IBHH vs. HYHG
IBHH (iShares iBonds 2028 Term High Yield and Income ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds - IBHH tracks the Bloomberg 2028 Term High Yield and Income Index - Benchmark TR Gross while HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 3 years, IBHH returned 8.48%/yr vs 9.69%/yr for HYHG. A 0.53 correlation means they provide meaningful diversification when combined. IBHH charges 0.35%/yr vs 0.50%/yr for HYHG.
Performance
IBHH vs. HYHG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IBHH achieves a 1.66% return, which is significantly lower than HYHG's 2.90% return.
IBHH
- 1D
- -0.06%
- 1M
- 0.40%
- YTD
- 1.66%
- 6M
- 2.20%
- 1Y
- 6.59%
- 3Y*
- 8.48%
- 5Y*
- —
- 10Y*
- —
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%
IBHH vs. HYHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBHH iShares iBonds 2028 Term High Yield and Income ETF | 1.66% | 8.02% | 7.53% | 12.87% | -6.70% |
HYHG ProShares High Yield-Interest Rate Hedged | 2.90% | 5.31% | 11.41% | 14.69% | 1.35% |
Correlation
The correlation between IBHH and HYHG is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2022 | 0.53 |
Over the past year, the correlation between IBHH and HYHG has dropped to 0.31 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.
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
IBHH vs. HYHG — Risk / Return Rank
IBHH
HYHG
IBHH vs. HYHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2028 Term High Yield and Income ETF (IBHH) 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.
| IBHH | HYHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.67 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.24 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 5.41 | 3.64 | +1.77 |
| Martin ratioReturn relative to average drawdown | 21.70 | 11.96 | +9.74 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IBHH | HYHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.35 | 1.32 | +1.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.86 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.68 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 0.46 | +0.27 |
Drawdowns
IBHH vs. HYHG - Drawdown Comparison
The maximum IBHH drawdown since its inception was -12.05%, smaller than the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for IBHH and HYHG.
Loading charts...
Drawdown Indicators
| IBHH | HYHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.05% | -25.71% | +13.66% |
Max Drawdown (1Y)Largest decline over 1 year | -1.22% | -2.02% | +0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -7.47% | +2.81% |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.21% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.71% | — |
Current DrawdownCurrent decline from peak | -0.07% | -0.45% | +0.38% |
Average DrawdownAverage peak-to-trough decline | -2.30% | -3.04% | +0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 0.61% | -0.31% |
Volatility
IBHH vs. HYHG - Volatility Comparison
The current volatility for iShares iBonds 2028 Term High Yield and Income ETF (IBHH) is 0.77%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 1.45%. This indicates that IBHH 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.
Loading charts...
Volatility by Period
| IBHH | HYHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 1.45% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 2.08% | 4.33% | -2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 5.56% | -2.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.26% | 8.16% | -0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.26% | 9.15% | -1.89% |
IBHH vs. HYHG - Expense Ratio Comparison
IBHH has a 0.35% expense ratio, which is lower than HYHG's 0.50% expense ratio.
Dividends
IBHH vs. HYHG - Dividend Comparison
IBHH's dividend yield for the trailing twelve months is around 6.27%, 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% |
IBHH iShares iBonds 2028 Term High Yield and Income ETF | 6.27% | 6.39% | 6.93% | 6.65% | 5.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBHH and HYHG have a correlation of 0.31, 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 IBHH (0.77%). In terms of maximum drawdown, IBHH dropped -12.05% vs HYHG's -25.71%.
On 3-year performance, HYHG leads with 9.69% vs 8.48% for IBHH. On fees, IBHH is cheaper at 0.35% per year. On volatility, IBHH has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYHG has performed better with a 9.69% return vs 8.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBHH is cheaper with a 0.35% expense ratio, compared with 0.50% for HYHG.
HYHG has the higher dividend yield at 6.79%, compared with 6.27% for IBHH.
IBHH tracks Bloomberg 2028 Term High Yield and Income Index - Benchmark TR Gross, 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 IBHH and 0.50% for HYHG.
IBHH currently has the higher Sharpe Ratio (2.35 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.
Find the right allocation for IBHH and HYHG
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