GHYG.L vs. EHYG.L

Last updated Jun 5, 2026

GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and EHYG.L (iShares € High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Acc)) are both High Yield Bonds funds from iShares - GHYG.L tracks the ICE BofA Gbl HY Constnd TR HGBP while EHYG.L tracks the Bloomberg MSCI Euro Corporate High Yield ESG SRI Bond Index (EUR). Both are passively managed. Over the past 3 years, GHYG.L returned 7.81%/yr vs 8.61%/yr for EHYG.L. A 0.69 correlation means they provide meaningful diversification when combined. GHYG.L charges 0.55%/yr vs 0.27%/yr for EHYG.L.

Performance

GHYG.L vs. EHYG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) and iShares € High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Acc) (EHYG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GHYG.L achieves a 0.87% return, which is significantly lower than EHYG.L's 1.51% return.

GHYG.L

• 1D: -0.48%
• 1M: 0.04%
• YTD: 0.87%
• 6M: 1.48%
• 1Y: 5.47%
• 3Y*: 7.81%
• 5Y*: 3.46%
• 10Y*: —

EHYG.L

• 1D: 0.08%
• 1M: 1.15%
• YTD: 1.51%
• 6M: 2.00%
• 1Y: 5.85%
• 3Y*: 8.61%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GHYG.L vs. EHYG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)	0.87%	7.92%	6.96%	7.92%
EHYG.L iShares € High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Acc)	1.51%	7.84%	7.83%	9.46%

Correlation

The correlation between GHYG.L and EHYG.L is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since May 2, 2023	0.69

The correlation between GHYG.L and EHYG.L has been stable across timeframes, ranging from 0.60 to 0.69 - a consistent structural relationship.

GHYG.L vs. EHYG.L - Sectors Allocation Comparison

Sectors	GHYG.L	EHYG.L
Utilities	92.7%	-
Real Estate	7.3%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.0%
Healthcare	-	-
Industrials	-	-
Technology	-	-

Return for Risk

GHYG.L vs. EHYG.L — Risk / Return Rank

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

GHYG.L

GHYG.L Risk / Return Rank: 48
GHYG.L Sharpe Ratio Rank: 44
GHYG.L Sortino Ratio Rank: 50
GHYG.L Omega Ratio Rank: 49
GHYG.L Calmar Ratio Rank: 44
GHYG.L Martin Ratio Rank: 54

EHYG.L

EHYG.L Risk / Return Rank: 49
EHYG.L Sharpe Ratio Rank: 47
EHYG.L Sortino Ratio Rank: 53
EHYG.L Omega Ratio Rank: 52
EHYG.L Calmar Ratio Rank: 42
EHYG.L Martin Ratio Rank: 53

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.

GHYG.L vs. EHYG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) and iShares € High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Acc) (EHYG.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.

	GHYG.L	EHYG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.63	-0.11
Sortino ratio: Return per unit of downside risk	2.40	2.51	-0.11
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	2.15	2.05	+0.10
Martin ratio: Return relative to average drawdown	9.23	9.04	+0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GHYG.L vs. EHYG.L - Sharpe Ratio Comparison

The current GHYG.L Sharpe Ratio is 1.52, which is comparable to the EHYG.L Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of GHYG.L and EHYG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GHYG.L	EHYG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	1.63	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	2.41	-1.95

Drawdowns

GHYG.L vs. EHYG.L - Drawdown Comparison

The maximum GHYG.L drawdown since its inception was -23.01%, which is greater than EHYG.L's maximum drawdown of -3.19%. Use the drawdown chart below to compare losses from any high point for GHYG.L and EHYG.L.

Drawdown Indicators

	GHYG.L	EHYG.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.01%	-3.19%	-19.82%
Max Drawdown (1Y) Largest decline over 1 year	-2.54%	-2.85%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-4.57%	-3.19%	-1.38%
Max Drawdown (5Y) Largest decline over 5 years	-14.45%	—	—
Current Drawdown Current decline from peak	-0.48%	-0.14%	-0.34%
Average Drawdown Average peak-to-trough decline	-2.99%	-0.32%	-2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.65%	-0.06%

Volatility

GHYG.L vs. EHYG.L - Volatility Comparison

iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) has a higher volatility of 1.28% compared to iShares € High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Acc) (EHYG.L) at 1.04%. This indicates that GHYG.L's price experiences larger fluctuations and is considered to be riskier than EHYG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GHYG.L	EHYG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	1.04%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	3.00%	3.05%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.60%	3.58%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.87%	3.58%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.88%	3.58%	+4.30%

GHYG.L vs. EHYG.L - Expense Ratio Comparison

GHYG.L has a 0.55% expense ratio, which is higher than EHYG.L's 0.27% expense ratio.

Dividends

GHYG.L vs. EHYG.L - Dividend Comparison

GHYG.L's dividend yield for the trailing twelve months is around 5.38%, while EHYG.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EHYG.L iShares € High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)	5.38%	5.34%	5.26%	4.69%	4.15%	3.73%	4.54%	1.79%

Frequently Asked Questions

Can I hold both GHYG.L and EHYG.L in my portfolio?

GHYG.L and EHYG.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GHYG.L or EHYG.L?

On fees, EHYG.L is cheaper at 0.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GHYG.L or EHYG.L?

EHYG.L is cheaper with a 0.27% expense ratio, compared with 0.55% for GHYG.L.

What is the main difference between GHYG.L and EHYG.L?

GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP, while EHYG.L tracks Bloomberg MSCI Euro Corporate High Yield ESG SRI Bond Index (EUR). Their fees differ too: 0.55% for GHYG.L and 0.27% for EHYG.L.