TBT vs. HYHG
TBT (ProShares UltraShort 20+ Year Treasury) and HYHG (ProShares High Yield-Interest Rate Hedged) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond 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, TBT returned 2.32%/yr vs 6.38%/yr for HYHG. At a 0.23 correlation, their price movements are largely independent. TBT charges 0.93%/yr vs 0.50%/yr for HYHG.
Performance
TBT vs. HYHG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly lower than HYHG's 3.86% return. Over the past 10 years, TBT has underperformed HYHG with an annualized return of 2.32%, while HYHG has yielded a comparatively higher 6.38% annualized return.
TBT
- 1D
- -0.51%
- 1M
- -4.25%
- YTD
- 1.05%
- 6M
- 2.51%
- 1Y
- -0.72%
- 3Y*
- 10.52%
- 5Y*
- 16.22%
- 10Y*
- 2.32%
HYHG
- 1D
- 0.07%
- 1M
- 0.71%
- YTD
- 3.86%
- 6M
- 4.29%
- 1Y
- 8.04%
- 3Y*
- 9.96%
- 5Y*
- 7.04%
- 10Y*
- 6.38%
TBT vs. HYHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
HYHG ProShares High Yield-Interest Rate Hedged | 3.86% | 5.31% | 11.41% | 14.69% | -1.71% | 5.75% | 0.16% | 12.02% | -1.95% | 3.76% |
Correlation
The correlation between TBT and HYHG is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since May 23, 2013 | 0.23 |
Over the past year, the correlation between TBT and HYHG has dropped to 0.03 - well below their long-term average of 0.23, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TBT vs. HYHG — Risk / Return Rank
TBT
HYHG
TBT vs. HYHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) 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.
| TBT | HYHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -2.01 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.26 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 4.00 | -4.05 |
| Martin ratioReturn relative to average drawdown | -0.10 | 13.36 | -13.46 |
Loading charts...
Drawdowns
TBT vs. HYHG - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than HYHG's maximum drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for TBT and HYHG.
Loading charts...
Drawdown Indicators
| TBT | HYHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -25.71% | -69.28% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -2.02% | -12.87% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -7.47% | -26.36% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -9.21% | -24.62% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -25.71% | -39.38% |
Current DrawdownCurrent decline from peak | -85.92% | 0.00% | -85.92% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -3.03% | -74.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 0.60% | +6.95% |
Volatility
TBT vs. HYHG - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 4.53% compared to ProShares High Yield-Interest Rate Hedged (HYHG) at 1.31%. This indicates that TBT'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.
Loading charts...
Volatility by Period
| TBT | HYHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 1.31% | +3.22% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 4.36% | +9.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 5.57% | +13.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 8.17% | +23.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 9.10% | +19.65% |
TBT vs. HYHG - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is higher than HYHG's 0.50% expense ratio.
Dividends
TBT vs. HYHG - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, less than HYHG's 6.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.73% | 6.97% | 6.57% | 6.07% | 5.58% | 4.54% | 5.21% | 6.06% | 6.45% | 5.57% | 5.37% | 6.37% |
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBT and HYHG have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (4.53%) compared to HYHG (1.31%). In terms of maximum drawdown, TBT dropped -94.99% vs HYHG's -25.71%.
On 10-year performance, HYHG leads with 6.38% vs 2.32% for TBT. On fees, HYHG is cheaper at 0.50% per year. On volatility, HYHG has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYHG has performed better with a 6.38% return vs 2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYHG is cheaper with a 0.50% expense ratio, compared with 0.93% for TBT.
HYHG has the higher dividend yield at 6.73%, compared with 2.95% for TBT.
TBT is categorized as Inverse Bonds, while HYHG is High Yield Bonds. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index. Their fees differ too: 0.93% for TBT and 0.50% for HYHG.
HYHG currently has the higher Sharpe Ratio (1.45 vs -0.04), 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.
Find the right allocation for TBT and HYHG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer