EUHY vs. PGHY
EUHY (iShares Euro High Yield Corporate Bond USD Hedged ETF) and PGHY (Invesco Global Short Term High Yield Bond ETF) are both High Yield Bonds funds - EUHY tracks the BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index while PGHY tracks the DB Global Short Maturity High Yield Bond Index. Both are passively managed. Over the past 10 years, EUHY returned 3.67%/yr vs 4.41%/yr for PGHY. At a 0.22 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.
Performance
EUHY vs. PGHY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EUHY achieves a 2.05% return, which is significantly lower than PGHY's 2.59% return. Over the past 10 years, EUHY has underperformed PGHY with an annualized return of 3.67%, while PGHY has yielded a comparatively higher 4.41% annualized return.
EUHY
- 1D
- 0.12%
- 1M
- 0.98%
- YTD
- 2.05%
- 6M
- 2.59%
- 1Y
- 5.75%
- 3Y*
- 9.92%
- 5Y*
- 1.97%
- 10Y*
- 3.67%
PGHY
- 1D
- 0.10%
- 1M
- 0.42%
- YTD
- 2.59%
- 6M
- 2.88%
- 1Y
- 7.84%
- 3Y*
- 8.75%
- 5Y*
- 4.61%
- 10Y*
- 4.41%
EUHY vs. PGHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 2.05% | 17.41% | -0.55% | 16.06% | -15.59% | -3.78% | 10.69% | 8.60% | -7.71% | 19.68% |
PGHY Invesco Global Short Term High Yield Bond ETF | 2.59% | 8.88% | 8.39% | 10.15% | -5.50% | 1.22% | 3.04% | 5.87% | 0.38% | 2.97% |
Correlation
The correlation between EUHY and PGHY is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2013 | 0.22 |
The correlation between EUHY and PGHY shifts across timeframes, from 0.22 (all time) to 0.38 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EUHY vs. PGHY — Risk / Return Rank
EUHY
PGHY
EUHY vs. PGHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) 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.
| EUHY | PGHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.28 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 2.59 | -0.94 |
| Martin ratioReturn relative to average drawdown | 3.95 | 10.06 | -6.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EUHY | PGHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 1.57 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.85 | -0.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | 0.63 | -0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.61 | -0.26 |
Drawdowns
EUHY vs. PGHY - Drawdown Comparison
The maximum EUHY drawdown since its inception was -32.45%, which is greater than PGHY's maximum drawdown of -20.50%. Use the drawdown chart below to compare losses from any high point for EUHY and PGHY.
Loading charts...
Drawdown Indicators
| EUHY | PGHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.45% | -20.50% | -11.95% |
Max Drawdown (1Y)Largest decline over 1 year | -3.50% | -3.04% | -0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -8.23% | -5.03% | -3.20% |
Max Drawdown (5Y)Largest decline over 5 years | -32.45% | -9.42% | -23.03% |
Max Drawdown (10Y)Largest decline over 10 years | -32.45% | -20.50% | -11.95% |
Current DrawdownCurrent decline from peak | -0.03% | -0.40% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -8.58% | -1.64% | -6.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 0.78% | +0.68% |
Volatility
EUHY vs. PGHY - Volatility Comparison
The current volatility for iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) is 1.07%, while Invesco Global Short Term High Yield Bond ETF (PGHY) has a volatility of 1.88%. This indicates that EUHY experiences smaller price fluctuations and is considered to be less risky than PGHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EUHY | PGHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 1.88% | -0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 2.88% | 3.66% | -0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.51% | 5.01% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.00% | 5.44% | +4.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.43% | 7.04% | +3.39% |
EUHY vs. PGHY - Expense Ratio Comparison
Both EUHY and PGHY have an expense ratio of 0.35%.
Dividends
EUHY vs. PGHY - Dividend Comparison
EUHY's dividend yield for the trailing twelve months is around 5.33%, less than PGHY's 7.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 5.33% | 3.56% | 5.11% | 3.38% | 0.61% | 3.07% | 1.45% | 1.19% | 4.01% | 0.69% | 1.70% | 3.24% |
PGHY Invesco Global Short Term High Yield Bond ETF | 7.08% | 7.24% | 7.49% | 7.87% | 5.12% | 5.17% | 5.45% | 5.32% | 5.45% | 5.52% | 6.26% | 4.60% |
Frequently Asked Questions
EUHY and PGHY have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGHY has higher volatility (1.88%) compared to EUHY (1.07%). In terms of maximum drawdown, EUHY dropped -32.45% vs PGHY's -20.50%.
On 10-year performance, PGHY leads with 4.41% vs 3.67% for EUHY. Both ETFs have the same 0.35% expense ratio. On volatility, EUHY has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PGHY has performed better with a 4.41% return vs 3.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUHY and PGHY have the same expense ratio: 0.35% per year.
PGHY has the higher dividend yield at 7.08%, compared with 5.33% for EUHY.
EUHY tracks BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index, while PGHY tracks DB Global Short Maturity High Yield Bond Index. They also come from different issuers: iShares and Invesco.
PGHY currently has the higher Sharpe Ratio (1.57 vs 1.05), 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.
Find the right allocation for EUHY and PGHY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer