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GHY vs. USA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

GHY vs. USA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Global High Yield Fund (GHY) and Liberty All-Star Equity Fund (USA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GHY achieves a -1.06% return, which is significantly higher than USA's -4.98% return. Over the past 10 years, GHY has underperformed USA with an annualized return of 6.89%, while USA has yielded a comparatively higher 12.16% 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%

USA

1D
0.00%
1M
-2.75%
YTD
-4.98%
6M
-5.58%
1Y
-5.68%
3Y*
7.02%
5Y*
0.23%
10Y*
12.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GHY vs. USA - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
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%
USA
Liberty All-Star Equity Fund
-4.98%0.09%20.81%23.17%-25.20%33.76%12.89%39.70%-5.06%34.66%

Correlation

The correlation between GHY and USA is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.


Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.47

Correlation (3Y)
Calculated over the trailing 3-year period

0.43

Correlation (5Y)
Calculated over the trailing 5-year period

0.49

Correlation (10Y)
Calculated over the trailing 10-year period

0.50

Correlation (All Time)
Calculated using the full available price history since Dec 24, 2012

0.45

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Return for Risk

GHY vs. USA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GHY
GHY Risk / Return Rank: 22
Overall Rank
GHY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
GHY Sortino Ratio Rank: 22
Sortino Ratio Rank
GHY Omega Ratio Rank: 22
Omega Ratio Rank
GHY Calmar Ratio Rank: 22
Calmar Ratio Rank
GHY Martin Ratio Rank: 22
Martin Ratio Rank

USA
USA Risk / Return Rank: 2525
Overall Rank
USA Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
USA Sortino Ratio Rank: 2121
Sortino Ratio Rank
USA Omega Ratio Rank: 2323
Omega Ratio Rank
USA Calmar Ratio Rank: 3131
Calmar Ratio Rank
USA Martin Ratio Rank: 2626
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GHY vs. USA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Global High Yield Fund (GHY) and Liberty All-Star Equity Fund (USA). 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.


GHYUSADifference
Sharpe ratioReturn per unit of total volatility

+0.21

Sortino ratioReturn per unit of downside risk

+0.29

Omega ratioGain probability vs. loss probability

0.97

0.95

+0.03

Calmar ratioReturn relative to maximum drawdown

-0.18

-0.37

+0.19

Martin ratioReturn relative to average drawdown

-0.45

-0.87

+0.42

GHY vs. USA - Sharpe Ratio Comparison

The current GHY Sharpe Ratio is -0.20, which is higher than the USA Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of GHY and USA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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Drawdowns

GHY vs. USA - Drawdown Comparison

The maximum GHY drawdown since its inception was -41.35%, smaller than the maximum USA drawdown of -69.15%. Use the drawdown chart below to compare losses from any high point for GHY and USA.


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Drawdown Indicators


GHYUSADifference

Max Drawdown

Largest peak-to-trough decline

-41.35%

-69.15%

+27.80%

Max Drawdown (1Y)

Largest decline over 1 year

-11.94%

-15.28%

+3.34%

Max Drawdown (3Y)

Largest decline over 3 years

-16.36%

-17.69%

+1.33%

Max Drawdown (5Y)

Largest decline over 5 years

-29.50%

-34.05%

+4.55%

Max Drawdown (10Y)

Largest decline over 10 years

-41.35%

-47.07%

+5.72%

Current Drawdown

Current decline from peak

-6.19%

-10.08%

+3.89%

Average Drawdown

Average peak-to-trough decline

-6.02%

-11.51%

+5.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.89%

6.55%

-1.66%

Volatility

GHY vs. USA - Volatility Comparison

The current volatility for PGIM Global High Yield Fund (GHY) is 3.13%, while Liberty All-Star Equity Fund (USA) has a volatility of 4.51%. This indicates that GHY experiences smaller price fluctuations and is considered to be less risky than USA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


GHYUSADifference

Volatility (1M)

Calculated over the trailing 1-month period

3.13%

4.51%

-1.38%

Volatility (6M)

Calculated over the trailing 6-month period

8.32%

10.75%

-2.43%

Volatility (1Y)

Calculated over the trailing 1-year period

10.80%

13.92%

-3.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.26%

20.30%

-6.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.34%

22.57%

-7.23%

Dividends

GHY vs. USA - Dividend Comparison

GHY's dividend yield for the trailing twelve months is around 10.78%, less than USA's 12.04% yield.


PositionTTM20252024202320222021202020192018201720162015
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%
USA
Liberty All-Star Equity Fund
12.04%10.67%10.22%9.56%12.11%9.67%9.13%9.75%12.64%8.89%9.30%9.53%

Frequently Asked Questions


GHY and USA have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USA has higher volatility (4.51%) compared to GHY (3.13%). In terms of maximum drawdown, GHY dropped -41.35% vs USA's -69.15%.

GHY currently has the higher Sharpe Ratio (-0.20 vs -0.41), 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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