GBHY.L vs. DHYG.L

Last updated Jul 18, 2026

GBHY.L (Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist) and DHYG.L (iShares $ High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Dist)) are both High Yield Bonds funds - GBHY.L tracks the Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index while DHYG.L tracks the Bloomberg MSCI US Corporate High Yield ESG SRI Bond Index (USD). Both are passively managed. Over the past 3 years, GBHY.L returned 7.76%/yr vs 8.88%/yr for DHYG.L. A 0.68 correlation means they provide meaningful diversification when combined. GBHY.L charges 0.25%/yr vs 0.27%/yr for DHYG.L.

Performance

GBHY.L vs. DHYG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.L) and iShares $ High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Dist) (DHYG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GBHY.L is traded in USD, while DHYG.L is traded in GBP. To make them comparable, the DHYG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GBHY.L achieves a 1.20% return, which is significantly lower than DHYG.L's 1.30% return.

GBHY.L

• 1D: 0.00%
• 1M: -0.26%
• 6M: 1.12%
• YTD: 1.20%
• 1Y: 4.93%
• 3Y*: 7.76%
• 5Y*: —
• 10Y*: —

DHYG.L

• 1D: -0.45%
• 1M: 1.20%
• 6M: 1.66%
• YTD: 1.30%
• 1Y: 5.71%
• 3Y*: 8.88%
• 5Y*: —
• 10Y*: —

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

GBHY.L vs. DHYG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GBHY.L Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist	1.20%	10.42%	5.93%	9.81%
DHYG.L iShares $ High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Dist)	1.30%	16.90%	5.94%	12.36%

Correlation

The correlation between GBHY.L and DHYG.L is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jan 10, 2023	0.68

The correlation between GBHY.L and DHYG.L has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.

Return for Risk

GBHY.L vs. DHYG.L — Risk / Return Rank

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

GBHY.L

GBHY.L Risk / Return Rank: 41
GBHY.L Sharpe Ratio Rank: 39
GBHY.L Sortino Ratio Rank: 43
GBHY.L Omega Ratio Rank: 41
GBHY.L Calmar Ratio Rank: 37
GBHY.L Martin Ratio Rank: 46

DHYG.L

DHYG.L Risk / Return Rank: 55
DHYG.L Sharpe Ratio Rank: 51
DHYG.L Sortino Ratio Rank: 54
DHYG.L Omega Ratio Rank: 53
DHYG.L Calmar Ratio Rank: 53
DHYG.L Martin Ratio Rank: 65

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.

GBHY.L vs. DHYG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.L) and iShares $ High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Dist) (DHYG.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.

	GBHY.L	DHYG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.10	0.66	+0.44
Sortino ratio: Return per unit of downside risk	1.73	1.01	+0.72
Omega ratio: Gain probability vs. loss probability	1.21	1.12	+0.09
Calmar ratio: Return relative to maximum drawdown	1.49	0.86	+0.63
Martin ratio: Return relative to average drawdown	5.84	2.27	+3.57

GBHY.L vs. DHYG.L - Sharpe Ratio Comparison

The current GBHY.L Sharpe Ratio is 1.10, which is higher than the DHYG.L Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of GBHY.L and DHYG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GBHY.L vs. DHYG.L - Drawdown Comparison

The maximum GBHY.L drawdown since its inception was -5.09%, smaller than the maximum DHYG.L drawdown of -35.83%. Use the drawdown chart below to compare losses from any high point for GBHY.L and DHYG.L.

Drawdown Indicators

	GBHY.L	DHYG.L	Difference
Max Drawdown Largest peak-to-trough decline	-5.09%	-35.83%	+30.74%
Max Drawdown (1Y) Largest decline over 1 year	-3.31%	-6.63%	+3.32%
Max Drawdown (3Y) Largest decline over 3 years	-4.17%	-9.59%	+5.42%
Current Drawdown Current decline from peak	-0.35%	-1.76%	+1.41%
Average Drawdown Average peak-to-trough decline	-0.91%	-10.76%	+9.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	2.51%	-1.67%

Volatility

GBHY.L vs. DHYG.L - Volatility Comparison

The current volatility for Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.L) is 0.69%, while iShares $ High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Dist) (DHYG.L) has a volatility of 2.05%. This indicates that GBHY.L experiences smaller price fluctuations and is considered to be less risky than DHYG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBHY.L	DHYG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	2.05%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	3.57%	6.47%	-2.90%
Volatility (1Y) Calculated over the trailing 1-year period	4.49%	8.62%	-4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.61%	12.71%	-7.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.61%	12.71%	-7.10%

GBHY.L vs. DHYG.L - Expense Ratio Comparison

GBHY.L has a 0.25% expense ratio, which is lower than DHYG.L's 0.27% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GBHY.L vs. DHYG.L - Dividend Comparison

GBHY.L's dividend yield for the trailing twelve months is around 6.60%, less than DHYG.L's 6.81% yield.

Position	TTM	2025	2024	2023	2022
DHYG.L iShares $ High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Dist)	6.81%	6.70%	7.02%	6.41%	6.51%
GBHY.L Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist	6.60%	6.49%	6.89%	5.78%	0.00%

Frequently Asked Questions

Can I hold both GBHY.L and DHYG.L in my portfolio?

GBHY.L and DHYG.L have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GBHY.L or DHYG.L?

On fees, GBHY.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GBHY.L or DHYG.L?

GBHY.L is cheaper with a 0.25% expense ratio, compared with 0.27% for DHYG.L.

What is the main difference between GBHY.L and DHYG.L?

GBHY.L tracks Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index, while DHYG.L tracks Bloomberg MSCI US Corporate High Yield ESG SRI Bond Index (USD). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for GBHY.L and 0.27% for DHYG.L.