USHY vs. HYHG
USHY (iShares Broad USD High Yield Corporate Bond ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds - USHY tracks the ICE BofA US High Yield Constrained Index while HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 5 years, USHY returned 4.29%/yr vs 6.99%/yr for HYHG. A 0.59 correlation means they provide meaningful diversification when combined. USHY charges 0.15%/yr vs 0.50%/yr for HYHG.
Performance
USHY vs. HYHG - Performance Comparison
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Returns By Period
In the year-to-date period, USHY achieves a 1.64% return, which is significantly lower than HYHG's 3.03% return.
USHY
- 1D
- 0.22%
- 1M
- 0.46%
- YTD
- 1.64%
- 6M
- 1.98%
- 1Y
- 6.99%
- 3Y*
- 9.01%
- 5Y*
- 4.29%
- 10Y*
- —
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%
USHY vs. HYHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.64% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
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% | -0.30% |
Correlation
The correlation between USHY 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 | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.59 |
Over the past year, the correlation between USHY and HYHG has dropped to 0.38 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
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Return for Risk
USHY vs. HYHG — Risk / Return Rank
USHY
HYHG
USHY vs. HYHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond ETF (USHY) 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.
| USHY | HYHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.24 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 3.74 | -0.85 |
| Martin ratioReturn relative to average drawdown | 12.99 | 12.28 | +0.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USHY | HYHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 1.36 | +0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.86 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.46 | +0.12 |
Drawdowns
USHY vs. HYHG - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, smaller than the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for USHY and HYHG.
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Drawdown Indicators
| USHY | HYHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -25.71% | +3.27% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -2.02% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -7.47% | +2.81% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -9.21% | -6.35% |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.71% | — |
Current DrawdownCurrent decline from peak | -0.06% | -0.32% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -3.04% | +0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.61% | -0.07% |
Volatility
USHY vs. HYHG - Volatility Comparison
The current volatility for iShares Broad USD High Yield Corporate Bond ETF (USHY) is 1.14%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 1.42%. This indicates that USHY 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.
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Volatility by Period
| USHY | HYHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.42% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 4.30% | -1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.65% | 5.56% | -1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.34% | 8.16% | -0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.25% | 9.15% | -0.90% |
USHY vs. HYHG - Expense Ratio Comparison
USHY has a 0.15% expense ratio, which is lower than HYHG's 0.50% expense ratio.
Dividends
USHY vs. HYHG - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.91%, 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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.91% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
USHY 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.
HYHG has higher volatility (1.42%) compared to USHY (1.14%). In terms of maximum drawdown, USHY dropped -22.44% vs HYHG's -25.71%.
On 5-year performance, HYHG leads with 6.99% vs 4.29% for USHY. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYHG has performed better with a 6.99% return vs 4.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.50% for HYHG.
USHY has the higher dividend yield at 6.91%, compared with 6.78% for HYHG.
USHY tracks ICE BofA US High Yield Constrained Index, while HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.15% for USHY and 0.50% for HYHG.
USHY currently has the higher Sharpe Ratio (1.93 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.
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