SHYG vs. HYHG

Last updated Jun 5, 2026

SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds - SHYG tracks the Markit iBoxx USD Liquid High Yield 0-5 Index while HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 10 years, SHYG returned 5.16%/yr vs 6.12%/yr for HYHG. A 0.56 correlation means they provide meaningful diversification when combined. SHYG charges 0.30%/yr vs 0.50%/yr for HYHG.

Performance

SHYG vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) 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, SHYG achieves a 1.58% return, which is significantly lower than HYHG's 3.03% return. Over the past 10 years, SHYG has underperformed HYHG with an annualized return of 5.16%, while HYHG has yielded a comparatively higher 6.12% annualized return.

SHYG

• 1D: 0.14%
• 1M: 0.32%
• YTD: 1.58%
• 6M: 2.09%
• 1Y: 6.52%
• 3Y*: 8.16%
• 5Y*: 4.86%
• 10Y*: 5.16%

HYHG

• 1D: 0.12%
• 1M: 0.64%
• YTD: 3.03%
• 6M: 3.57%
• 1Y: 7.52%
• 3Y*: 9.78%
• 5Y*: 6.99%
• 10Y*: 6.12%

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

SHYG vs. HYHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHYG iShares 0-5 Year High Yield Corporate Bond ETF	1.58%	7.94%	8.17%	10.38%	-4.71%	4.60%	3.15%	9.93%	0.02%	5.11%
HYHG ProShares High Yield-Interest Rate Hedged	3.03%	5.31%	11.41%	14.69%	-1.71%	5.75%	0.16%	12.02%	-1.95%	3.76%

Correlation

The correlation between SHYG and HYHG is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Oct 18, 2013	0.56

The correlation between SHYG and HYHG shifts across timeframes, from 0.38 (1 year) to 0.58 (10 years), reflecting how their relationship changes across market environments.

SHYG vs. HYHG - Sectors Allocation Comparison

Sectors	SHYG	HYHG
Utilities	99.3%	-
Real Estate	0.7%	-
Basic Materials	-	-
Communication Services	-	1.1%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	0.6%
Industrials	-	-
Technology	-	-

Return for Risk

SHYG vs. HYHG — Risk / Return Rank

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

SHYG

SHYG Risk / Return Rank: 73
SHYG Sharpe Ratio Rank: 63
SHYG Sortino Ratio Rank: 71
SHYG Omega Ratio Rank: 71
SHYG Calmar Ratio Rank: 75
SHYG Martin Ratio Rank: 82

HYHG

HYHG Risk / Return Rank: 52
HYHG Sharpe Ratio Rank: 39
HYHG Sortino Ratio Rank: 39
HYHG Omega Ratio Rank: 38
HYHG Calmar Ratio Rank: 75
HYHG Martin Ratio Rank: 68

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.

SHYG vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) 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.

	SHYG	HYHG	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.36	+0.71
Sortino ratio: Return per unit of downside risk	3.18	1.98	+1.20
Omega ratio: Gain probability vs. loss probability	1.42	1.24	+0.17
Calmar ratio: Return relative to maximum drawdown	3.74	3.74	0.00
Martin ratio: Return relative to average drawdown	16.31	12.28	+4.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHYG vs. HYHG - Sharpe Ratio Comparison

The current SHYG Sharpe Ratio is 2.07, which is higher than the HYHG Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of SHYG 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.

Sharpe Ratios by Period

	SHYG	HYHG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.36	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.86	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.67	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.46	+0.27

Drawdowns

SHYG vs. HYHG - Drawdown Comparison

The maximum SHYG drawdown since its inception was -19.26%, smaller than the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for SHYG and HYHG.

Drawdown Indicators

	SHYG	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-19.26%	-25.71%	+6.45%
Max Drawdown (1Y) Largest decline over 1 year	-1.75%	-2.02%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-4.53%	-7.47%	+2.94%
Max Drawdown (5Y) Largest decline over 5 years	-9.39%	-9.21%	-0.18%
Max Drawdown (10Y) Largest decline over 10 years	-19.26%	-25.71%	+6.45%
Current Drawdown Current decline from peak	-0.10%	-0.32%	+0.22%
Average Drawdown Average peak-to-trough decline	-1.44%	-3.04%	+1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.61%	-0.21%

Volatility

SHYG vs. HYHG - Volatility Comparison

The current volatility for iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) is 0.93%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 1.42%. This indicates that SHYG 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

	SHYG	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.42%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	4.30%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	3.16%	5.56%	-2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.73%	8.16%	-2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.42%	9.15%	-2.73%

SHYG vs. HYHG - Expense Ratio Comparison

SHYG has a 0.30% expense ratio, which is lower than HYHG's 0.50% expense ratio.

Dividends

SHYG vs. HYHG - Dividend Comparison

SHYG's dividend yield for the trailing twelve months is around 7.01%, more than HYHG's 6.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYHG ProShares High Yield-Interest Rate Hedged	6.78%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%
SHYG iShares 0-5 Year High Yield Corporate Bond ETF	7.01%	7.03%	6.93%	6.54%	5.57%	4.83%	5.07%	5.33%	5.90%	5.49%	5.53%	5.17%

Frequently Asked Questions

Can I hold both SHYG and HYHG in my portfolio?

SHYG and HYHG have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHYG or HYHG?

HYHG has higher volatility (1.42%) compared to SHYG (0.93%). In terms of maximum drawdown, SHYG dropped -19.26% vs HYHG's -25.71%.

Which ETF is better, SHYG or HYHG?

On 10-year performance, HYHG leads with 6.12% vs 5.16% for SHYG. On fees, SHYG is cheaper at 0.30% per year. On volatility, SHYG has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHYG or HYHG?

Over the 10-year period, HYHG has performed better with a 6.12% return vs 5.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHYG or HYHG?

SHYG is cheaper with a 0.30% expense ratio, compared with 0.50% for HYHG.

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

SHYG has the higher dividend yield at 7.01%, compared with 6.78% for HYHG.

What is the main difference between SHYG and HYHG?

SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index, while HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.30% for SHYG and 0.50% for HYHG.

Which has better risk-adjusted returns?

SHYG currently has the higher Sharpe Ratio (2.07 vs 1.36), 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.