GFGB.L vs. IGHY.L
GFGB.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) and IGHY.L (iShares Global High Yield Corporate Bond UCITS ETF) are both High Yield Bonds funds tracking the ICE BofA Gbl HY Constnd TR USD, from VanEck and iShares respectively. Both are passively managed. Over the past 5 years, GFGB.L returned 4.31%/yr vs -0.88%/yr for IGHY.L. Their correlation of 0.81 suggests significant overlap in exposure. GFGB.L charges 0.40%/yr vs 0.50%/yr for IGHY.L.
Performance
GFGB.L vs. IGHY.L - Performance Comparison
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Returns By Period
In the year-to-date period, GFGB.L achieves a 3.80% return, which is significantly higher than IGHY.L's -2.13% return.
GFGB.L
- 1D
- 0.23%
- 1M
- 1.74%
- YTD
- 3.80%
- 6M
- 3.63%
- 1Y
- 9.92%
- 3Y*
- 6.58%
- 5Y*
- 4.31%
- 10Y*
- —
IGHY.L
- 1D
- 0.16%
- 1M
- 0.92%
- YTD
- -2.13%
- 6M
- -2.10%
- 1Y
- 1.53%
- 3Y*
- 0.50%
- 5Y*
- -0.88%
- 10Y*
- 0.37%
GFGB.L vs. IGHY.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 | 3.80% | 2.41% | 7.87% | 4.27% | -2.32% | 3.31% | 13.08% | 9.77% | 6.75% |
IGHY.L iShares Global High Yield Corporate Bond UCITS ETF | -2.13% | 1.20% | -1.38% | 1.98% | -5.02% | -3.21% | -0.41% | 3.09% | 3.96% |
Correlation
The correlation between GFGB.L and IGHY.L is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2018 | 0.81 |
The correlation between GFGB.L and IGHY.L shifts across timeframes, from 0.67 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GFGB.L vs. IGHY.L — Risk / Return Rank
GFGB.L
IGHY.L
GFGB.L vs. IGHY.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 Global High Yield Corporate Bond UCITS ETF (IGHY.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.
| GFGB.L | IGHY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.05 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | 0.25 | +3.00 |
| Martin ratioReturn relative to average drawdown | 8.50 | 0.64 | +7.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GFGB.L | IGHY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.43 | 0.21 | +1.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.55 | -0.12 | +0.67 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.04 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.67 | -0.19 | +0.86 |
Drawdowns
GFGB.L vs. IGHY.L - Drawdown Comparison
The maximum GFGB.L drawdown since its inception was -15.95%, smaller than the maximum IGHY.L drawdown of -38.62%. Use the drawdown chart below to compare losses from any high point for GFGB.L and IGHY.L.
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Drawdown Indicators
| GFGB.L | IGHY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.95% | -38.62% | +22.67% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -5.16% | +2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -7.54% | -6.33% | -1.21% |
Max Drawdown (5Y)Largest decline over 5 years | -10.36% | -11.28% | +0.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.95% | — |
Current DrawdownCurrent decline from peak | -1.13% | -29.35% | +28.22% |
Average DrawdownAverage peak-to-trough decline | -2.52% | -27.58% | +25.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 2.00% | -0.84% |
Volatility
GFGB.L vs. IGHY.L - Volatility Comparison
VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L) has a higher volatility of 3.51% compared to iShares Global High Yield Corporate Bond UCITS ETF (IGHY.L) at 1.33%. This indicates that GFGB.L's price experiences larger fluctuations and is considered to be riskier than IGHY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GFGB.L | IGHY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.51% | 1.33% | +2.18% |
Volatility (6M)Calculated over the trailing 6-month period | 5.86% | 4.95% | +0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.89% | 6.24% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.81% | 7.25% | +0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.80% | 9.12% | -0.32% |
GFGB.L vs. IGHY.L - Expense Ratio Comparison
GFGB.L has a 0.40% expense ratio, which is lower than IGHY.L's 0.50% expense ratio.
Dividends
GFGB.L vs. IGHY.L - Dividend Comparison
GFGB.L has not paid dividends to shareholders, while IGHY.L's dividend yield for the trailing twelve months is around 0.06%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GFGB.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% |
IGHY.L iShares Global High Yield Corporate Bond UCITS ETF | 0.06% | 0.05% | 0.05% | 0.05% | 0.04% | 0.04% | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
Frequently Asked Questions
GFGB.L and IGHY.L have a correlation of 0.67, 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 0.50% for IGHY.L.
Both ETFs track ICE BofA Gbl HY Constnd TR USD. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.40% for GFGB.L and 0.50% for IGHY.L.
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