ONLN vs. HYG
ONLN (ProShares Online Retail ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - ONLN is a Consumer Discretionary Equities fund tracking the ProShares Online Retail Index, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 5 years, ONLN returned -7.66%/yr vs 3.68%/yr for HYG. A 0.59 correlation means they provide meaningful diversification when combined. ONLN charges 0.58%/yr vs 0.49%/yr for HYG.
Performance
ONLN vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, ONLN achieves a -8.58% return, which is significantly lower than HYG's 1.56% return.
ONLN
- 1D
- 0.99%
- 1M
- -5.60%
- YTD
- -8.58%
- 6M
- -9.03%
- 1Y
- 10.27%
- 3Y*
- 19.82%
- 5Y*
- -7.66%
- 10Y*
- —
HYG
- 1D
- -0.09%
- 1M
- 0.46%
- YTD
- 1.56%
- 6M
- 1.74%
- 1Y
- 5.93%
- 3Y*
- 8.75%
- 5Y*
- 3.68%
- 10Y*
- 5.00%
ONLN vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ONLN ProShares Online Retail ETF | -8.58% | 33.03% | 24.85% | 27.37% | -50.07% | -25.22% | 111.82% | 19.93% | -24.66% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.56% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.65% |
Correlation
The correlation between ONLN and HYG is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2018 | 0.59 |
The correlation between ONLN and HYG has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.
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Return for Risk
ONLN vs. HYG — Risk / Return Rank
ONLN
HYG
ONLN vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Online Retail ETF (ONLN) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.
| ONLN | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.29 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 2.55 | -2.03 |
| Martin ratioReturn relative to average drawdown | 1.23 | 11.18 | -9.94 |
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Drawdowns
ONLN vs. HYG - Drawdown Comparison
The maximum ONLN drawdown since its inception was -71.77%, which is greater than HYG's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for ONLN and HYG.
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Drawdown Indicators
| ONLN | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.77% | -34.25% | -37.52% |
Max Drawdown (1Y)Largest decline over 1 year | -19.75% | -2.34% | -17.41% |
Max Drawdown (3Y)Largest decline over 3 years | -27.97% | -4.56% | -23.41% |
Max Drawdown (5Y)Largest decline over 5 years | -69.19% | -15.79% | -53.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.03% | — |
Current DrawdownCurrent decline from peak | -40.80% | -0.21% | -40.59% |
Average DrawdownAverage peak-to-trough decline | -35.45% | -3.23% | -32.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.35% | 0.53% | +7.82% |
Volatility
ONLN vs. HYG - Volatility Comparison
ProShares Online Retail ETF (ONLN) has a higher volatility of 7.48% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.13%. This indicates that ONLN's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ONLN | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.48% | 1.13% | +6.35% |
Volatility (6M)Calculated over the trailing 6-month period | 18.30% | 3.11% | +15.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.36% | 3.88% | +20.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.15% | 7.54% | +25.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.08% | 8.27% | +23.81% |
ONLN vs. HYG - Expense Ratio Comparison
ONLN has a 0.58% expense ratio, which is higher than HYG's 0.49% expense ratio.
Dividends
ONLN vs. HYG - Dividend Comparison
ONLN's dividend yield for the trailing twelve months is around 0.36%, less than HYG's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
ONLN ProShares Online Retail ETF | 0.36% | 0.30% | 0.75% | 0.00% | 0.00% | 0.00% | 1.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ONLN and HYG have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ONLN has higher volatility (7.48%) compared to HYG (1.13%). In terms of maximum drawdown, ONLN dropped -71.77% vs HYG's -34.25%.
On 5-year performance, HYG leads with 3.68% vs -7.66% for ONLN. On fees, HYG is cheaper at 0.49% per year. On volatility, HYG has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYG has performed better with a 3.68% return vs -7.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYG is cheaper with a 0.49% expense ratio, compared with 0.58% for ONLN.
HYG has the higher dividend yield at 5.91%, compared with 0.36% for ONLN.
ONLN is categorized as Consumer Discretionary Equities, while HYG is High Yield Bonds. ONLN tracks ProShares Online Retail Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.58% for ONLN and 0.49% for HYG.
HYG currently has the higher Sharpe Ratio (1.54 vs 0.42), 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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