GHY vs. KIO
GHY (PGIM Global High Yield Fund) and KIO (KKR Income Opportunities Fund) are both mutual funds - GHY is a High Yield Bonds fund managed by PGIM, while KIO is a Multisector Bonds fund managed by KKR Asset Management. Over the past 10 years, GHY returned 6.89%/yr vs 7.74%/yr for KIO. At a 0.47 correlation, their price movements are largely independent. GHY charges 0.03%/yr vs 0.04%/yr for KIO.
Performance
GHY vs. KIO - Performance Comparison
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Returns By Period
In the year-to-date period, GHY achieves a -1.06% return, which is significantly lower than KIO's 2.79% return. Over the past 10 years, GHY has underperformed KIO with an annualized return of 6.89%, while KIO has yielded a comparatively higher 7.74% annualized return.
GHY
- 1D
- -0.85%
- 1M
- -1.22%
- YTD
- -1.06%
- 6M
- -0.94%
- 1Y
- -2.19%
- 3Y*
- 13.14%
- 5Y*
- 4.67%
- 10Y*
- 6.89%
KIO
- 1D
- 0.18%
- 1M
- 0.37%
- YTD
- 2.79%
- 6M
- 2.52%
- 1Y
- 2.02%
- 3Y*
- 10.72%
- 5Y*
- 3.81%
- 10Y*
- 7.74%
GHY vs. KIO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHY PGIM Global High Yield Fund | -1.06% | 10.46% | 20.25% | 17.29% | -20.04% | 12.73% | 6.33% | 26.51% | -3.54% | 4.38% |
KIO KKR Income Opportunities Fund | 2.79% | -2.49% | 18.45% | 31.53% | -28.25% | 26.82% | 2.04% | 21.92% | -2.53% | 9.68% |
Correlation
The correlation between GHY and KIO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2013 | 0.47 |
The correlation between GHY and KIO has been stable across timeframes, ranging from 0.46 to 0.54 - a consistent structural relationship.
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Return for Risk
GHY vs. KIO — Risk / Return Rank
GHY
KIO
GHY vs. KIO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Global High Yield Fund (GHY) and KKR Income Opportunities Fund (KIO). 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 | KIO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.04 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 0.18 | -0.37 |
| Martin ratioReturn relative to average drawdown | -0.45 | 0.40 | -0.85 |
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Drawdowns
GHY vs. KIO - Drawdown Comparison
The maximum GHY drawdown since its inception was -41.35%, smaller than the maximum KIO drawdown of -43.87%. Use the drawdown chart below to compare losses from any high point for GHY and KIO.
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Drawdown Indicators
| GHY | KIO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.35% | -43.87% | +2.52% |
Max Drawdown (1Y)Largest decline over 1 year | -11.94% | -11.01% | -0.93% |
Max Drawdown (3Y)Largest decline over 3 years | -16.36% | -22.85% | +6.49% |
Max Drawdown (5Y)Largest decline over 5 years | -29.50% | -31.87% | +2.37% |
Max Drawdown (10Y)Largest decline over 10 years | -41.35% | -43.87% | +2.52% |
Current DrawdownCurrent decline from peak | -6.19% | -8.49% | +2.30% |
Average DrawdownAverage peak-to-trough decline | -6.02% | -8.08% | +2.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.89% | 5.07% | -0.18% |
Volatility
GHY vs. KIO - Volatility Comparison
PGIM Global High Yield Fund (GHY) has a higher volatility of 3.13% compared to KKR Income Opportunities Fund (KIO) at 2.21%. This indicates that GHY's price experiences larger fluctuations and is considered to be riskier than KIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHY | KIO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.13% | 2.21% | +0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 8.32% | 7.68% | +0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.80% | 10.02% | +0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.26% | 13.18% | +1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.34% | 16.35% | -1.01% |
GHY vs. KIO - Expense Ratio Comparison
GHY has a 0.03% expense ratio, which is lower than KIO's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GHY vs. KIO - Dividend Comparison
GHY's dividend yield for the trailing twelve months is around 10.78%, less than KIO's 13.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GHY PGIM Global High Yield Fund | 10.78% | 10.21% | 10.23% | 11.09% | 11.62% | 8.35% | 8.67% | 8.04% | 7.72% | 7.77% | 8.53% | 10.07% |
KIO KKR Income Opportunities Fund | 13.05% | 12.58% | 10.90% | 11.32% | 11.44% | 7.45% | 10.12% | 9.51% | 10.53% | 9.66% | 9.92% | 10.81% |
Frequently Asked Questions
GHY and KIO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GHY has higher volatility (3.13%) compared to KIO (2.21%). In terms of maximum drawdown, GHY dropped -41.35% vs KIO's -43.87%.
KIO currently has the higher Sharpe Ratio (0.20 vs -0.20), 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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