HYHG vs SPY
ProShares High Yield-Interest Rate Hedged ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, HYHG or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | HYHG | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $203M | $804.7B |
| Dividend Yield | 6.66% | 0.98% |
| Holdings | 241 | 505 |
| YTD Return | +0.40% | +11.97%Best |
| 1Y Return | +1.52% | +16.40%Best |
| 3Y Return (annualized) | +6.85% | +21.10%Best |
| 5Y Return (annualized) | +6.02% | +12.88%Best |
| Volatility (annualized) | 7.3%Best | 14.4% |
| Max Drawdown | -25.7%Best | -34.1% |
| $10,000 over 5 years | $13,395 | $18,327Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | May 21, 2013 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: May 23, 2013 to Sep 14, 2026 (13.3 years).
HYHG vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 13.3 years both funds cover.
HYHG vs SPY Performance
ProShares High Yield-Interest Rate Hedged ETF (HYHG) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HYHG returned +1.52% while SPY returned +16.40%. Year to date, HYHG is up 0.40% versus a gain of 11.97% for SPY.
Over three years, HYHG compounded at +6.85% per year against +21.10% for SPY; over five years the annualized figures are +6.02% and +12.88% respectively. Across the full 13-year window we track, SPY has the edge at +12.77% annualized vs +3.81%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.4% compared with 7.3% for HYHG. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -25.7% for HYHG and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HYHG charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, HYHG currently yields 6.66% against 0.98% for SPY.
You are not choosing between two funds in isolation.
Whichever of HYHG and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HYHG or SPY?
HYHG has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, HYHG or SPY?
Over the past year HYHG returned +1.52% vs +16.40% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (13 years), HYHG annualized +3.81% vs +12.77% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HYHG or SPY?
SPY has been the more volatile fund at 14.4% annualized versus 7.3% for HYHG. Worst drawdown: HYHG -25.7% vs SPY -34.1%.
Should I hold both HYHG and SPY?
HYHG and SPY have a monthly-return correlation of 0.76, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, HYHG or SPY?
HYHG yields 6.66% while SPY yields 0.98%, so HYHG currently pays the higher dividend yield.
Is SPY better than HYHG?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.