GFA.L vs. DHYA.L
GFA.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) and DHYA.L (iShares USD High Yield Corporate Bond ESG UCITS ETF USD (Acc)) are both High Yield Bonds funds - GFA.L tracks the VanEck Global Fallen Angel High Yield Bond UCITS ETF while DHYA.L tracks the Bloomberg US Corporate High Yield TR USD. Both are passively managed. Over the past 5 years, GFA.L returned 2.71%/yr vs 3.56%/yr for DHYA.L. A 0.65 correlation means they provide meaningful diversification when combined. GFA.L charges 0.40%/yr vs 0.25%/yr for DHYA.L.
Performance
GFA.L vs. DHYA.L - Performance Comparison
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Returns By Period
In the year-to-date period, GFA.L achieves a 2.23% return, which is significantly higher than DHYA.L's 1.68% return.
GFA.L
- 1D
- -1.58%
- 1M
- -1.67%
- 6M
- 2.02%
- YTD
- 2.23%
- 1Y
- 5.68%
- 3Y*
- 7.70%
- 5Y*
- 2.71%
- 10Y*
- —
DHYA.L
- 1D
- 0.00%
- 1M
- -0.30%
- 6M
- 1.37%
- YTD
- 1.68%
- 1Y
- 5.89%
- 3Y*
- 8.20%
- 5Y*
- 3.56%
- 10Y*
- —
GFA.L vs. DHYA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GFA.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 2.23% | 9.97% | 6.02% | 10.29% | -12.56% | 1.93% | 24.79% |
DHYA.L iShares USD High Yield Corporate Bond ESG UCITS ETF USD (Acc) | 1.68% | 8.46% | 8.26% | 12.33% | -12.01% | 3.82% | 14.71% |
Correlation
The correlation between GFA.L and DHYA.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since May 4, 2020 | 0.65 |
Over the past year, the correlation between GFA.L and DHYA.L has dropped to 0.44 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.
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Return for Risk
GFA.L vs. DHYA.L — Risk / Return Rank
GFA.L
DHYA.L
GFA.L vs. DHYA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFA.L) and iShares USD High Yield Corporate Bond ESG UCITS ETF USD (Acc) (DHYA.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.
| GFA.L | DHYA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.27 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 2.27 | -0.85 |
| Martin ratioReturn relative to average drawdown | 3.83 | 9.92 | -6.09 |
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Drawdowns
GFA.L vs. DHYA.L - Drawdown Comparison
The maximum GFA.L drawdown since its inception was -22.98%, which is greater than DHYA.L's maximum drawdown of -16.29%. Use the drawdown chart below to compare losses from any high point for GFA.L and DHYA.L.
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Drawdown Indicators
| GFA.L | DHYA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.98% | -16.29% | -6.69% |
Max Drawdown (1Y)Largest decline over 1 year | -3.90% | -2.58% | -1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -5.14% | -5.20% | +0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -22.54% | -16.29% | -6.25% |
Current DrawdownCurrent decline from peak | -2.07% | -0.45% | -1.62% |
Average DrawdownAverage peak-to-trough decline | -4.38% | -3.47% | -0.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 0.59% | +0.86% |
Volatility
GFA.L vs. DHYA.L - Volatility Comparison
VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFA.L) has a higher volatility of 2.17% compared to iShares USD High Yield Corporate Bond ESG UCITS ETF USD (Acc) (DHYA.L) at 0.90%. This indicates that GFA.L's price experiences larger fluctuations and is considered to be riskier than DHYA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GFA.L | DHYA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.17% | 0.90% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 5.88% | 3.61% | +2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.68% | 4.26% | +2.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.29% | 7.33% | +0.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.44% | 7.84% | +0.60% |
GFA.L vs. DHYA.L - Expense Ratio Comparison
GFA.L has a 0.40% expense ratio, which is higher than DHYA.L's 0.25% expense ratio.
Dividends
GFA.L vs. DHYA.L - Dividend Comparison
Neither GFA.L nor DHYA.L has paid dividends to shareholders.
Frequently Asked Questions
GFA.L and DHYA.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DHYA.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DHYA.L is cheaper with a 0.25% expense ratio, compared with 0.40% for GFA.L.
GFA.L tracks VanEck Global Fallen Angel High Yield Bond UCITS ETF, while DHYA.L tracks Bloomberg US Corporate High Yield TR USD. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.40% for GFA.L and 0.25% for DHYA.L.
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