FAHY.L vs. GHYS.L
FAHY.L (Invesco US High Yield Fallen Angels UCITS ETF Dist) and GHYS.L (iShares Global High Yield Corp Bond GBP Hedged UCITS ETF) are both High Yield Bonds funds - FAHY.L tracks the Bloomberg US Corporate High Yield TR USD while GHYS.L tracks the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index (GBP Hedged). Both are passively managed. Over the past 5 years, FAHY.L returned 3.70%/yr vs 3.51%/yr for GHYS.L. At a 0.20 correlation, their price movements are largely independent. FAHY.L charges 0.45%/yr vs 0.55%/yr for GHYS.L.
Performance
FAHY.L vs. GHYS.L - Performance Comparison
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Different Trading Currencies
FAHY.L is traded in GBp, while GHYS.L is traded in GBP. To make them comparable, the GHYS.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 0.89% return, which is significantly lower than GHYS.L's 1.32% return.
FAHY.L
- 1D
- 0.30%
- 1M
- 1.23%
- YTD
- 0.89%
- 6M
- -0.21%
- 1Y
- 8.81%
- 3Y*
- 5.13%
- 5Y*
- 3.70%
- 10Y*
- —
GHYS.L
- 1D
- 0.09%
- 1M
- 0.42%
- YTD
- 1.32%
- 6M
- 1.62%
- 1Y
- 5.61%
- 3Y*
- 7.87%
- 5Y*
- 3.51%
- 10Y*
- 4.09%
FAHY.L vs. GHYS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAHY.L Invesco US High Yield Fallen Angels UCITS ETF Dist | 0.89% | 2.08% | 6.93% | 4.14% | -3.51% | 6.81% | 5.36% | 9.22% | 0.08% | -0.79% |
GHYS.L iShares Global High Yield Corp Bond GBP Hedged UCITS ETF | 1.32% | 7.56% | 6.95% | 11.60% | -9.89% | 3.60% | 2.71% | 11.10% | -3.20% | 4.61% |
Correlation
The correlation between FAHY.L and GHYS.L is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2016 | 0.20 |
The correlation between FAHY.L and GHYS.L shifts across timeframes, from 0.03 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FAHY.L vs. GHYS.L — Risk / Return Rank
FAHY.L
GHYS.L
FAHY.L vs. GHYS.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 GBP Hedged UCITS ETF (GHYS.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.
| FAHY.L | GHYS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.24 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 1.88 | +0.35 |
| Martin ratioReturn relative to average drawdown | 5.82 | 8.55 | -2.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FAHY.L | GHYS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 1.27 | +0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.59 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.58 | -0.15 |
Drawdowns
FAHY.L vs. GHYS.L - Drawdown Comparison
The maximum FAHY.L drawdown since its inception was -23.91%, roughly equal to the maximum GHYS.L drawdown of -25.15%. Use the drawdown chart below to compare losses from any high point for FAHY.L and GHYS.L.
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Drawdown Indicators
| FAHY.L | GHYS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.91% | -25.15% | +1.24% |
Max Drawdown (1Y)Largest decline over 1 year | -3.99% | -2.97% | -1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -9.89% | -4.54% | -5.35% |
Max Drawdown (5Y)Largest decline over 5 years | -11.66% | -14.70% | +3.04% |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.15% | — |
Current DrawdownCurrent decline from peak | -0.91% | -0.34% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -4.15% | -2.29% | -1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 0.65% | +0.88% |
Volatility
FAHY.L vs. GHYS.L - Volatility Comparison
Invesco US High Yield Fallen Angels UCITS ETF Dist (FAHY.L) and iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (GHYS.L) have volatilities of 1.51% and 1.48%, 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
| FAHY.L | GHYS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 1.48% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 4.22% | 3.79% | +0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 4.40% | +1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.27% | 5.98% | +2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.96% | 7.15% | +2.81% |
FAHY.L vs. GHYS.L - Expense Ratio Comparison
FAHY.L has a 0.45% expense ratio, which is lower than GHYS.L's 0.55% expense ratio.
Dividends
FAHY.L vs. GHYS.L - Dividend Comparison
FAHY.L's dividend yield for the trailing twelve months is around 6.55%, more than GHYS.L's 5.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FAHY.L Invesco US High Yield Fallen Angels UCITS ETF Dist | 6.55% | 6.61% | 6.89% | 6.85% | 5.66% | 4.54% | 6.26% | 6.22% | 6.01% | 5.63% | 1.23% | 0.00% |
GHYS.L iShares Global High Yield Corp Bond GBP Hedged UCITS ETF | 5.73% | 5.68% | 5.78% | 5.36% | 4.41% | 3.78% | 4.08% | 5.03% | 4.89% | 4.58% | 4.91% | 5.65% |
Frequently Asked Questions
FAHY.L and GHYS.L have a correlation of 0.03, 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 GHYS.L.
FAHY.L tracks Bloomberg US Corporate High Yield TR USD, while GHYS.L tracks Markit iBoxx Global Developed Markets Liquid High Yield Capped Index (GBP Hedged). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.45% for FAHY.L and 0.55% for GHYS.L.
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