GFA.L vs. SDHY.L
GFA.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) and SDHY.L ( iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist) are both High Yield Bonds funds - GFA.L tracks the VanEck Global Fallen Angel High Yield Bond UCITS ETF while SDHY.L tracks the Markit iBoxx USD Liquid High Yield 0-5 Capped Index. Both are passively managed. Over the past 5 years, GFA.L returned 2.71%/yr vs 4.65%/yr for SDHY.L. A 0.66 correlation means they provide meaningful diversification when combined. GFA.L charges 0.40%/yr vs 0.45%/yr for SDHY.L.
Performance
GFA.L vs. SDHY.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 SDHY.L's 2.01% 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*
- —
SDHY.L
- 1D
- 0.30%
- 1M
- 0.14%
- 6M
- 1.88%
- YTD
- 2.01%
- 1Y
- 6.41%
- 3Y*
- 7.37%
- 5Y*
- 4.65%
- 10Y*
- 4.76%
GFA.L vs. SDHY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GFA.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 2.23% | 9.97% | 6.02% | 10.29% | -12.56% | 1.93% | 16.95% | 13.34% | -3.62% |
SDHY.L iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist | 2.01% | 8.90% | 6.50% | 8.75% | -3.27% | 3.42% | 4.07% | 9.61% | -0.01% |
Correlation
The correlation between GFA.L and SDHY.L is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2018 | 0.66 |
The correlation between GFA.L and SDHY.L shifts across timeframes, from 0.55 (1 year) to 0.71 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GFA.L vs. SDHY.L — Risk / Return Rank
GFA.L
SDHY.L
GFA.L vs. SDHY.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 $ Short Duration High Yield Corp Bond UCITS ETF USD Dist (SDHY.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 | SDHY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.35 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 3.49 | -2.07 |
| Martin ratioReturn relative to average drawdown | 3.83 | 15.20 | -11.37 |
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Drawdowns
GFA.L vs. SDHY.L - Drawdown Comparison
The maximum GFA.L drawdown since its inception was -22.98%, which is greater than SDHY.L's maximum drawdown of -18.94%. Use the drawdown chart below to compare losses from any high point for GFA.L and SDHY.L.
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Drawdown Indicators
| GFA.L | SDHY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.98% | -18.94% | -4.04% |
Max Drawdown (1Y)Largest decline over 1 year | -3.90% | -1.83% | -2.07% |
Max Drawdown (3Y)Largest decline over 3 years | -5.14% | -4.51% | -0.63% |
Max Drawdown (5Y)Largest decline over 5 years | -22.54% | -8.41% | -14.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.94% | — |
Current DrawdownCurrent decline from peak | -2.07% | -0.03% | -2.04% |
Average DrawdownAverage peak-to-trough decline | -4.38% | -1.27% | -3.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 0.42% | +1.03% |
Volatility
GFA.L vs. SDHY.L - Volatility Comparison
VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFA.L) has a higher volatility of 2.17% compared to iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist (SDHY.L) at 1.01%. This indicates that GFA.L's price experiences larger fluctuations and is considered to be riskier than SDHY.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 | SDHY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.17% | 1.01% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 5.88% | 2.82% | +3.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.68% | 3.46% | +3.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.29% | 5.47% | +2.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.44% | 6.29% | +2.15% |
GFA.L vs. SDHY.L - Expense Ratio Comparison
GFA.L has a 0.40% expense ratio, which is lower than SDHY.L's 0.45% expense ratio.
Dividends
GFA.L vs. SDHY.L - Dividend Comparison
GFA.L has not paid dividends to shareholders, while SDHY.L's dividend yield for the trailing twelve months is around 6.73%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GFA.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SDHY.L iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist | 6.73% | 6.59% | 6.41% | 5.64% | 4.31% | 4.24% | 4.80% | 5.26% | 5.48% | 5.42% | 5.68% | 5.05% |
Frequently Asked Questions
GFA.L and SDHY.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GFA.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GFA.L is cheaper with a 0.40% expense ratio, compared with 0.45% for SDHY.L.
GFA.L tracks VanEck Global Fallen Angel High Yield Bond UCITS ETF, while SDHY.L tracks Markit iBoxx USD Liquid High Yield 0-5 Capped Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.40% for GFA.L and 0.45% for SDHY.L.
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