FAGB.L vs. HYEA.L
FAGB.L (Invesco US High Yield Fallen Angels UCITS ETF GBP Hedged (Acc)) and HYEA.L (iShares Global High Yield Corporate Bond UCITS ETF) are both High Yield Bonds funds - FAGB.L tracks the FTSE Time-Weighted US Fallen Angel Bond Select Index while HYEA.L tracks the ICE BofA Gbl HY Constnd TR USD. Both are passively managed. Over the past 5 years, FAGB.L returned 1.50%/yr vs 3.58%/yr for HYEA.L. At a 0.33 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.
Performance
FAGB.L vs. HYEA.L - Performance Comparison
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Different Trading Currencies
FAGB.L is traded in GBp, while HYEA.L is traded in EUR. To make them comparable, the HYEA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, FAGB.L achieves a 1.09% return, which is significantly higher than HYEA.L's 0.50% return.
FAGB.L
- 1D
- -0.15%
- 1M
- 0.11%
- 6M
- 0.46%
- YTD
- 1.09%
- 1Y
- 5.50%
- 3Y*
- 6.70%
- 5Y*
- 1.50%
- 10Y*
- —
HYEA.L
- 1D
- 0.00%
- 1M
- -0.87%
- 6M
- 0.25%
- YTD
- 0.50%
- 1Y
- 3.83%
- 3Y*
- 6.49%
- 5Y*
- 3.58%
- 10Y*
- —
FAGB.L vs. HYEA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAGB.L Invesco US High Yield Fallen Angels UCITS ETF GBP Hedged (Acc) | 1.09% | 9.31% | 4.50% | 9.02% | -15.12% | 5.18% | 6.43% | 10.50% | -7.23% | -0.38% |
HYEA.L iShares Global High Yield Corporate Bond UCITS ETF | 0.50% | 6.97% | 4.26% | 7.03% | -1.62% | 1.84% | 3.79% | 7.67% | 1.25% | -17.25% |
Correlation
The correlation between FAGB.L and HYEA.L is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2017 | 0.33 |
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Return for Risk
FAGB.L vs. HYEA.L — Risk / Return Rank
FAGB.L
HYEA.L
FAGB.L vs. HYEA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US High Yield Fallen Angels UCITS ETF GBP Hedged (Acc) (FAGB.L) and iShares Global High Yield Corporate Bond UCITS ETF (HYEA.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.
| FAGB.L | HYEA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.15 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 1.68 | -0.51 |
| Martin ratioReturn relative to average drawdown | 4.35 | 4.33 | +0.02 |
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Drawdowns
FAGB.L vs. HYEA.L - Drawdown Comparison
The maximum FAGB.L drawdown since its inception was -30.30%, which is greater than HYEA.L's maximum drawdown of -21.65%. Use the drawdown chart below to compare losses from any high point for FAGB.L and HYEA.L.
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Drawdown Indicators
| FAGB.L | HYEA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.30% | -21.65% | -8.65% |
Max Drawdown (1Y)Largest decline over 1 year | -4.75% | -2.28% | -2.47% |
Max Drawdown (3Y)Largest decline over 3 years | -5.31% | -4.27% | -1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -18.92% | -9.31% | -9.61% |
Current DrawdownCurrent decline from peak | -0.62% | -1.88% | +1.26% |
Average DrawdownAverage peak-to-trough decline | -5.39% | -6.89% | +1.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 0.89% | +0.40% |
Volatility
FAGB.L vs. HYEA.L - Volatility Comparison
Invesco US High Yield Fallen Angels UCITS ETF GBP Hedged (Acc) (FAGB.L) and iShares Global High Yield Corporate Bond UCITS ETF (HYEA.L) have volatilities of 1.19% and 1.24%, 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.
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Volatility by Period
| FAGB.L | HYEA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.24% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.84% | 3.36% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.65% | 4.54% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.13% | 6.47% | +0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.53% | 9.37% | -0.84% |
FAGB.L vs. HYEA.L - Expense Ratio Comparison
Both FAGB.L and HYEA.L have an expense ratio of 0.50%.
Dividends
FAGB.L vs. HYEA.L - Dividend Comparison
Neither FAGB.L nor HYEA.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FAGB.L Invesco US High Yield Fallen Angels UCITS ETF GBP Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.05% |
HYEA.L iShares Global High Yield Corporate Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FAGB.L and HYEA.L have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
FAGB.L and HYEA.L have the same expense ratio: 0.50% per year.
FAGB.L tracks FTSE Time-Weighted US Fallen Angel Bond Select Index, while HYEA.L tracks ICE BofA Gbl HY Constnd TR USD. They also come from different issuers: Invesco and iShares.
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