FIVFX vs. PGHY

Last updated Jun 9, 2026

FIVFX (Fidelity International Capital Appreciation Fund) and PGHY (Invesco Global Short Term High Yield Bond ETF) are both funds - FIVFX is a Foreign Large Cap Equities fund managed by Fidelity, while PGHY is a High Yield Bonds fund tracking the DB Global Short Maturity High Yield Bond Index. At a 0.28 correlation, their price movements are largely independent. FIVFX charges 1.00%/yr vs 0.35%/yr for PGHY.

Performance

FIVFX vs. PGHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity International Capital Appreciation Fund (FIVFX) and Invesco Global Short Term High Yield Bond ETF (PGHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FIVFX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PGHY

• 1D: 0.25%
• 1M: -0.40%
• YTD: 2.18%
• 6M: 2.62%
• 1Y: 7.49%
• 3Y*: 8.64%
• 5Y*: 4.49%
• 10Y*: 4.32%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FIVFX vs. PGHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIVFX Fidelity International Capital Appreciation Fund	0.00%	19.54%	8.05%	27.58%	-26.48%	12.14%	22.32%	33.05%	-12.87%	35.81%
PGHY Invesco Global Short Term High Yield Bond ETF	2.18%	8.88%	8.39%	10.15%	-5.50%	1.22%	3.04%	5.87%	0.38%	2.97%

Correlation

The correlation between FIVFX and PGHY is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jun 21, 2013	0.28

The correlation between FIVFX and PGHY shifts across timeframes, from 0.12 (1 year) to 0.37 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FIVFX vs. PGHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PGHY

PGHY Risk / Return Rank: 52
PGHY Sharpe Ratio Rank: 48
PGHY Sortino Ratio Rank: 52
PGHY Omega Ratio Rank: 46
PGHY Calmar Ratio Rank: 55
PGHY Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FIVFX vs. PGHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Capital Appreciation Fund (FIVFX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FIVFX	PGHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.49	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.60	—

Drawdowns

Drawdown Indicators

	FIVFX	PGHY	Difference
Max Drawdown Largest peak-to-trough decline	—	-20.50%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-3.04%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.50%	—
Current Drawdown Current decline from peak	—	-0.80%	—
Average Drawdown Average peak-to-trough decline	—	-1.64%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.79%	—

Volatility

Volatility by Period

	FIVFX	PGHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	5.06%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	5.45%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	7.04%	—

FIVFX vs. PGHY - Expense Ratio Comparison

FIVFX has a 1.00% expense ratio, which is higher than PGHY's 0.35% expense ratio.

Dividends

FIVFX vs. PGHY - Dividend Comparison

FIVFX has not paid dividends to shareholders, while PGHY's dividend yield for the trailing twelve months is around 7.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIVFX Fidelity International Capital Appreciation Fund	10.67%	10.67%	4.19%	0.38%	0.05%	9.08%	1.28%	3.29%	3.00%	2.99%	0.68%	1.57%
PGHY Invesco Global Short Term High Yield Bond ETF	7.11%	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

Can I hold both FIVFX and PGHY in my portfolio?

FIVFX and PGHY have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.