DHYA.L vs. GBHY.L

Last updated Jun 5, 2026

DHYA.L (iShares USD High Yield Corporate Bond ESG UCITS ETF USD (Acc)) and GBHY.L (Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist) are both High Yield Bonds funds - DHYA.L tracks the Bloomberg US Corporate High Yield TR USD while GBHY.L tracks the Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index. Both are passively managed. Over the past 3 years, DHYA.L returned 8.68%/yr vs 8.72%/yr for GBHY.L. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

DHYA.L vs. GBHY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares USD High Yield Corporate Bond ESG UCITS ETF USD (Acc) (DHYA.L) and Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DHYA.L having a 1.20% return and GBHY.L slightly lower at 1.15%.

DHYA.L

• 1D: -0.09%
• 1M: 0.09%
• YTD: 1.20%
• 6M: 1.69%
• 1Y: 6.66%
• 3Y*: 8.68%
• 5Y*: 3.78%
• 10Y*: —

GBHY.L

• 1D: 0.25%
• 1M: 0.30%
• YTD: 1.15%
• 6M: 1.97%
• 1Y: 6.35%
• 3Y*: 8.72%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DHYA.L vs. GBHY.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DHYA.L iShares USD High Yield Corporate Bond ESG UCITS ETF USD (Acc)	1.20%	8.50%	8.26%	7.83%
GBHY.L Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist	1.15%	10.42%	5.93%	7.76%

Correlation

The correlation between DHYA.L and GBHY.L is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jan 17, 2023	0.72

The correlation between DHYA.L and GBHY.L has been stable across timeframes, ranging from 0.62 to 0.72 - a consistent structural relationship.

Return for Risk

DHYA.L vs. GBHY.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DHYA.L

DHYA.L Risk / Return Rank: 54
DHYA.L Sharpe Ratio Rank: 49
DHYA.L Sortino Ratio Rank: 53
DHYA.L Omega Ratio Rank: 52
DHYA.L Calmar Ratio Rank: 53
DHYA.L Martin Ratio Rank: 64

GBHY.L

GBHY.L Risk / Return Rank: 43
GBHY.L Sharpe Ratio Rank: 40
GBHY.L Sortino Ratio Rank: 44
GBHY.L Omega Ratio Rank: 42
GBHY.L Calmar Ratio Rank: 40
GBHY.L Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DHYA.L vs. GBHY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares USD High Yield Corporate Bond ESG UCITS ETF USD (Acc) (DHYA.L) and Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.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.

	DHYA.L	GBHY.L	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.37	+0.29
Sortino ratio: Return per unit of downside risk	2.52	2.16	+0.35
Omega ratio: Gain probability vs. loss probability	1.32	1.26	+0.05
Calmar ratio: Return relative to maximum drawdown	2.59	1.91	+0.68
Martin ratio: Return relative to average drawdown	11.33	7.59	+3.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DHYA.L vs. GBHY.L - Sharpe Ratio Comparison

The current DHYA.L Sharpe Ratio is 1.66, which is comparable to the GBHY.L Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of DHYA.L and GBHY.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DHYA.L	GBHY.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	1.37	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.32	-0.86

Drawdowns

DHYA.L vs. GBHY.L - Drawdown Comparison

The maximum DHYA.L drawdown since its inception was -16.70%, which is greater than GBHY.L's maximum drawdown of -5.09%. Use the drawdown chart below to compare losses from any high point for DHYA.L and GBHY.L.

Drawdown Indicators

	DHYA.L	GBHY.L	Difference
Max Drawdown Largest peak-to-trough decline	-16.70%	-5.09%	-11.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.56%	-3.31%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-5.13%	-4.17%	-0.96%
Max Drawdown (5Y) Largest decline over 5 years	-16.29%	—	—
Current Drawdown Current decline from peak	-0.29%	-0.37%	+0.08%
Average Drawdown Average peak-to-trough decline	-3.69%	-0.93%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.84%	-0.25%

Volatility

DHYA.L vs. GBHY.L - Volatility Comparison

iShares USD High Yield Corporate Bond ESG UCITS ETF USD (Acc) (DHYA.L) and Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.L) have volatilities of 1.53% and 1.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHYA.L	GBHY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	1.47%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.29%	3.54%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	4.61%	-0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.27%	5.66%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.19%	5.66%	+4.53%

DHYA.L vs. GBHY.L - Expense Ratio Comparison

Both DHYA.L and GBHY.L have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

DHYA.L vs. GBHY.L - Dividend Comparison

DHYA.L has not paid dividends to shareholders, while GBHY.L's dividend yield for the trailing twelve months is around 6.52%.

Position	TTM	2025	2024	2023
DHYA.L iShares USD High Yield Corporate Bond ESG UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%
GBHY.L Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist	6.52%	6.49%	6.89%	5.78%

Frequently Asked Questions

Can I hold both DHYA.L and GBHY.L in my portfolio?

DHYA.L and GBHY.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DHYA.L or GBHY.L?

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DHYA.L or GBHY.L?

DHYA.L and GBHY.L have the same expense ratio: 0.25% per year.

What is the main difference between DHYA.L and GBHY.L?

DHYA.L tracks Bloomberg US Corporate High Yield TR USD, while GBHY.L tracks Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index. They also come from different issuers: iShares and Invesco.