AHYB vs. PGHY
AHYB (American Century Select High Yield ETF) and PGHY (Invesco Global Short Term High Yield Bond ETF) are both High Yield Bonds funds - AHYB tracks the ICE BofA US High Yield Constrained (BB) while PGHY tracks the DB Global Short Maturity High Yield Bond Index. Both are passively managed. Over the past 3 years, AHYB returned 8.04%/yr vs 8.75%/yr for PGHY. A 0.52 correlation means they provide meaningful diversification when combined. AHYB charges 0.45%/yr vs 0.35%/yr for PGHY.
Performance
AHYB vs. PGHY - Performance Comparison
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Returns By Period
In the year-to-date period, AHYB achieves a 1.31% return, which is significantly lower than PGHY's 2.59% return.
AHYB
- 1D
- 0.18%
- 1M
- 0.40%
- YTD
- 1.31%
- 6M
- 2.00%
- 1Y
- 6.50%
- 3Y*
- 8.04%
- 5Y*
- —
- 10Y*
- —
PGHY
- 1D
- 0.10%
- 1M
- 0.42%
- YTD
- 2.59%
- 6M
- 2.88%
- 1Y
- 7.84%
- 3Y*
- 8.75%
- 5Y*
- 4.61%
- 10Y*
- 4.41%
AHYB vs. PGHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AHYB American Century Select High Yield ETF | 1.31% | 8.96% | 6.32% | 11.69% | -10.26% | 0.84% |
PGHY Invesco Global Short Term High Yield Bond ETF | 2.59% | 8.88% | 8.39% | 10.15% | -5.50% | -0.30% |
Correlation
The correlation between AHYB and PGHY is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2021 | 0.52 |
The correlation between AHYB and PGHY shifts across timeframes, from 0.43 (1 year) to 0.53 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
AHYB vs. PGHY — Risk / Return Rank
AHYB
PGHY
AHYB vs. PGHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Century Select High Yield ETF (AHYB) and Invesco Global Short Term High Yield Bond ETF (PGHY). 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.
| AHYB | PGHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.28 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 2.59 | +0.12 |
| Martin ratioReturn relative to average drawdown | 12.65 | 10.06 | +2.59 |
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
| AHYB | PGHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 1.57 | +0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.85 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.61 | -0.07 |
Drawdowns
AHYB vs. PGHY - Drawdown Comparison
The maximum AHYB drawdown since its inception was -14.76%, smaller than the maximum PGHY drawdown of -20.50%. Use the drawdown chart below to compare losses from any high point for AHYB and PGHY.
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Drawdown Indicators
| AHYB | PGHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.76% | -20.50% | +5.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -3.04% | +0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -5.03% | +1.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.50% | — |
Current DrawdownCurrent decline from peak | -0.13% | -0.40% | +0.27% |
Average DrawdownAverage peak-to-trough decline | -3.46% | -1.64% | -1.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 0.78% | -0.26% |
Volatility
AHYB vs. PGHY - Volatility Comparison
The current volatility for American Century Select High Yield ETF (AHYB) is 1.05%, while Invesco Global Short Term High Yield Bond ETF (PGHY) has a volatility of 1.88%. This indicates that AHYB experiences smaller price fluctuations and is considered to be less risky than PGHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AHYB | PGHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 1.88% | -0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 3.66% | -1.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.36% | 5.01% | -1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.14% | 5.44% | +1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.14% | 7.04% | +0.10% |
AHYB vs. PGHY - Expense Ratio Comparison
AHYB has a 0.45% expense ratio, which is higher than PGHY's 0.35% expense ratio.
Dividends
AHYB vs. PGHY - Dividend Comparison
AHYB's dividend yield for the trailing twelve months is around 6.00%, less than PGHY's 7.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AHYB American Century Select High Yield ETF | 6.00% | 5.80% | 5.87% | 5.28% | 5.06% | 0.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PGHY Invesco Global Short Term High Yield Bond ETF | 7.08% | 7.24% | 7.49% | 7.87% | 5.12% | 5.17% | 5.45% | 5.32% | 5.45% | 5.52% | 6.26% | 4.60% |
Frequently Asked Questions
AHYB and PGHY have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGHY has higher volatility (1.88%) compared to AHYB (1.05%). In terms of maximum drawdown, AHYB dropped -14.76% vs PGHY's -20.50%.
On 3-year performance, PGHY leads with 8.75% vs 8.04% for AHYB. On fees, PGHY is cheaper at 0.35% per year. On volatility, AHYB has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PGHY has performed better with a 8.75% return vs 8.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PGHY is cheaper with a 0.35% expense ratio, compared with 0.45% for AHYB.
PGHY has the higher dividend yield at 7.08%, compared with 6.00% for AHYB.
AHYB tracks ICE BofA US High Yield Constrained (BB), while PGHY tracks DB Global Short Maturity High Yield Bond Index. They also come from different issuers: American Century and Invesco. Their fees differ too: 0.45% for AHYB and 0.35% for PGHY.
AHYB currently has the higher Sharpe Ratio (1.95 vs 1.57), 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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