GFGB.L vs. HYGU.L
GFGB.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) and HYGU.L (iShares € High Yield Corp Bond UCITS ETF) are both High Yield Bonds funds - GFGB.L tracks the ICE BofA Gbl HY Constnd TR USD while HYGU.L tracks the iShares € High Yield Corp Bond UCITS ETF. Both are passively managed. Over the past 5 years, GFGB.L returned 3.45%/yr vs 4.95%/yr for HYGU.L. A 0.61 correlation means they provide meaningful diversification when combined. GFGB.L charges 0.40%/yr vs 0.55%/yr for HYGU.L.
Performance
GFGB.L vs. HYGU.L - Performance Comparison
Loading charts...
Different Trading Currencies
GFGB.L is traded in GBP, while HYGU.L is traded in USD. To make them comparable, the HYGU.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GFGB.L achieves a 3.33% return, which is significantly higher than HYGU.L's 1.79% return.
GFGB.L
- 1D
- -0.53%
- 1M
- -0.85%
- 6M
- 3.14%
- YTD
- 3.33%
- 1Y
- 6.10%
- 3Y*
- 7.30%
- 5Y*
- 3.45%
- 10Y*
- —
HYGU.L
- 1D
- 0.00%
- 1M
- -0.61%
- 6M
- 1.58%
- YTD
- 1.79%
- 1Y
- 4.13%
- 3Y*
- 6.96%
- 5Y*
- 4.95%
- 10Y*
- —
GFGB.L vs. HYGU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GFGB.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 3.33% | 2.41% | 7.86% | 4.28% | -2.32% | 3.31% | 13.08% | 9.77% | -24.57% |
HYGU.L iShares € High Yield Corp Bond UCITS ETF | 1.79% | -0.40% | 9.16% | 7.87% | 3.91% | 4.70% | -0.84% | 8.53% | 8.35% |
Correlation
The correlation between GFGB.L and HYGU.L is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2018 | 0.61 |
The correlation between GFGB.L and HYGU.L has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GFGB.L vs. HYGU.L — Risk / Return Rank
GFGB.L
HYGU.L
GFGB.L vs. HYGU.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 (GFGB.L) and iShares € High Yield Corp Bond UCITS ETF (HYGU.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.
| GFGB.L | HYGU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.12 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 1.02 | +0.97 |
| Martin ratioReturn relative to average drawdown | 4.97 | 2.54 | +2.43 |
Loading charts...
Drawdowns
GFGB.L vs. HYGU.L - Drawdown Comparison
The maximum GFGB.L drawdown since its inception was -28.88%, which is greater than HYGU.L's maximum drawdown of -19.14%. Use the drawdown chart below to compare losses from any high point for GFGB.L and HYGU.L.
Loading charts...
Drawdown Indicators
| GFGB.L | HYGU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.88% | -19.14% | -9.74% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -4.27% | +1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -7.55% | -8.35% | +0.80% |
Max Drawdown (5Y)Largest decline over 5 years | -10.36% | -9.08% | -1.28% |
Current DrawdownCurrent decline from peak | -2.51% | -2.40% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -9.25% | -3.90% | -5.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 1.72% | -0.50% |
Volatility
GFGB.L vs. HYGU.L - Volatility Comparison
VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L) has a higher volatility of 2.13% compared to iShares € High Yield Corp Bond UCITS ETF (HYGU.L) at 1.71%. This indicates that GFGB.L's price experiences larger fluctuations and is considered to be riskier than HYGU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GFGB.L | HYGU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.13% | 1.71% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 6.04% | 5.08% | +0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.08% | 6.76% | +0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.86% | 8.40% | -0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.07% | 9.42% | +3.65% |
GFGB.L vs. HYGU.L - Expense Ratio Comparison
GFGB.L has a 0.40% expense ratio, which is lower than HYGU.L's 0.55% expense ratio.
Dividends
GFGB.L vs. HYGU.L - Dividend Comparison
Neither GFGB.L nor HYGU.L has paid dividends to shareholders.
Frequently Asked Questions
GFGB.L and HYGU.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GFGB.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GFGB.L is cheaper with a 0.40% expense ratio, compared with 0.55% for HYGU.L.
GFGB.L tracks ICE BofA Gbl HY Constnd TR USD, while HYGU.L tracks iShares € High Yield Corp Bond UCITS ETF. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.40% for GFGB.L and 0.55% for HYGU.L.
Find the right allocation for GFGB.L and HYGU.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer