NVS vs. HYHG

Last updated Aug 5, 2026

NVS (Novartis AG) is a stock, while HYHG (ProShares High Yield-Interest Rate Hedged) is High Yield Bonds fund tracking the FTSE High Yield (Treasury Rate-Hedged) Index. Over the past 10 years, NVS returned 10.27%/yr vs 5.95%/yr for HYHG. Their 0.22 correlation means their historical movements had little consistent relationship.

Performance

NVS vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Novartis AG (NVS) 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, NVS achieves a 14.55% return, which is significantly higher than HYHG's 4.22% return. Over the past 10 years, NVS has outperformed HYHG with an annualized return of 10.27%, while HYHG has yielded a comparatively lower 5.95% annualized return.

NVS

• 1D: -0.26%
• 1M: -4.15%
• 6M: 5.39%
• YTD: 14.55%
• 1Y: 34.04%
• 3Y*: 18.64%
• 5Y*: 14.91%
• 10Y*: 10.27%
• ALL TIME*: 9.02%

HYHG

• 1D: -0.17%
• 1M: 0.39%
• 6M: 2.85%
• YTD: 4.22%
• 1Y: 7.49%
• 3Y*: 9.01%
• 5Y*: 7.24%
• 10Y*: 5.95%
• ALL TIME*: 4.27%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HYHG ProShares High Yield-Interest Rate Hedged	$2.51M	$1.78M	$1.26M
NVS Novartis AG	$270.65M	$275.41M	$281.00M

NVS vs. HYHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVS Novartis AG	14.55%	46.95%	0.02%	16.14%	8.06%	-3.65%	3.34%	13.92%	5.95%	19.42%
HYHG ProShares High Yield-Interest Rate Hedged	4.22%	5.31%	11.41%	14.69%	-1.71%	5.75%	0.16%	12.02%	-1.95%	3.76%

Correlation

The correlation between NVS and HYHG is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.02
Correlation (3Y) Balances recent behavior with more history.	0.05
Correlation (5Y) Shows whether the relationship held over a longer period.	0.11
Correlation (10Y) Provides a long-term view across more market conditions.	0.19
Correlation (All Time) Calculated using the full available price history since May 23, 2013	0.22

The correlation between NVS and HYHG shifts across timeframes, from -0.02 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NVS vs. HYHG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NVS

NVS Risk / Return Rank: 83
NVS Sharpe Ratio Rank: 85
NVS Sortino Ratio Rank: 82
NVS Omega Ratio Rank: 80
NVS Calmar Ratio Rank: 84
NVS Martin Ratio Rank: 82

HYHG

HYHG Risk / Return Rank: 62
HYHG Sharpe Ratio Rank: 48
HYHG Sortino Ratio Rank: 48
HYHG Omega Ratio Rank: 46
HYHG Calmar Ratio Rank: 87
HYHG Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NVS vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novartis AG (NVS) 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.

	NVS	HYHG	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.35	+0.24
Sortino ratio: Return per unit of downside risk	2.28	1.96	+0.31
Omega ratio: Gain probability vs. loss probability	1.28	1.24	+0.04
Calmar ratio: Return relative to maximum drawdown	2.70	3.72	-1.02
Martin ratio: Return relative to average drawdown	6.32	12.44	-6.12

NVS vs. HYHG - Sharpe Ratio Comparison

The current NVS Sharpe Ratio is 1.59, which is comparable to the HYHG Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of NVS 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.

Drawdowns

NVS vs. HYHG - Drawdown Comparison

The maximum NVS drawdown since its inception was -42.10%, which is greater than HYHG's maximum drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for NVS and HYHG.

Drawdown Indicators

	NVS	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-42.10%	-25.71%	-16.39%
Max Drawdown (1Y) Largest decline over 1 year	-12.65%	-2.02%	-10.63%
Max Drawdown (3Y) Largest decline over 3 years	-19.95%	-7.47%	-12.48%
Max Drawdown (5Y) Largest decline over 5 years	-20.42%	-9.21%	-11.21%
Max Drawdown (10Y) Largest decline over 10 years	-26.03%	-25.71%	-0.32%
Current Drawdown Current decline from peak	-6.34%	-0.17%	-6.17%
Average Drawdown Average peak-to-trough decline	-10.90%	-3.01%	-7.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.40%	0.60%	+4.80%

Volatility

NVS vs. HYHG - Volatility Comparison

Novartis AG (NVS) has a higher volatility of 6.53% compared to ProShares High Yield-Interest Rate Hedged (HYHG) at 1.34%. This indicates that NVS'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.

Volatility by Period

	NVS	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.53%	1.34%	+5.19%
Volatility (6M) Calculated over the trailing 6-month period	16.07%	3.97%	+12.10%
Volatility (1Y) Calculated over the trailing 1-year period	21.62%	5.58%	+16.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.29%	8.17%	+11.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.74%	9.06%	+10.68%

Dividends

NVS vs. HYHG - Dividend Comparison

NVS's dividend yield for the trailing twelve months is around 3.11%, less than HYHG's 6.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYHG ProShares High Yield-Interest Rate Hedged	6.69%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%
NVS Novartis AG	3.11%	2.90%	3.84%	3.44%	3.70%	3.86%	3.22%	3.03%	3.47%	3.24%	3.73%	3.10%

Frequently Asked Questions

Can I hold both NVS and HYHG in my portfolio?

NVS and HYHG have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVS or HYHG?

NVS has higher volatility (6.53%) compared to HYHG (1.34%). In terms of maximum drawdown, NVS dropped -42.10% vs HYHG's -25.71%.

Which has better risk-adjusted returns?

NVS currently has the higher Sharpe Ratio (1.59 vs 1.35), 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.