IHY vs. HYHG

Last updated Jun 6, 2026

IHY (VanEck Vectors International High Yield Bond ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds - IHY tracks the Bank of America Merrill Lynch Global Ex-­‐US Issuers High Yield Constrained Index while HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 10 years, IHY returned 3.95%/yr vs 6.03%/yr for HYHG. At a 0.33 correlation, their price movements are largely independent. IHY charges 0.40%/yr vs 0.50%/yr for HYHG.

Performance

IHY vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors International High Yield Bond ETF (IHY) 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, IHY achieves a 0.63% return, which is significantly lower than HYHG's 3.06% return. Over the past 10 years, IHY has underperformed HYHG with an annualized return of 3.95%, while HYHG has yielded a comparatively higher 6.03% annualized return.

IHY

• 1D: -0.71%
• 1M: -0.84%
• YTD: 0.63%
• 6M: 1.40%
• 1Y: 5.76%
• 3Y*: 8.90%
• 5Y*: 1.62%
• 10Y*: 3.95%

HYHG

• 1D: 0.03%
• 1M: 0.39%
• YTD: 3.06%
• 6M: 3.39%
• 1Y: 7.44%
• 3Y*: 9.75%
• 5Y*: 6.99%
• 10Y*: 6.03%

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

IHY vs. HYHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IHY VanEck Vectors International High Yield Bond ETF	0.63%	13.39%	3.55%	12.11%	-14.34%	-2.82%	8.65%	12.77%	-4.52%	12.54%
HYHG ProShares High Yield-Interest Rate Hedged	3.06%	5.31%	11.41%	14.69%	-1.71%	5.75%	0.16%	12.02%	-1.95%	3.76%

Correlation

The correlation between IHY and HYHG is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since May 24, 2013	0.33

The correlation between IHY and HYHG shifts across timeframes, from 0.18 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.

IHY vs. HYHG - Sectors Allocation Comparison

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

Return for Risk

IHY vs. HYHG — Risk / Return Rank

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

IHY

IHY Risk / Return Rank: 30
IHY Sharpe Ratio Rank: 31
IHY Sortino Ratio Rank: 32
IHY Omega Ratio Rank: 30
IHY Calmar Ratio Rank: 27
IHY Martin Ratio Rank: 31

HYHG

HYHG Risk / Return Rank: 52
HYHG Sharpe Ratio Rank: 39
HYHG Sortino Ratio Rank: 40
HYHG Omega Ratio Rank: 39
HYHG Calmar Ratio Rank: 76
HYHG Martin Ratio Rank: 68

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.

IHY vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors International High Yield Bond ETF (IHY) 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.

	IHY	HYHG	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.35	-0.28
Sortino ratio: Return per unit of downside risk	1.61	1.96	-0.35
Omega ratio: Gain probability vs. loss probability	1.19	1.24	-0.05
Calmar ratio: Return relative to maximum drawdown	1.22	3.70	-2.49
Martin ratio: Return relative to average drawdown	4.37	12.16	-7.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHY vs. HYHG - Sharpe Ratio Comparison

The current IHY Sharpe Ratio is 1.06, which is comparable to the HYHG Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of IHY 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

	IHY	HYHG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	1.35	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.86	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.66	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.46	+0.07

Drawdowns

IHY vs. HYHG - Drawdown Comparison

The maximum IHY drawdown since its inception was -27.63%, which is greater than HYHG's maximum drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for IHY and HYHG.

Drawdown Indicators

	IHY	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-27.63%	-25.71%	-1.92%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-2.02%	-2.73%
Max Drawdown (3Y) Largest decline over 3 years	-4.75%	-7.47%	+2.72%
Max Drawdown (5Y) Largest decline over 5 years	-27.63%	-9.21%	-18.42%
Max Drawdown (10Y) Largest decline over 10 years	-27.63%	-25.71%	-1.92%
Current Drawdown Current decline from peak	-1.43%	-0.29%	-1.14%
Average Drawdown Average peak-to-trough decline	-5.28%	-3.04%	-2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	0.61%	+0.71%

Volatility

IHY vs. HYHG - Volatility Comparison

VanEck Vectors International High Yield Bond ETF (IHY) and ProShares High Yield-Interest Rate Hedged (HYHG) have volatilities of 1.40% and 1.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IHY	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	1.39%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.99%	4.29%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	5.44%	5.56%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.74%	8.15%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.72%	9.15%	-1.43%

IHY vs. HYHG - Expense Ratio Comparison

IHY has a 0.40% expense ratio, which is lower than HYHG's 0.50% expense ratio.

Dividends

IHY vs. HYHG - Dividend Comparison

IHY's dividend yield for the trailing twelve months is around 5.71%, less than HYHG's 6.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IHY VanEck Vectors International High Yield Bond ETF	5.71%	5.31%	5.60%	5.26%	4.97%	4.55%	4.65%	4.86%	4.70%	4.36%	5.11%	5.79%

Frequently Asked Questions

Can I hold both IHY and HYHG in my portfolio?

IHY and HYHG have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IHY or HYHG?

IHY has higher volatility (1.40%) compared to HYHG (1.39%). In terms of maximum drawdown, IHY dropped -27.63% vs HYHG's -25.71%.

Which ETF is better, IHY or HYHG?

On 10-year performance, HYHG leads with 6.03% vs 3.95% for IHY. On fees, IHY is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IHY or HYHG?

Over the 10-year period, HYHG has performed better with a 6.03% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IHY or HYHG?

IHY is cheaper with a 0.40% expense ratio, compared with 0.50% for HYHG.

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

HYHG has the higher dividend yield at 6.78%, compared with 5.71% for IHY.

What is the main difference between IHY and HYHG?

IHY tracks Bank of America Merrill Lynch Global Ex-­‐US Issuers High Yield Constrained Index, while HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index. They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.40% for IHY and 0.50% for HYHG.

Which has better risk-adjusted returns?

HYHG currently has the higher Sharpe Ratio (1.35 vs 1.06), 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.