DHYG.L vs. GFGB.L
DHYG.L (iShares $ High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Dist)) and GFGB.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) are both High Yield Bonds funds - DHYG.L tracks the Bloomberg MSCI US Corporate High Yield ESG SRI Bond Index (USD) while GFGB.L tracks the ICE BofA Gbl HY Constnd TR USD. Both are passively managed. Over the past 3 years, DHYG.L returned 7.84%/yr vs 7.30%/yr for GFGB.L. At a 0.29 correlation, their price movements are largely independent. DHYG.L charges 0.27%/yr vs 0.40%/yr for GFGB.L.
Performance
DHYG.L vs. GFGB.L - Performance Comparison
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Returns By Period
In the year-to-date period, DHYG.L achieves a 1.34% return, which is significantly lower than GFGB.L's 3.33% return.
DHYG.L
- 1D
- -0.25%
- 1M
- -0.01%
- 6M
- 1.11%
- YTD
- 1.34%
- 1Y
- 5.43%
- 3Y*
- 7.84%
- 5Y*
- —
- 10Y*
- —
GFGB.L
- 1D
- -0.53%
- 1M
- -0.85%
- 6M
- 3.14%
- YTD
- 3.33%
- 1Y
- 6.10%
- 3Y*
- 7.30%
- 5Y*
- 3.45%
- 10Y*
- —
DHYG.L vs. GFGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DHYG.L iShares $ High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Dist) | 1.34% | 8.70% | 7.73% | 10.76% | -13.39% | -0.20% |
GFGB.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 3.33% | 2.41% | 7.86% | 4.28% | -2.32% | 1.10% |
Correlation
The correlation between DHYG.L and GFGB.L is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2021 | 0.29 |
The correlation between DHYG.L and GFGB.L shifts across timeframes, from 0.12 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DHYG.L vs. GFGB.L — Risk / Return Rank
DHYG.L
GFGB.L
DHYG.L vs. GFGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Dist) (DHYG.L) and VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.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.
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.
| DHYG.L | GFGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.17 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.12 | 1.99 | +0.12 |
| Martin ratioReturn relative to average drawdown | 8.99 | 4.97 | +4.02 |
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Drawdowns
DHYG.L vs. GFGB.L - Drawdown Comparison
The maximum DHYG.L drawdown since its inception was -17.27%, smaller than the maximum GFGB.L drawdown of -28.88%. Use the drawdown chart below to compare losses from any high point for DHYG.L and GFGB.L.
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Drawdown Indicators
| DHYG.L | GFGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.27% | -28.88% | +11.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.67% | -3.05% | +0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -4.39% | -7.55% | +3.16% |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.36% | — |
Current DrawdownCurrent decline from peak | -0.48% | -2.51% | +2.03% |
Average DrawdownAverage peak-to-trough decline | -4.90% | -9.25% | +4.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 1.22% | -0.59% |
Volatility
DHYG.L vs. GFGB.L - Volatility Comparison
The current volatility for iShares $ High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Dist) (DHYG.L) is 0.84%, while VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L) has a volatility of 2.13%. This indicates that DHYG.L experiences smaller price fluctuations and is considered to be less risky than GFGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DHYG.L | GFGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 2.13% | -1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 6.04% | -2.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.06% | 7.08% | -3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.88% | 7.86% | -0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.88% | 13.07% | -6.19% |
DHYG.L vs. GFGB.L - Expense Ratio Comparison
DHYG.L has a 0.27% expense ratio, which is lower than GFGB.L's 0.40% expense ratio.
Dividends
DHYG.L vs. GFGB.L - Dividend Comparison
DHYG.L's dividend yield for the trailing twelve months is around 6.81%, while GFGB.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
DHYG.L iShares $ High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Dist) | 6.81% | 6.70% | 7.02% | 6.41% | 6.51% |
GFGB.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DHYG.L and GFGB.L have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DHYG.L is cheaper at 0.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DHYG.L is cheaper with a 0.27% expense ratio, compared with 0.40% for GFGB.L.
DHYG.L tracks Bloomberg MSCI US Corporate High Yield ESG SRI Bond Index (USD), while GFGB.L tracks ICE BofA Gbl HY Constnd TR USD. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.27% for DHYG.L and 0.40% for GFGB.L.
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