SPXT vs. HYHG

Last updated Jun 4, 2026

SPXT (ProShares S&P 500 Ex-Technology ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both exchange-traded funds - SPXT is a S&P 500 fund tracking the S&P 500 Ex-Information Technology Index, while HYHG is a High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 10 years, SPXT returned 11.34%/yr vs 6.17%/yr for HYHG. At a 0.46 correlation, their price movements are largely independent. SPXT charges 0.09%/yr vs 0.50%/yr for HYHG.

Performance

SPXT vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Technology ETF (SPXT) 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, SPXT achieves a 2.70% return, which is significantly lower than HYHG's 2.90% return. Over the past 10 years, SPXT has outperformed HYHG with an annualized return of 11.34%, while HYHG has yielded a comparatively lower 6.17% annualized return.

SPXT

• 1D: -0.15%
• 1M: -1.41%
• YTD: 2.70%
• 6M: 3.39%
• 1Y: 15.02%
• 3Y*: 16.34%
• 5Y*: 9.16%
• 10Y*: 11.34%

HYHG

• 1D: -0.45%
• 1M: 0.22%
• YTD: 2.90%
• 6M: 3.60%
• 1Y: 7.32%
• 3Y*: 9.69%
• 5Y*: 6.96%
• 10Y*: 6.17%

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

SPXT vs. HYHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXT ProShares S&P 500 Ex-Technology ETF	2.70%	15.10%	19.93%	16.23%	-14.24%	26.36%	10.44%	26.88%	-7.06%	16.99%
HYHG ProShares High Yield-Interest Rate Hedged	2.90%	5.31%	11.41%	14.69%	-1.71%	5.75%	0.16%	12.02%	-1.95%	3.76%

Correlation

The correlation between SPXT and HYHG is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.46

The correlation between SPXT and HYHG shifts across timeframes, from 0.32 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.

SPXT vs. HYHG - Sectors Allocation Comparison

Sectors	SPXT	HYHG
Financial Services	18.0%	-
Communication Services	17.0%	1.1%
Consumer Cyclical	15.9%	-
Healthcare	13.5%	0.6%
Industrials	12.2%	-
Consumer Defensive	7.3%	-
Energy	5.1%	-
Utilities	4.1%	-
Real Estate	2.9%	-
Basic Materials	2.8%	-
Technology	1.0%	-

Return for Risk

SPXT vs. HYHG — Risk / Return Rank

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

SPXT

SPXT Risk / Return Rank: 41
SPXT Sharpe Ratio Rank: 40
SPXT Sortino Ratio Rank: 41
SPXT Omega Ratio Rank: 38
SPXT Calmar Ratio Rank: 38
SPXT Martin Ratio Rank: 49

HYHG

HYHG Risk / Return Rank: 49
HYHG Sharpe Ratio Rank: 36
HYHG Sortino Ratio Rank: 36
HYHG Omega Ratio Rank: 35
HYHG Calmar Ratio Rank: 72
HYHG Martin Ratio Rank: 65

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.

SPXT vs. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Technology ETF (SPXT) 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.

	SPXT	HYHG	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.32	+0.14
Sortino ratio: Return per unit of downside risk	2.11	1.93	+0.18
Omega ratio: Gain probability vs. loss probability	1.26	1.24	+0.02
Calmar ratio: Return relative to maximum drawdown	1.91	3.64	-1.73
Martin ratio: Return relative to average drawdown	8.32	11.96	-3.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXT vs. HYHG - Sharpe Ratio Comparison

The current SPXT Sharpe Ratio is 1.46, which is comparable to the HYHG Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of SPXT 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

	SPXT	HYHG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.32	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.86	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.68	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.46	+0.26

Drawdowns

SPXT vs. HYHG - Drawdown Comparison

The maximum SPXT drawdown since its inception was -34.38%, which is greater than HYHG's maximum drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for SPXT and HYHG.

Drawdown Indicators

	SPXT	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-34.38%	-25.71%	-8.67%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-2.02%	-5.88%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-7.47%	-8.11%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	-9.21%	-12.26%
Max Drawdown (10Y) Largest decline over 10 years	-34.38%	-25.71%	-8.67%
Current Drawdown Current decline from peak	-2.52%	-0.45%	-2.07%
Average Drawdown Average peak-to-trough decline	-4.14%	-3.04%	-1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	0.61%	+1.20%

Volatility

SPXT vs. HYHG - Volatility Comparison

ProShares S&P 500 Ex-Technology ETF (SPXT) has a higher volatility of 2.57% compared to ProShares High Yield-Interest Rate Hedged (HYHG) at 1.45%. This indicates that SPXT'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

	SPXT	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	1.45%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	7.53%	4.33%	+3.20%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	5.56%	+4.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	8.16%	+6.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.23%	9.15%	+7.08%

SPXT vs. HYHG - Expense Ratio Comparison

SPXT has a 0.09% expense ratio, which is lower than HYHG's 0.50% expense ratio.

Dividends

SPXT vs. HYHG - Dividend Comparison

SPXT's dividend yield for the trailing twelve months is around 1.39%, less than HYHG's 6.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYHG ProShares High Yield-Interest Rate Hedged	6.79%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%
SPXT ProShares S&P 500 Ex-Technology ETF	1.39%	1.38%	1.29%	1.53%	1.86%	1.15%	1.63%	1.63%	2.03%	1.55%	2.67%	0.56%

Frequently Asked Questions

Can I hold both SPXT and HYHG in my portfolio?

SPXT and HYHG have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXT or HYHG?

SPXT has higher volatility (2.57%) compared to HYHG (1.45%). In terms of maximum drawdown, SPXT dropped -34.38% vs HYHG's -25.71%.

Which ETF is better, SPXT or HYHG?

On 10-year performance, SPXT leads with 11.34% vs 6.17% for HYHG. On fees, SPXT is cheaper at 0.09% per year. On volatility, HYHG has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXT or HYHG?

Over the 10-year period, SPXT has performed better with a 11.34% return vs 6.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXT or HYHG?

SPXT is cheaper with a 0.09% expense ratio, compared with 0.50% for HYHG.

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

HYHG has the higher dividend yield at 6.79%, compared with 1.39% for SPXT.

What is the main difference between SPXT and HYHG?

SPXT is categorized as S&P 500, while HYHG is High Yield Bonds. SPXT tracks S&P 500 Ex-Information Technology Index, while HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index. Their fees differ too: 0.09% for SPXT and 0.50% for HYHG.

Which has better risk-adjusted returns?

SPXT currently has the higher Sharpe Ratio (1.46 vs 1.32), 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.