FAHY.L vs. GHYG.L
FAHY.L (Invesco US High Yield Fallen Angels UCITS ETF Dist) and GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) are both High Yield Bonds funds - FAHY.L tracks the Bloomberg US Corporate High Yield TR USD while GHYG.L tracks the ICE BofA Gbl HY Constnd TR HGBP. Both are passively managed. Over the past 5 years, FAHY.L returned 3.70%/yr vs 3.51%/yr for GHYG.L. At a 0.21 correlation, their price movements are largely independent. FAHY.L charges 0.45%/yr vs 0.55%/yr for GHYG.L.
Performance
FAHY.L vs. GHYG.L - Performance Comparison
Loading charts...
Different Trading Currencies
FAHY.L is traded in GBp, while GHYG.L is traded in GBP. To make them comparable, the GHYG.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, FAHY.L achieves a 3.72% return, which is significantly higher than GHYG.L's 1.63% return.
FAHY.L
- 1D
- 0.54%
- 1M
- 3.35%
- YTD
- 3.72%
- 6M
- 4.33%
- 1Y
- 10.21%
- 3Y*
- 6.88%
- 5Y*
- 3.70%
- 10Y*
- —
GHYG.L
- 1D
- 0.00%
- 1M
- 0.35%
- YTD
- 1.63%
- 6M
- 1.85%
- 1Y
- 5.87%
- 3Y*
- 8.19%
- 5Y*
- 3.51%
- 10Y*
- —
FAHY.L vs. GHYG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FAHY.L Invesco US High Yield Fallen Angels UCITS ETF Dist | 3.72% | 2.09% | 6.93% | 4.14% | -3.51% | 6.81% | 5.36% | 0.06% |
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 1.63% | 7.85% | 7.10% | 10.89% | -9.48% | 3.58% | 2.27% | 4.47% |
Correlation
The correlation between FAHY.L and GHYG.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2019 | 0.21 |
The correlation between FAHY.L and GHYG.L shifts across timeframes, from 0.11 (3 years) to 0.21 (all time), 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
FAHY.L vs. GHYG.L — Risk / Return Rank
FAHY.L
GHYG.L
FAHY.L vs. GHYG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US High Yield Fallen Angels UCITS ETF Dist (FAHY.L) and iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.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.
| FAHY.L | GHYG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.31 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 2.28 | +0.29 |
| Martin ratioReturn relative to average drawdown | 6.71 | 9.58 | -2.87 |
Loading charts...
Drawdowns
FAHY.L vs. GHYG.L - Drawdown Comparison
The maximum FAHY.L drawdown since its inception was -25.87%, which is greater than GHYG.L's maximum drawdown of -23.08%. Use the drawdown chart below to compare losses from any high point for FAHY.L and GHYG.L.
Loading charts...
Drawdown Indicators
| FAHY.L | GHYG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.87% | -23.08% | -2.79% |
Max Drawdown (1Y)Largest decline over 1 year | -3.99% | -2.56% | -1.43% |
Max Drawdown (3Y)Largest decline over 3 years | -9.89% | -4.51% | -5.38% |
Max Drawdown (5Y)Largest decline over 5 years | -11.66% | -14.41% | +2.75% |
Current DrawdownCurrent decline from peak | 0.00% | -0.29% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -8.00% | -2.97% | -5.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 0.61% | +0.92% |
Volatility
FAHY.L vs. GHYG.L - Volatility Comparison
Invesco US High Yield Fallen Angels UCITS ETF Dist (FAHY.L) has a higher volatility of 1.96% compared to iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) at 1.00%. This indicates that FAHY.L's price experiences larger fluctuations and is considered to be riskier than GHYG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FAHY.L | GHYG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 1.00% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 3.31% | +1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.00% | 3.98% | +2.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.29% | 6.03% | +2.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.65% | 7.97% | +4.68% |
FAHY.L vs. GHYG.L - Expense Ratio Comparison
FAHY.L has a 0.45% expense ratio, which is lower than GHYG.L's 0.55% expense ratio.
Dividends
FAHY.L vs. GHYG.L - Dividend Comparison
FAHY.L's dividend yield for the trailing twelve months is around 6.45%, less than GHYG.L's 6.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FAHY.L Invesco US High Yield Fallen Angels UCITS ETF Dist | 6.45% | 6.61% | 6.89% | 6.85% | 5.66% | 4.54% | 6.26% | 6.22% | 6.01% | 5.63% | 1.23% |
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 6.86% | 5.34% | 5.26% | 4.70% | 4.14% | 3.73% | 4.55% | 1.78% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FAHY.L and GHYG.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FAHY.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FAHY.L is cheaper with a 0.45% expense ratio, compared with 0.55% for GHYG.L.
FAHY.L tracks Bloomberg US Corporate High Yield TR USD, while GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.45% for FAHY.L and 0.55% for GHYG.L.
Find the right allocation for FAHY.L and GHYG.L
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