Ratio Comparison

IBHE has a 0.35% expense ratio, which is lower than HYHG's 0.50% expense ratio.

Dividends

IBHE vs. HYHG - Dividend Comparison

IBHE's dividend yield for the trailing twelve months is around 2.29%, less than HYHG's 6.78% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IBHE
iShares iBonds 2025 Term High Yield & Income ETF		2.29%4.53%6.92%7.17%5.77%4.84%5.74%3.73%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IBHE and HYHG have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HYHG has higher volatility (1.42%) compared to IBHE (0.00%). In terms of maximum drawdown, IBHE dropped -26.91% vs HYHG's -25.71%.

On 5-year performance, HYHG leads with 6.99% vs 3.89% for IBHE. On fees, IBHE is cheaper at 0.35% per year. On volatility, IBHE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HYHG has performed better with a 6.99% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IBHE is cheaper with a 0.35% expense ratio, compared with 0.50% for HYHG.

HYHG has the higher dividend yield at 6.78%, compared with 2.29% for IBHE.

IBHE tracks Bloomberg 2025 Term High Yield and Income Index, while HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.35% for IBHE and 0.50% for HYHG.

IBHE currently has the higher Sharpe Ratio (3.31 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.

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