GBHY.L vs. STEA.L

Last updated Jul 18, 2026

GBHY.L (Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist) and STEA.L (PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR Hedged (Acc)) are both High Yield Bonds funds - GBHY.L tracks the Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index while STEA.L tracks the ICE BofA 0-5 Year US High Yield Constrained Index. Both are passively managed. Over the past 3 years, GBHY.L returned 7.76%/yr vs 6.80%/yr for STEA.L. A 0.68 correlation means they provide meaningful diversification when combined. GBHY.L charges 0.25%/yr vs 0.60%/yr for STEA.L.

Performance

GBHY.L vs. STEA.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 PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR Hedged (Acc) (STEA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GBHY.L is traded in USD, while STEA.L is traded in EUR. To make them comparable, the STEA.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 higher than STEA.L's -2.07% return.

GBHY.L

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

STEA.L

• 1D: -0.09%
• 1M: -0.69%
• 6M: -0.95%
• YTD: -2.07%
• 1Y: 2.40%
• 3Y*: 6.80%
• 5Y*: 2.48%
• 10Y*: —

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

GBHY.L vs. STEA.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%
STEA.L PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR Hedged (Acc)	-2.07%	20.91%	0.06%	10.07%

Correlation

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

Return for Risk

GBHY.L vs. STEA.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

STEA.L

STEA.L Risk / Return Rank: 47
STEA.L Sharpe Ratio Rank: 42
STEA.L Sortino Ratio Rank: 44
STEA.L Omega Ratio Rank: 42
STEA.L Calmar Ratio Rank: 47
STEA.L Martin Ratio Rank: 58

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. STEA.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 PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR Hedged (Acc) (STEA.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	STEA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.10	0.31	+0.79
Sortino ratio: Return per unit of downside risk	1.73	0.49	+1.24
Omega ratio: Gain probability vs. loss probability	1.21	1.06	+0.15
Calmar ratio: Return relative to maximum drawdown	1.49	0.36	+1.13
Martin ratio: Return relative to average drawdown	5.84	0.82	+5.02

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

The current GBHY.L Sharpe Ratio is 1.10, which is higher than the STEA.L Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of GBHY.L and STEA.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. STEA.L - Drawdown Comparison

The maximum GBHY.L drawdown since its inception was -5.09%, smaller than the maximum STEA.L drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for GBHY.L and STEA.L.

Drawdown Indicators

	GBHY.L	STEA.L	Difference
Max Drawdown Largest peak-to-trough decline	-5.09%	-31.34%	+26.25%
Max Drawdown (1Y) Largest decline over 1 year	-3.31%	-6.67%	+3.36%
Max Drawdown (3Y) Largest decline over 3 years	-4.17%	-8.11%	+3.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.26%	—
Current Drawdown Current decline from peak	-0.35%	-4.79%	+4.44%
Average Drawdown Average peak-to-trough decline	-0.91%	-8.20%	+7.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	2.94%	-2.10%

Volatility

GBHY.L vs. STEA.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 PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR Hedged (Acc) (STEA.L) has a volatility of 1.55%. This indicates that GBHY.L experiences smaller price fluctuations and is considered to be less risky than STEA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBHY.L	STEA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	1.55%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	3.57%	5.90%	-2.33%
Volatility (1Y) Calculated over the trailing 1-year period	4.49%	7.79%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.61%	10.55%	-4.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.61%	10.81%	-5.20%

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

GBHY.L has a 0.25% expense ratio, which is lower than STEA.L's 0.60% expense ratio.

Dividends

GBHY.L vs. STEA.L - Dividend Comparison

GBHY.L's dividend yield for the trailing twelve months is around 6.60%, while STEA.L has not paid dividends to shareholders.

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%
STEA.L PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR Hedged (Acc)	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

GBHY.L and STEA.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 STEA.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 STEA.L?

GBHY.L is cheaper with a 0.25% expense ratio, compared with 0.60% for STEA.L.

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

GBHY.L tracks Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index, while STEA.L tracks ICE BofA 0-5 Year US High Yield Constrained Index. They also come from different issuers: Invesco and PIMCO. Their fees differ too: 0.25% for GBHY.L and 0.60% for STEA.L.