PTBD vs. HYHG

Last updated Jun 26, 2026

PTBD (Pacer Trendpilot US Bond ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds - PTBD tracks the Pacer Trendpilot US Bond Index while HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 5 years, PTBD returned -1.63%/yr vs 6.90%/yr for HYHG. At a 0.29 correlation, their price movements are largely independent. PTBD charges 0.60%/yr vs 0.50%/yr for HYHG.

Performance

PTBD vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Trendpilot US Bond ETF (PTBD) 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, PTBD achieves a 1.25% return, which is significantly lower than HYHG's 3.39% return.

PTBD

• 1D: 0.01%
• 1M: 0.35%
• YTD: 1.25%
• 6M: 1.40%
• 1Y: 3.11%
• 3Y*: 5.36%
• 5Y*: -1.63%
• 10Y*: —

HYHG

• 1D: -0.11%
• 1M: 0.06%
• YTD: 3.39%
• 6M: 3.06%
• 1Y: 7.47%
• 3Y*: 9.78%
• 5Y*: 6.90%
• 10Y*: 6.40%

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

PTBD vs. HYHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PTBD Pacer Trendpilot US Bond ETF	1.25%	2.49%	4.24%	8.84%	-20.88%	0.47%	10.62%	2.16%
HYHG ProShares High Yield-Interest Rate Hedged	3.39%	5.31%	11.41%	14.69%	-1.71%	5.75%	0.16%	2.70%

Correlation

The correlation between PTBD 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 (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Oct 23, 2019	0.30

Return for Risk

PTBD vs. HYHG — Risk / Return Rank

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

PTBD

PTBD Risk / Return Rank: 24
PTBD Sharpe Ratio Rank: 24
PTBD Sortino Ratio Rank: 23
PTBD Omega Ratio Rank: 23
PTBD Calmar Ratio Rank: 23
PTBD Martin Ratio Rank: 29

HYHG

HYHG Risk / Return Rank: 57
HYHG Sharpe Ratio Rank: 42
HYHG Sortino Ratio Rank: 43
HYHG Omega Ratio Rank: 41
HYHG Calmar Ratio Rank: 81
HYHG Martin Ratio Rank: 75

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.

PTBD vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Trendpilot US Bond ETF (PTBD) 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.

	PTBD	HYHG	Difference
Sharpe ratio: Return per unit of total volatility	0.82	1.34	-0.53
Sortino ratio: Return per unit of downside risk	1.20	1.94	-0.74
Omega ratio: Gain probability vs. loss probability	1.15	1.24	-0.09
Calmar ratio: Return relative to maximum drawdown	1.00	3.72	-2.71
Martin ratio: Return relative to average drawdown	3.79	12.40	-8.61

PTBD vs. HYHG - Sharpe Ratio Comparison

The current PTBD Sharpe Ratio is 0.82, which is lower than the HYHG Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of PTBD 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

PTBD vs. HYHG - Drawdown Comparison

The maximum PTBD drawdown since its inception was -26.00%, roughly equal to the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for PTBD and HYHG.

Drawdown Indicators

	PTBD	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-26.00%	-25.71%	-0.29%
Max Drawdown (1Y) Largest decline over 1 year	-3.12%	-2.02%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	-3.82%	-7.47%	+3.65%
Max Drawdown (5Y) Largest decline over 5 years	-26.00%	-9.21%	-16.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.71%	—
Current Drawdown Current decline from peak	-8.64%	-0.45%	-8.19%
Average Drawdown Average peak-to-trough decline	-10.15%	-3.03%	-7.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.60%	+0.22%

Volatility

PTBD vs. HYHG - Volatility Comparison

Pacer Trendpilot US Bond ETF (PTBD) and ProShares High Yield-Interest Rate Hedged (HYHG) have volatilities of 1.20% and 1.26%, 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

	PTBD	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	1.26%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	4.37%	-1.43%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	5.58%	-1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.26%	8.17%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.78%	9.10%	-1.32%

PTBD vs. HYHG - Expense Ratio Comparison

PTBD has a 0.60% expense ratio, which is higher than HYHG's 0.50% expense ratio.

Dividends

PTBD vs. HYHG - Dividend Comparison

PTBD's dividend yield for the trailing twelve months is around 6.51%, less than HYHG's 6.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYHG ProShares High Yield-Interest Rate Hedged	6.76%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%
PTBD Pacer Trendpilot US Bond ETF	6.51%	5.62%	6.56%	6.55%	6.14%	2.70%	2.50%	0.62%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PTBD and HYHG in my portfolio?

PTBD 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, PTBD or HYHG?

HYHG has higher volatility (1.26%) compared to PTBD (1.20%). In terms of maximum drawdown, PTBD dropped -26.00% vs HYHG's -25.71%.

Which ETF is better, PTBD or HYHG?

On 5-year performance, HYHG leads with 6.90% vs -1.63% for PTBD. On fees, HYHG is cheaper at 0.50% 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, PTBD or HYHG?

Over the 5-year period, HYHG has performed better with a 6.90% return vs -1.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PTBD or HYHG?

HYHG is cheaper with a 0.50% expense ratio, compared with 0.60% for PTBD.

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

HYHG has the higher dividend yield at 6.76%, compared with 6.51% for PTBD.

What is the main difference between PTBD and HYHG?

PTBD tracks Pacer Trendpilot US Bond Index, while HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index. They also come from different issuers: Pacer and ProShares. Their fees differ too: 0.60% for PTBD and 0.50% for HYHG.

Which has better risk-adjusted returns?

HYHG currently has the higher Sharpe Ratio (1.34 vs 0.82), 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.