AWF vs. GHY
AWF (AllianceBernstein Global High Income Closed Fund) and GHY (PGIM Global High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, AWF returned 5.43%/yr vs 6.80%/yr for GHY. Their 0.49 correlation means their historical movements had little consistent relationship. AWF charges 1.00%/yr vs 0.03%/yr for GHY.
Performance
AWF vs. GHY - Performance Comparison
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Returns By Period
In the year-to-date period, AWF achieves a -1.80% return, which is significantly lower than GHY's -0.44% return. Over the past 10 years, AWF has underperformed GHY with an annualized return of 5.43%, while GHY has yielded a comparatively higher 6.80% annualized return.
AWF
- 1D
- -0.20%
- 1M
- -1.08%
- 6M
- -1.77%
- YTD
- -1.80%
- 1Y
- -2.40%
- 3Y*
- 8.40%
- 5Y*
- 3.67%
- 10Y*
- 5.43%
- ALL TIME*
- 6.25%
GHY
- 1D
- 0.26%
- 1M
- -2.30%
- 6M
- -4.46%
- YTD
- -0.44%
- 1Y
- -0.98%
- 3Y*
- 12.12%
- 5Y*
- 4.57%
- 10Y*
- 6.80%
- ALL TIME*
- 5.39%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.00M | $3.41M | $3.90M | |
| $1.51M | $1.58M | $1.59M |
AWF vs. GHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AWF AllianceBernstein Global High Income Closed Fund | -1.80% | 7.54% | 14.30% | 18.37% | -16.62% | 9.95% | 4.40% | 23.40% | -11.35% | 7.77% |
GHY PGIM Global High Yield Fund | -0.44% | 10.46% | 20.25% | 17.29% | -20.04% | 12.73% | 6.33% | 26.51% | -3.54% | 4.38% |
Correlation
The correlation between AWF and GHY is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.54 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.55 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Dec 24, 2012 | 0.49 |
The correlation between AWF and GHY has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.
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Return for Risk
AWF vs. GHY — Risk / Return Rank
AWF
GHY
AWF vs. GHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AllianceBernstein Global High Income Closed Fund (AWF) and PGIM Global High Yield Fund (GHY). 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.
| AWF | GHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.98 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | -0.13 | -0.10 |
| Martin ratioReturn relative to average drawdown | -0.48 | -0.32 | -0.16 |
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Drawdowns
AWF vs. GHY - Drawdown Comparison
The maximum AWF drawdown since its inception was -55.54%, which is greater than GHY's maximum drawdown of -41.35%. Use the drawdown chart below to compare losses from any high point for AWF and GHY.
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Drawdown Indicators
| AWF | GHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.54% | -41.35% | -14.19% |
Max Drawdown (1Y)Largest decline over 1 year | -10.19% | -11.94% | +1.75% |
Max Drawdown (3Y)Largest decline over 3 years | -11.12% | -16.36% | +5.24% |
Max Drawdown (5Y)Largest decline over 5 years | -25.25% | -29.50% | +4.25% |
Max Drawdown (10Y)Largest decline over 10 years | -40.12% | -41.35% | +1.23% |
Current DrawdownCurrent decline from peak | -5.90% | -5.61% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -12.27% | -6.01% | -6.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.80% | 4.67% | +0.13% |
Volatility
AWF vs. GHY - Volatility Comparison
The current volatility for AllianceBernstein Global High Income Closed Fund (AWF) is 1.73%, while PGIM Global High Yield Fund (GHY) has a volatility of 3.04%. This indicates that AWF experiences smaller price fluctuations and is considered to be less risky than GHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AWF | GHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.73% | 3.04% | -1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 7.45% | 8.69% | -1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.45% | 10.71% | -2.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.09% | 14.24% | -2.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.17% | 15.34% | -0.17% |
AWF vs. GHY - Expense Ratio Comparison
AWF has a 1.00% expense ratio, which is higher than GHY's 0.03% expense ratio.
Dividends
AWF vs. GHY - Dividend Comparison
AWF's dividend yield for the trailing twelve months is around 7.79%, less than GHY's 10.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AWF AllianceBernstein Global High Income Closed Fund | 7.79% | 7.81% | 7.47% | 7.33% | 10.30% | 6.48% | 6.68% | 6.62% | 7.97% | 6.03% | 7.73% | 10.28% |
GHY PGIM Global High Yield Fund | 10.81% | 10.21% | 10.23% | 11.09% | 11.62% | 8.35% | 8.67% | 8.04% | 7.72% | 7.77% | 8.53% | 10.07% |
Frequently Asked Questions
AWF and GHY have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GHY has higher volatility (3.04%) compared to AWF (1.73%). In terms of maximum drawdown, AWF dropped -55.54% vs GHY's -41.35%.
GHY currently has the higher Sharpe Ratio (-0.14 vs -0.27), 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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