AYE2.DE vs. GCVG.L
AYE2.DE (iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc) and GCVG.L (SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF) are both exchange-traded funds - AYE2.DE is a European High Yield Bonds fund tracking the Bloomberg MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond, while GCVG.L is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible (GBP Hedged). Both are passively managed. Over the past 3 years, AYE2.DE returned 6.88%/yr vs 19.09%/yr for GCVG.L. At a 0.49 correlation, their price movements are largely independent. AYE2.DE charges 0.25%/yr vs 0.55%/yr for GCVG.L.
Performance
AYE2.DE vs. GCVG.L - Performance Comparison
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Different Trading Currencies
AYE2.DE is traded in EUR, while GCVG.L is traded in GBP. To make them comparable, the GCVG.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, AYE2.DE achieves a 0.71% return, which is significantly lower than GCVG.L's 19.15% return.
AYE2.DE
- 1D
- -0.10%
- 1M
- 0.88%
- YTD
- 0.71%
- 6M
- 1.00%
- 1Y
- 3.78%
- 3Y*
- 6.88%
- 5Y*
- 2.45%
- 10Y*
- —
GCVG.L
- 1D
- -0.34%
- 1M
- 3.33%
- YTD
- 19.15%
- 6M
- 20.70%
- 1Y
- 32.82%
- 3Y*
- 19.09%
- 5Y*
- —
- 10Y*
- —
AYE2.DE vs. GCVG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AYE2.DE iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc | 0.71% | 5.88% | 6.36% | 10.77% | -8.99% |
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF | 19.15% | 16.57% | 14.73% | 16.22% | -19.57% |
Correlation
The correlation between AYE2.DE and GCVG.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022 | 0.49 |
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Return for Risk
AYE2.DE vs. GCVG.L — Risk / Return Rank
AYE2.DE
GCVG.L
AYE2.DE vs. GCVG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc (AYE2.DE) and SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L). 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.
| AYE2.DE | GCVG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.01 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.49 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 4.89 | -3.68 |
| Martin ratioReturn relative to average drawdown | 5.15 | 22.22 | -17.07 |
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
| AYE2.DE | GCVG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 2.59 | -1.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.80 | -0.35 |
Drawdowns
AYE2.DE vs. GCVG.L - Drawdown Comparison
The maximum AYE2.DE drawdown since its inception was -16.48%, smaller than the maximum GCVG.L drawdown of -22.47%. Use the drawdown chart below to compare losses from any high point for AYE2.DE and GCVG.L.
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Drawdown Indicators
| AYE2.DE | GCVG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.48% | -22.47% | +5.99% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -6.67% | +3.57% |
Max Drawdown (3Y)Largest decline over 3 years | -3.69% | -10.92% | +7.23% |
Max Drawdown (5Y)Largest decline over 5 years | -16.48% | — | — |
Current DrawdownCurrent decline from peak | -0.33% | -0.62% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -3.96% | -6.67% | +2.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 1.47% | -0.74% |
Volatility
AYE2.DE vs. GCVG.L - Volatility Comparison
The current volatility for iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc (AYE2.DE) is 0.98%, while SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) has a volatility of 4.07%. This indicates that AYE2.DE experiences smaller price fluctuations and is considered to be less risky than GCVG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AYE2.DE | GCVG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 4.07% | -3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 9.99% | -6.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.58% | 12.61% | -9.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 12.04% | -6.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.26% | 12.04% | -6.78% |
AYE2.DE vs. GCVG.L - Expense Ratio Comparison
AYE2.DE has a 0.25% expense ratio, which is lower than GCVG.L's 0.55% expense ratio.
Dividends
AYE2.DE vs. GCVG.L - Dividend Comparison
AYE2.DE has not paid dividends to shareholders, while GCVG.L's dividend yield for the trailing twelve months is around 0.52%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AYE2.DE iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc | 0.00% | 0.00% | 0.00% | 0.00% |
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF | 0.52% | 0.59% | 0.41% | 0.28% |
Frequently Asked Questions
AYE2.DE and GCVG.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AYE2.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AYE2.DE is cheaper with a 0.25% expense ratio, compared with 0.55% for GCVG.L.
AYE2.DE is categorized as European High Yield Bonds, while GCVG.L is Convertible Bonds. AYE2.DE tracks Bloomberg MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond, while GCVG.L tracks Refinitiv Qualified Global Convertible (GBP Hedged). They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for AYE2.DE and 0.55% for GCVG.L.
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