NJNK vs. HYHG

Last updated Jun 5, 2026

NJNK (Columbia U.S. High Yield ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds. NJNK is actively managed, while HYHG is passively managed. Over the past year, NJNK returned 6.85% vs 7.52% for HYHG. At a 0.37 correlation, their price movements are largely independent. NJNK charges 0.46%/yr vs 0.50%/yr for HYHG.

Performance

NJNK vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia U.S. High Yield ETF (NJNK) 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, NJNK achieves a 1.50% return, which is significantly lower than HYHG's 3.03% return.

NJNK

• 1D: 0.18%
• 1M: 0.71%
• YTD: 1.50%
• 6M: 2.00%
• 1Y: 6.85%
• 3Y*: —
• 5Y*: —
• 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)

NJNK vs. HYHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NJNK Columbia U.S. High Yield ETF	1.50%	9.03%	0.62%
HYHG ProShares High Yield-Interest Rate Hedged	3.03%	5.31%	4.58%

Correlation

The correlation between NJNK 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 (All Time) Calculated using the full available price history since Sep 6, 2024	0.37

Return for Risk

NJNK vs. HYHG — Risk / Return Rank

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

NJNK

NJNK Risk / Return Rank: 55
NJNK Sharpe Ratio Rank: 51
NJNK Sortino Ratio Rank: 56
NJNK Omega Ratio Rank: 54
NJNK Calmar Ratio Rank: 54
NJNK Martin Ratio Rank: 61

HYHG

HYHG Risk / Return Rank: 52
HYHG Sharpe Ratio Rank: 39
HYHG Sortino Ratio Rank: 39
HYHG Omega Ratio Rank: 38
HYHG Calmar Ratio Rank: 75
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.

NJNK vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia U.S. High Yield ETF (NJNK) 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.

	NJNK	HYHG	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.36	+0.36
Sortino ratio: Return per unit of downside risk	2.62	1.98	+0.64
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.08
Calmar ratio: Return relative to maximum drawdown	2.61	3.74	-1.13
Martin ratio: Return relative to average drawdown	10.86	12.28	-1.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NJNK vs. HYHG - Sharpe Ratio Comparison

The current NJNK Sharpe Ratio is 1.72, which is comparable to the HYHG Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of NJNK 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

	NJNK	HYHG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	1.36	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.86	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	0.46	+0.87

Drawdowns

NJNK vs. HYHG - Drawdown Comparison

The maximum NJNK drawdown since its inception was -4.48%, smaller than the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for NJNK and HYHG.

Drawdown Indicators

	NJNK	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-4.48%	-25.71%	+21.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.63%	-2.02%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.47%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.71%	—
Current Drawdown Current decline from peak	-0.14%	-0.32%	+0.18%
Average Drawdown Average peak-to-trough decline	-0.49%	-3.04%	+2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.61%	+0.02%

Volatility

NJNK vs. HYHG - Volatility Comparison

Columbia U.S. High Yield ETF (NJNK) and ProShares High Yield-Interest Rate Hedged (HYHG) have volatilities of 1.41% and 1.42%, 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

	NJNK	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	1.42%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.11%	4.30%	-1.19%
Volatility (1Y) Calculated over the trailing 1-year period	4.00%	5.56%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.80%	8.16%	-3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.80%	9.15%	-4.35%

NJNK vs. HYHG - Expense Ratio Comparison

NJNK has a 0.46% expense ratio, which is lower than HYHG's 0.50% expense ratio.

Dividends

NJNK vs. HYHG - Dividend Comparison

NJNK's dividend yield for the trailing twelve months is around 6.42%, 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%
NJNK Columbia U.S. High Yield ETF	6.42%	6.34%	2.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NJNK and HYHG in my portfolio?

NJNK 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, NJNK or HYHG?

HYHG has higher volatility (1.42%) compared to NJNK (1.41%). In terms of maximum drawdown, NJNK dropped -4.48% vs HYHG's -25.71%.

Which ETF is better, NJNK or HYHG?

On 1-year performance, HYHG leads with 7.52% vs 6.85% for NJNK. On fees, NJNK is cheaper at 0.46% 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, NJNK or HYHG?

Over the 1-year period, HYHG has performed better with a 7.52% return vs 6.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NJNK or HYHG?

NJNK is cheaper with a 0.46% expense ratio, compared with 0.50% for HYHG.

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

HYHG has the higher dividend yield at 6.78%, compared with 6.42% for NJNK.

What is the main difference between NJNK and HYHG?

They also come from different issuers: Columbia and ProShares. Their fees differ too: 0.46% for NJNK and 0.50% for HYHG.

Which has better risk-adjusted returns?

NJNK currently has the higher Sharpe Ratio (1.72 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.