IHY vs. HYHG
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 4.29%/yr vs 6.40%/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
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Returns By Period
In the year-to-date period, IHY achieves a 0.75% return, which is significantly lower than HYHG's 3.39% return. Over the past 10 years, IHY has underperformed HYHG with an annualized return of 4.29%, while HYHG has yielded a comparatively higher 6.40% annualized return.
IHY
- 1D
- 0.14%
- 1M
- -0.45%
- YTD
- 0.75%
- 6M
- 0.69%
- 1Y
- 4.41%
- 3Y*
- 8.56%
- 5Y*
- 1.78%
- 10Y*
- 4.29%
HYHG
- 1D
- -0.11%
- 1M
- 0.06%
- YTD
- 3.39%
- 6M
- 3.06%
- 1Y
- 7.47%
- 3Y*
- 9.78%
- 5Y*
- 6.90%
- 10Y*
- 6.40%
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 | 0.75% | 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 | 3.39% | 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 | 0.36 |
Correlation (All Time) Calculated using the full available price history since May 23, 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.
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Return for Risk
IHY vs. HYHG — Risk / Return Rank
IHY
HYHG
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IHY | HYHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.24 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 3.72 | -2.78 |
| Martin ratioReturn relative to average drawdown | 3.30 | 12.40 | -9.10 |
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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.
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Drawdown Indicators
| IHY | HYHG | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -26.91% | -9.21% | -17.70% |
Max Drawdown (10Y)Largest decline over 10 years | -27.63% | -25.71% | -1.92% |
Current DrawdownCurrent decline from peak | -1.32% | -0.45% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -5.26% | -3.03% | -2.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.34% | 0.60% | +0.74% |
Volatility
IHY vs. HYHG - Volatility Comparison
VanEck Vectors International High Yield Bond ETF (IHY) has a higher volatility of 1.35% compared to ProShares High Yield-Interest Rate Hedged (HYHG) at 1.26%. This indicates that IHY's price experiences larger fluctuations and is considered to be riskier 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
| IHY | HYHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.26% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 4.03% | 4.37% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.25% | 5.58% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.75% | 8.17% | -0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.65% | 9.10% | -1.45% |
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 5.70%, less than HYHG's 6.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.76% | 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 | 5.70% | 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
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.
IHY has higher volatility (1.35%) compared to HYHG (1.26%). In terms of maximum drawdown, IHY dropped -27.63% vs HYHG's -25.71%.
On 10-year performance, HYHG leads with 6.40% vs 4.29% 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.
Over the 10-year period, HYHG has performed better with a 6.40% return vs 4.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IHY is cheaper with a 0.40% expense ratio, compared with 0.50% for HYHG.
HYHG has the higher dividend yield at 6.76%, compared with 5.70% for IHY.
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.
HYHG currently has the higher Sharpe Ratio (1.34 vs 0.85), 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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