EMHY vs. PGHY
Compare and contrast key facts about iShares J.P. Morgan EM High Yield Bond ETF (EMHY) and Invesco Global Short Term High Yield Bond ETF (PGHY).
EMHY and PGHY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMHY is a passively managed fund by iShares that tracks the performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index. It was launched on Apr 3, 2012. PGHY is a passively managed fund by Invesco that tracks the performance of the DB Global Short Maturity High Yield Bond Index. It was launched on Jun 20, 2013. Both EMHY and PGHY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: EMHY or PGHY.
Key characteristics
| EMHY | PGHY | |
|---|---|---|
| YTD Return | 13.00% | 9.40% |
| 1Y Return | 22.45% | 15.31% |
| 3Y Return (Ann) | 2.93% | 4.37% |
| 5Y Return (Ann) | 2.80% | 3.63% |
| 10Y Return (Ann) | 3.80% | 4.03% |
| Sharpe Ratio | 3.16 | 3.33 |
| Sortino Ratio | 4.68 | 5.18 |
| Omega Ratio | 1.60 | 1.67 |
| Calmar Ratio | 1.51 | 6.83 |
| Martin Ratio | 25.91 | 30.49 |
| Ulcer Index | 0.83% | 0.49% |
| Daily Std Dev | 6.81% | 4.47% |
| Max Drawdown | -30.11% | -20.50% |
| Current Drawdown | 0.00% | -0.09% |
Correlation
The correlation between EMHY and PGHY is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
EMHY vs. PGHY - Performance Comparison
In the year-to-date period, EMHY achieves a 13.00% return, which is significantly higher than PGHY's 9.40% return. Over the past 10 years, EMHY has underperformed PGHY with an annualized return of 3.80%, while PGHY has yielded a comparatively higher 4.03% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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EMHY vs. PGHY - Expense Ratio Comparison
EMHY has a 0.50% expense ratio, which is higher than PGHY's 0.35% expense ratio.
Risk-Adjusted Performance
EMHY vs. PGHY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM High Yield Bond ETF (EMHY) 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.
Dividends
EMHY vs. PGHY - Dividend Comparison
EMHY's dividend yield for the trailing twelve months is around 6.46%, less than PGHY's 7.45% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.46% | 6.73% | 7.08% | 5.59% | 5.44% | 5.72% | 6.80% | 5.59% | 6.43% | 6.99% | 6.37% | 6.03% |
PGHY Invesco Global Short Term High Yield Bond ETF | 7.45% | 7.86% | 5.12% | 5.18% | 5.45% | 5.33% | 5.45% | 5.52% | 6.26% | 4.59% | 4.40% | 1.90% |
Drawdowns
EMHY vs. PGHY - Drawdown Comparison
The maximum EMHY drawdown since its inception was -30.11%, which is greater than PGHY's maximum drawdown of -20.50%. Use the drawdown chart below to compare losses from any high point for EMHY and PGHY. For additional features, visit the drawdowns tool.
Volatility
EMHY vs. PGHY - Volatility Comparison
iShares J.P. Morgan EM High Yield Bond ETF (EMHY) has a higher volatility of 2.01% compared to Invesco Global Short Term High Yield Bond ETF (PGHY) at 0.92%. This indicates that EMHY's price experiences larger fluctuations and is considered to be riskier than PGHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.