GHY vs. AWF
GHY (PGIM Global High Yield Fund) and AWF (AllianceBernstein Global High Income Closed Fund) are both High Yield Bonds funds. Over the past 10 years, GHY returned 6.99%/yr vs 5.64%/yr for AWF. At a 0.49 correlation, their price movements are largely independent. GHY charges 0.03%/yr vs 1.00%/yr for AWF.
Performance
GHY vs. AWF - Performance Comparison
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Returns By Period
In the year-to-date period, GHY achieves a -0.13% return, which is significantly higher than AWF's -1.94% return. Over the past 10 years, GHY has outperformed AWF with an annualized return of 6.99%, while AWF has yielded a comparatively lower 5.64% annualized return.
GHY
- 1D
- 0.25%
- 1M
- -0.29%
- YTD
- -0.13%
- 6M
- 0.56%
- 1Y
- -1.50%
- 3Y*
- 13.49%
- 5Y*
- 4.72%
- 10Y*
- 6.99%
AWF
- 1D
- -0.10%
- 1M
- -0.05%
- YTD
- -1.94%
- 6M
- -2.12%
- 1Y
- 0.20%
- 3Y*
- 9.29%
- 5Y*
- 3.69%
- 10Y*
- 5.64%
GHY vs. AWF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHY PGIM Global High Yield Fund | -0.13% | 10.46% | 20.25% | 17.29% | -20.04% | 12.73% | 6.33% | 26.51% | -3.54% | 4.38% |
AWF AllianceBernstein Global High Income Closed Fund | -1.94% | 7.54% | 14.30% | 18.37% | -16.62% | 9.95% | 4.40% | 23.40% | -11.35% | 7.77% |
Correlation
The correlation between GHY and AWF is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Dec 24, 2012 | 0.49 |
The correlation between GHY and AWF has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.
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Return for Risk
GHY vs. AWF — Risk / Return Rank
GHY
AWF
GHY vs. AWF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Global High Yield Fund (GHY) and AllianceBernstein Global High Income Closed Fund (AWF). 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.
| GHY | AWF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.01 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 0.02 | -0.15 |
| Martin ratioReturn relative to average drawdown | -0.31 | 0.04 | -0.35 |
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Drawdowns
GHY vs. AWF - Drawdown Comparison
The maximum GHY drawdown since its inception was -41.35%, smaller than the maximum AWF drawdown of -55.54%. Use the drawdown chart below to compare losses from any high point for GHY and AWF.
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Drawdown Indicators
| GHY | AWF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.35% | -55.54% | +14.19% |
Max Drawdown (1Y)Largest decline over 1 year | -11.94% | -10.19% | -1.75% |
Max Drawdown (3Y)Largest decline over 3 years | -16.36% | -11.12% | -5.24% |
Max Drawdown (5Y)Largest decline over 5 years | -29.50% | -25.25% | -4.25% |
Max Drawdown (10Y)Largest decline over 10 years | -41.35% | -40.12% | -1.23% |
Current DrawdownCurrent decline from peak | -5.31% | -6.03% | +0.72% |
Average DrawdownAverage peak-to-trough decline | -6.02% | -12.30% | +6.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.86% | 4.45% | +0.41% |
Volatility
GHY vs. AWF - Volatility Comparison
PGIM Global High Yield Fund (GHY) has a higher volatility of 3.08% compared to AllianceBernstein Global High Income Closed Fund (AWF) at 2.15%. This indicates that GHY's price experiences larger fluctuations and is considered to be riskier than AWF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHY | AWF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 2.15% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 8.39% | 7.35% | +1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.82% | 8.80% | +2.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.25% | 12.11% | +2.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.34% | 15.22% | +0.12% |
GHY vs. AWF - Expense Ratio Comparison
GHY has a 0.03% expense ratio, which is lower than AWF's 1.00% expense ratio.
Dividends
GHY vs. AWF - Dividend Comparison
GHY's dividend yield for the trailing twelve months is around 10.68%, more than AWF's 7.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AWF AllianceBernstein Global High Income Closed Fund | 7.75% | 7.81% | 7.47% | 7.33% | 10.30% | 6.48% | 6.68% | 6.62% | 7.97% | 6.03% | 7.73% | 10.28% |
GHY PGIM Global High Yield Fund | 10.68% | 10.21% | 10.23% | 11.09% | 11.62% | 8.35% | 8.67% | 8.04% | 7.72% | 7.77% | 8.53% | 10.07% |
Frequently Asked Questions
GHY and AWF have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GHY has higher volatility (3.08%) compared to AWF (2.15%). In terms of maximum drawdown, GHY dropped -41.35% vs AWF's -55.54%.
AWF currently has the higher Sharpe Ratio (0.02 vs -0.14), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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