GBHY.L vs. HYSD.L
GBHY.L (Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist) and HYSD.L (iShares Broad $ High Yield Corp Bond 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 HYSD.L tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 3 years, GBHY.L returned 7.76%/yr vs 9.12%/yr for HYSD.L. A 0.68 correlation means they provide meaningful diversification when combined. GBHY.L charges 0.25%/yr vs 0.22%/yr for HYSD.L.
Performance
GBHY.L vs. HYSD.L - Performance Comparison
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Different Trading Currencies
GBHY.L is traded in USD, while HYSD.L is traded in GBP. To make them comparable, the HYSD.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 HYSD.L's 1.91% return.
GBHY.L
- 1D
- 0.00%
- 1M
- -0.26%
- 6M
- 1.12%
- YTD
- 1.20%
- 1Y
- 4.93%
- 3Y*
- 7.76%
- 5Y*
- —
- 10Y*
- —
HYSD.L
- 1D
- -0.21%
- 1M
- 1.52%
- 6M
- 1.83%
- YTD
- 1.91%
- 1Y
- 5.75%
- 3Y*
- 9.12%
- 5Y*
- —
- 10Y*
- —
GBHY.L vs. HYSD.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% |
HYSD.L iShares Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 1.91% | 16.41% | 5.80% | 13.64% |
Correlation
The correlation between GBHY.L and HYSD.L is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jan 10, 2023 | 0.68 |
The correlation between GBHY.L and HYSD.L has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.
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Return for Risk
GBHY.L vs. HYSD.L — Risk / Return Rank
GBHY.L
HYSD.L
GBHY.L vs. HYSD.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 Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (HYSD.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 | HYSD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.12 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 0.89 | +0.60 |
| Martin ratioReturn relative to average drawdown | 5.84 | 2.30 | +3.53 |
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Drawdowns
GBHY.L vs. HYSD.L - Drawdown Comparison
The maximum GBHY.L drawdown since its inception was -5.09%, smaller than the maximum HYSD.L drawdown of -20.02%. Use the drawdown chart below to compare losses from any high point for GBHY.L and HYSD.L.
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Drawdown Indicators
| GBHY.L | HYSD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.09% | -20.02% | +14.93% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -6.47% | +3.16% |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | -9.26% | +5.09% |
Current DrawdownCurrent decline from peak | -0.35% | -1.59% | +1.24% |
Average DrawdownAverage peak-to-trough decline | -0.91% | -3.24% | +2.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 2.49% | -1.65% |
Volatility
GBHY.L vs. HYSD.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 Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (HYSD.L) has a volatility of 2.10%. This indicates that GBHY.L experiences smaller price fluctuations and is considered to be less risky than HYSD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBHY.L | HYSD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 2.10% | -1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 6.56% | -2.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.49% | 8.56% | -4.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.61% | 12.07% | -6.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.61% | 12.07% | -6.46% |
GBHY.L vs. HYSD.L - Expense Ratio Comparison
GBHY.L has a 0.25% expense ratio, which is higher than HYSD.L's 0.22% expense ratio. However, 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. HYSD.L - Dividend Comparison
GBHY.L's dividend yield for the trailing twelve months is around 6.60%, less than HYSD.L's 7.39% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GBHY.L Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist | 6.60% | 6.49% | 6.89% | 5.78% |
HYSD.L iShares Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 7.39% | 7.39% | 7.39% | 5.61% |
Frequently Asked Questions
GBHY.L and HYSD.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HYSD.L is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HYSD.L is cheaper with a 0.22% expense ratio, compared with 0.25% for GBHY.L.
GBHY.L tracks Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index, while HYSD.L tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for GBHY.L and 0.22% for HYSD.L.
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