ODHY vs. HYHG

Last updated Jul 17, 2026

ODHY (Obra Defensive High Yield ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds. Over the past year, ODHY returned 5.10% vs 7.22% for HYHG. At a 0.25 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

ODHY vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Obra Defensive High Yield ETF (ODHY) 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, ODHY achieves a 1.57% return, which is significantly lower than HYHG's 4.17% return.

ODHY

• 1D: -0.05%
• 1M: 0.13%
• 6M: 1.27%
• YTD: 1.57%
• 1Y: 5.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYHG

• 1D: 0.32%
• 1M: 0.66%
• 6M: 3.59%
• YTD: 4.17%
• 1Y: 7.22%
• 3Y*: 9.20%
• 5Y*: 7.13%
• 10Y*: 5.97%

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

ODHY vs. HYHG - Yearly Performance Comparison

	2026 (YTD)	2025
ODHY Obra Defensive High Yield ETF	1.57%	2.15%
HYHG ProShares High Yield-Interest Rate Hedged	4.17%	3.64%

Correlation

The correlation between ODHY and HYHG is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.25

Return for Risk

ODHY vs. HYHG — Risk / Return Rank

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

ODHY

ODHY Risk / Return Rank: 79
ODHY Sharpe Ratio Rank: 79
ODHY Sortino Ratio Rank: 85
ODHY Omega Ratio Rank: 87
ODHY Calmar Ratio Rank: 65
ODHY Martin Ratio Rank: 80

HYHG

HYHG Risk / Return Rank: 59
HYHG Sharpe Ratio Rank: 44
HYHG Sortino Ratio Rank: 44
HYHG Omega Ratio Rank: 43
HYHG Calmar Ratio Rank: 84
HYHG Martin Ratio Rank: 79

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.

ODHY vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Obra Defensive High Yield ETF (ODHY) 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.

	ODHY	HYHG	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.29	+0.73
Sortino ratio: Return per unit of downside risk	3.11	1.87	+1.24
Omega ratio: Gain probability vs. loss probability	1.43	1.23	+0.20
Calmar ratio: Return relative to maximum drawdown	2.61	3.59	-0.98
Martin ratio: Return relative to average drawdown	12.10	11.95	+0.16

ODHY vs. HYHG - Sharpe Ratio Comparison

The current ODHY Sharpe Ratio is 2.02, which is higher than the HYHG Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of ODHY 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

ODHY vs. HYHG - Drawdown Comparison

The maximum ODHY drawdown since its inception was -1.96%, smaller than the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for ODHY and HYHG.

Drawdown Indicators

	ODHY	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-1.96%	-25.71%	+23.75%
Max Drawdown (1Y) Largest decline over 1 year	-1.96%	-2.02%	+0.06%
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	-0.10%	-0.05%	-0.05%
Average Drawdown Average peak-to-trough decline	-0.31%	-3.02%	+2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	0.61%	-0.19%

Volatility

ODHY vs. HYHG - Volatility Comparison

The current volatility for Obra Defensive High Yield ETF (ODHY) is 0.57%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 1.19%. This indicates that ODHY 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.

Volatility by Period

	ODHY	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	1.19%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	3.99%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	2.55%	5.63%	-3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.67%	8.18%	-5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.67%	9.07%	-6.40%

ODHY vs. HYHG - Expense Ratio Comparison

Both ODHY and HYHG have an expense ratio of 0.50%.

Dividends

ODHY vs. HYHG - Dividend Comparison

ODHY's dividend yield for the trailing twelve months is around 5.21%, less than HYHG's 6.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYHG ProShares High Yield-Interest Rate Hedged	6.70%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%
ODHY Obra Defensive High Yield ETF	5.21%	2.62%	0.00%	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 ODHY and HYHG in my portfolio?

ODHY and HYHG have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ODHY or HYHG?

HYHG has higher volatility (1.19%) compared to ODHY (0.57%). In terms of maximum drawdown, ODHY dropped -1.96% vs HYHG's -25.71%.

Which ETF is better, ODHY or HYHG?

On 1-year performance, HYHG leads with 7.22% vs 5.10% for ODHY. Both ETFs have the same 0.50% expense ratio. On volatility, ODHY has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ODHY or HYHG?

Over the 1-year period, HYHG has performed better with a 7.22% return vs 5.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ODHY or HYHG?

ODHY and HYHG have the same expense ratio: 0.50% per year.

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

HYHG has the higher dividend yield at 6.70%, compared with 5.21% for ODHY.

What is the main difference between ODHY and HYHG?

They also come from different issuers: Obra and ProShares.

Which has better risk-adjusted returns?

ODHY currently has the higher Sharpe Ratio (2.02 vs 1.29), 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.