GHYG.L vs. FAHY.L
GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and FAHY.L (Invesco US High Yield Fallen Angels UCITS ETF Dist) are both High Yield Bonds funds - GHYG.L tracks the ICE BofA Gbl HY Constnd TR HGBP while FAHY.L tracks the Bloomberg US Corporate High Yield TR USD. Both are passively managed. Over the past 5 years, GHYG.L returned 3.51%/yr vs 3.70%/yr for FAHY.L. At a 0.21 correlation, their price movements are largely independent. GHYG.L charges 0.55%/yr vs 0.45%/yr for FAHY.L.
Performance
GHYG.L vs. FAHY.L - Performance Comparison
Loading charts...
Different Trading Currencies
GHYG.L is traded in GBP, while FAHY.L is traded in GBp. To make them comparable, the FAHY.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GHYG.L achieves a 1.63% return, which is significantly lower than FAHY.L's 3.72% return.
GHYG.L
- 1D
- 0.00%
- 1M
- 0.35%
- YTD
- 1.63%
- 6M
- 1.85%
- 1Y
- 5.87%
- 3Y*
- 8.19%
- 5Y*
- 3.51%
- 10Y*
- —
FAHY.L
- 1D
- 0.54%
- 1M
- 3.35%
- YTD
- 3.72%
- 6M
- 4.33%
- 1Y
- 10.21%
- 3Y*
- 6.88%
- 5Y*
- 3.70%
- 10Y*
- —
GHYG.L vs. FAHY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 1.63% | 7.85% | 7.10% | 10.89% | -9.48% | 3.58% | 2.27% | 4.47% |
FAHY.L Invesco US High Yield Fallen Angels UCITS ETF Dist | 3.72% | 2.09% | 6.93% | 4.14% | -3.51% | 6.81% | 5.36% | 0.06% |
Correlation
The correlation between GHYG.L and FAHY.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2019 | 0.21 |
The correlation between GHYG.L and FAHY.L shifts across timeframes, from 0.11 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GHYG.L vs. FAHY.L — Risk / Return Rank
GHYG.L
FAHY.L
GHYG.L vs. FAHY.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 Invesco US High Yield Fallen Angels UCITS ETF Dist (FAHY.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.
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.
| GHYG.L | FAHY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.30 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.57 | -0.29 |
| Martin ratioReturn relative to average drawdown | 9.58 | 6.71 | +2.87 |
Loading charts...
Drawdowns
GHYG.L vs. FAHY.L - Drawdown Comparison
The maximum GHYG.L drawdown since its inception was -23.08%, smaller than the maximum FAHY.L drawdown of -25.87%. Use the drawdown chart below to compare losses from any high point for GHYG.L and FAHY.L.
Loading charts...
Drawdown Indicators
| GHYG.L | FAHY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.08% | -25.87% | +2.79% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -3.99% | +1.43% |
Max Drawdown (3Y)Largest decline over 3 years | -4.51% | -9.89% | +5.38% |
Max Drawdown (5Y)Largest decline over 5 years | -14.41% | -11.66% | -2.75% |
Current DrawdownCurrent decline from peak | -0.29% | 0.00% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -8.00% | +5.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 1.53% | -0.92% |
Volatility
GHYG.L vs. FAHY.L - Volatility Comparison
The current volatility for iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) is 1.00%, while Invesco US High Yield Fallen Angels UCITS ETF Dist (FAHY.L) has a volatility of 1.96%. This indicates that GHYG.L experiences smaller price fluctuations and is considered to be less risky than FAHY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GHYG.L | FAHY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 1.96% | -0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 3.31% | 4.47% | -1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.98% | 6.00% | -2.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.03% | 8.29% | -2.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.97% | 12.65% | -4.68% |
GHYG.L vs. FAHY.L - Expense Ratio Comparison
GHYG.L has a 0.55% expense ratio, which is higher than FAHY.L's 0.45% expense ratio.
Dividends
GHYG.L vs. FAHY.L - Dividend Comparison
GHYG.L's dividend yield for the trailing twelve months is around 6.86%, more than FAHY.L's 6.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FAHY.L Invesco US High Yield Fallen Angels UCITS ETF Dist | 6.45% | 6.61% | 6.89% | 6.85% | 5.66% | 4.54% | 6.26% | 6.22% | 6.01% | 5.63% | 1.23% |
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 6.86% | 5.34% | 5.26% | 4.70% | 4.14% | 3.73% | 4.55% | 1.78% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GHYG.L and FAHY.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FAHY.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FAHY.L is cheaper with a 0.45% expense ratio, compared with 0.55% for GHYG.L.
GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP, while FAHY.L tracks Bloomberg US Corporate High Yield TR USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.55% for GHYG.L and 0.45% for FAHY.L.
Find the right allocation for GHYG.L and FAHY.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer