- Issuer
- VanEck
- Inception Date
- Mar 19, 2018
- Category
- High Yield Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- VanEck Global Fallen Angel High Yield Bond UCITS ETF
- Distribution Policy
- Accumulating
- Asset Class
- Bond
Share Price Chart
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Performance
GFA.L Performance Chart
VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFA.L) is up 2.2% since the beginning of the year. GFA.L is currently trading at $75 per share. Investors who bought $1,000 worth of GFA.L shares 5 years ago would now be looking at an investment worth $1,143.
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Returns By Period
VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFA.L) has returned 2.23% so far this year and 5.68% over the past 12 months.
VanEck Global Fallen Angel High Yield Bond UCITS ETF
- 1D
- -1.58%
- 1M
- -1.67%
- 6M
- 2.02%
- YTD
- 2.23%
- 1Y
- 5.68%
- 3Y*
- 7.70%
- 5Y*
- 2.71%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.38%
- 1M
- 0.24%
- 6M
- 9.32%
- YTD
- 10.62%
- 1Y
- 21.28%
- 3Y*
- 18.90%
- 5Y*
- 11.84%
- 10Y*
- 13.36%
GFA.L Monthly Returns History
Based on dividend-adjusted daily data since Mar 19, 2018, GFA.L's average daily return is +0.02%, while the average monthly return is +0.43%. At this rate, an investment would double in approximately 13.5 years.
Historically, 62% of months were positive and 38% were negative. The best month was Nov 2022 with a return of +6.7%, while the worst month was Mar 2020 at -9.0%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 4 months.
On a daily basis, GFA.L closed higher 51% of trading days. The best single day was Apr 9, 2020 with a return of +3.6%, while the worst single day was Mar 19, 2020 at -5.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.27% | 1.01% | -2.90% | 3.63% | 0.61% | 0.05% | -1.34% | 2.23% | |||||
| 2025 | 1.52% | -0.12% | 0.99% | 0.43% | 1.15% | 2.79% | 0.01% | 1.64% | 0.46% | -0.00% | 0.17% | 0.55% | 9.97% |
| 2024 | 0.03% | 0.32% | 1.27% | -1.39% | 1.86% | 0.14% | 1.81% | 2.43% | 2.09% | -1.33% | -0.34% | -0.92% | 6.02% |
| 2023 | 3.76% | -1.86% | 1.85% | -0.44% | -2.33% | 2.79% | 0.85% | -0.86% | -1.47% | -1.45% | 5.10% | 4.29% | 10.29% |
| 2022 | -3.26% | -2.05% | -1.17% | -5.54% | 1.04% | -6.98% | 4.51% | -2.65% | -4.99% | -0.04% | 6.65% | 2.04% | -12.56% |
| 2021 | -0.39% | -0.11% | -0.50% | 1.57% | 0.81% | 0.73% | 0.71% | 0.49% | -1.14% | 0.12% | -2.34% | 2.05% | 1.93% |
Benchmark Metrics
VanEck Global Fallen Angel High Yield Bond UCITS ETF has an annualized alpha of 2.93%, beta of 0.17, and R2 of 0.16 versus S&P 500 Index. Calculated based on daily prices since March 19, 2018.
- This ETF participated in 41.11% of S&P 500 Index downside but only 32.67% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.17 may look defensive, but with R2 of 0.16 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.16 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.93%
- Beta
- 0.17
- R²
- 0.16
- Upside Capture
- 32.67%
- Downside Capture
- 41.11%
Expense Ratio
GFA.L has an expense ratio of 0.40%, placing it in the medium range.
Return for Risk
Risk / Return Rank
GFA.L ranks 29 for risk / return — below 29% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFA.L) and compare them to S&P 500 Index.
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.
| GFA.L | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.31 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 2.35 | -0.93 |
| Martin ratioReturn relative to average drawdown | 3.83 | 10.19 | -6.36 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the VanEck Global Fallen Angel High Yield Bond UCITS ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the VanEck Global Fallen Angel High Yield Bond UCITS ETF was 22.98%, occurring on Mar 20, 2020. Recovery took 51 trading sessions.
The current VanEck Global Fallen Angel High Yield Bond UCITS ETF drawdown is 2.07%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-22.98%Mar 2020 | 25d | 2mo 17d | 3mo 12dFeb 2020 - Jun 2020 | COVID crash2020 |
-22.54%Oct 2022 | 1y 24d | 1y 10mo | 2y 11moSep 2021 - Aug 2024 | Bear market2022 |
-4.99%Nov 2018 | 7mo 12d | 3mo 1d | 10mo 13dApr 2018 - Feb 2019 | Rate-hike selloffLate 2018 |
-4.40%Apr 2025 | 16d | 1mo 3d | 1mo 19dMar 2025 - May 2025 | 2025 selloff2025 |
-3.90%Mar 2026 | 27d | 15d | 1mo 12dMar 2026 - Apr 2026 | — |
Drawdown Indicators
| GFA.L | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.98% | -56.78% | +33.80% |
Max Drawdown (1Y)Largest decline over 1 year | -3.90% | -9.10% | +5.20% |
Max Drawdown (3Y)Largest decline over 3 years | -5.14% | -18.90% | +13.76% |
Max Drawdown (5Y)Largest decline over 5 years | -22.54% | -25.43% | +2.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -2.07% | -0.49% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -4.38% | -10.70% | +6.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 2.09% | -0.64% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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