PCHI vs. HYHG

Last updated Jun 27, 2026

PCHI (Polen High Income ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds. PCHI is actively managed, while HYHG is passively managed. Over the past year, PCHI returned -2.38% vs 7.01% for HYHG. At a 0.28 correlation, their price movements are largely independent. PCHI charges 0.56%/yr vs 0.50%/yr for HYHG.

Performance

PCHI vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Polen High Income ETF (PCHI) 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, PCHI achieves a -4.47% return, which is significantly lower than HYHG's 3.16% return.

PCHI

• 1D: -5.60%
• 1M: -5.53%
• YTD: -4.47%
• 6M: -4.18%
• 1Y: -2.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYHG

• 1D: -0.22%
• 1M: -0.04%
• YTD: 3.16%
• 6M: 3.69%
• 1Y: 7.01%
• 3Y*: 9.50%
• 5Y*: 6.85%
• 10Y*: 6.43%

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

PCHI vs. HYHG - Yearly Performance Comparison

	2026 (YTD)	2025
PCHI Polen High Income ETF	-4.47%	5.19%
HYHG ProShares High Yield-Interest Rate Hedged	3.16%	4.91%

Correlation

The correlation between PCHI and HYHG is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Mar 25, 2025	0.28

Return for Risk

PCHI vs. HYHG — Risk / Return Rank

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

PCHI

PCHI Risk / Return Rank: 5
PCHI Sharpe Ratio Rank: 7
PCHI Sortino Ratio Rank: 6
PCHI Omega Ratio Rank: 5
PCHI Calmar Ratio Rank: 6
PCHI Martin Ratio Rank: 0

HYHG

HYHG Risk / Return Rank: 52
HYHG Sharpe Ratio Rank: 38
HYHG Sortino Ratio Rank: 38
HYHG Omega Ratio Rank: 36
HYHG Calmar Ratio Rank: 77
HYHG Martin Ratio Rank: 72

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.

PCHI vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polen High Income ETF (PCHI) 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.

	PCHI	HYHG	Difference
Sharpe ratio: Return per unit of total volatility	-0.32	1.26	-1.58
Sortino ratio: Return per unit of downside risk	-0.33	1.83	-2.15
Omega ratio: Gain probability vs. loss probability	0.93	1.23	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.37	3.49	-3.86
Martin ratio: Return relative to average drawdown	-2.21	11.61	-13.81

PCHI vs. HYHG - Sharpe Ratio Comparison

The current PCHI Sharpe Ratio is -0.32, which is lower than the HYHG Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of PCHI 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

PCHI vs. HYHG - Drawdown Comparison

The maximum PCHI drawdown since its inception was -6.41%, smaller than the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for PCHI and HYHG.

Drawdown Indicators

	PCHI	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-6.41%	-25.71%	+19.30%
Max Drawdown (1Y) Largest decline over 1 year	-6.41%	-2.02%	-4.39%
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	-6.41%	-0.67%	-5.74%
Average Drawdown Average peak-to-trough decline	-0.82%	-3.03%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	0.61%	+0.47%

Volatility

PCHI vs. HYHG - Volatility Comparison

Polen High Income ETF (PCHI) has a higher volatility of 6.12% compared to ProShares High Yield-Interest Rate Hedged (HYHG) at 1.27%. This indicates that PCHI'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

	PCHI	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	1.27%	+4.85%
Volatility (6M) Calculated over the trailing 6-month period	6.81%	4.37%	+2.44%
Volatility (1Y) Calculated over the trailing 1-year period	7.45%	5.59%	+1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.34%	8.17%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.34%	9.10%	-1.76%

PCHI vs. HYHG - Expense Ratio Comparison

PCHI has a 0.56% expense ratio, which is higher than HYHG's 0.50% expense ratio.

Dividends

PCHI vs. HYHG - Dividend Comparison

PCHI's dividend yield for the trailing twelve months is around 8.47%, more than HYHG's 6.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYHG ProShares High Yield-Interest Rate Hedged	6.77%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%
PCHI Polen High Income ETF	8.47%	5.62%	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 PCHI and HYHG in my portfolio?

PCHI and HYHG have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCHI or HYHG?

PCHI has higher volatility (6.12%) compared to HYHG (1.27%). In terms of maximum drawdown, PCHI dropped -6.41% vs HYHG's -25.71%.

Which ETF is better, PCHI or HYHG?

On 1-year performance, HYHG leads with 7.01% vs -2.38% for PCHI. On fees, HYHG is cheaper at 0.50% per year. On volatility, HYHG has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCHI or HYHG?

Over the 1-year period, HYHG has performed better with a 7.01% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCHI or HYHG?

HYHG is cheaper with a 0.50% expense ratio, compared with 0.56% for PCHI.

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

PCHI has the higher dividend yield at 8.47%, compared with 6.77% for HYHG.

What is the main difference between PCHI and HYHG?

They also come from different issuers: Polen Capital and ProShares. Their fees differ too: 0.56% for PCHI and 0.50% for HYHG.

Which has better risk-adjusted returns?

HYHG currently has the higher Sharpe Ratio (1.26 vs -0.32), 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.